DANANG UNIVERSITY OF ECONOMIC

FACULTY OF MARKETING
---o0o---

GRADUATE DISSERTATION
Major: MARKETING MANAGEMENT

GROWTH STRATEGY OF A TECHNOLOGICAL

VENTURE, BOUNDED RATIONALITY, AND
NEGLECTED MARKET OPPORTUNITIES:
THE CASE OF DTS – VR360 COMPANY

Supervisor: Dr. Truong Tran Tram Anh

Student: Tran Ngo Hoai Ngoc
Class: 45K12.1
Student ID: 191123012124

Da Nang, May 2023

 ACKNOWLEDGEMENTS
With profound gratitude, I would like to extend my heartfelt appreciation to all the
esteemed professors at Da Nang University of Economics who have imparted
invaluable knowledge to us throughout our academic journey. It is through their
guidance and instructions that I have been able to successfully complete my graduation
report.
I am deeply grateful to my supervisor, Dr. Truong Tran Tram Anh for her unwavering
support, guidance, and invaluable insights throughout the research process. Her
expertise, dedication, and constructive feedback have been instrumental in shaping the
content and direction of my thesis. I am truly fortunate to have had the privilege of
working under her supervision. I would also like to express my appreciation to all the
professors at the Faculty of Marketing for their invaluable and insightful teachings
throughout my study. Their lessons have greatly contributed to my academic growth
and have been especially beneficial during my graduation period.
Furthermore, I extend my sincere thank to Mr Trinh Cong Quang, Mr Dinh Hong An,
and all staff at VR360 company, partially Ms Tran Phuoc My Duyen, for her
instrumental role in facilitating my internship and supporting my research endeavours.
I am grateful to her for creating the conditions that allowed me to access relevant data,
providing practical information, and offering orientation that proved vital to the
successful completion of my study. Her guidance and the opportunities she provided
for me to actively participate in the company's work have greatly enriched my
understanding and insights into the industry.
I would also like to express my deepest appreciation to my family and friends whose
unwavering encouragement and inspiration have been the driving force behind the
completion of this graduation report.
Last but not least, I would like to extend my sincere thanks to all those who have
played a part in my academic journey. Your guidance, support, and encouragement
have been invaluable, and I am truly grateful for your contributions.
Thank you immensely!
Danang, May 2023.

Tran Ngo Hoai Ngoc

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 Table of Contents
Chapter 1. Introduction 8
1.1. Research Objective 8
1.2. Research Subjects and Scope 9
1.3 Theoretical background 9
1.4. Methodology 9
1.5. Research structure 10
Chapter 2. Literature Review 11
2.1. Digital technological venture 11
2.2. Growth strategy of a technological venture 13
2.2.1. Definition and importance of growth strategy. 13
2.2.2. Growth Patterns 13
2.2.3. Growth Strategies 14
2.2.3.1. Factors Influencing Growth Strategy 14
2.2.3.2. New Venture Growth Strategies 16
2.2.3.3. The Stages of a venture development 18
2.3. Bounded Rationality and Decision-Making 21
2.3.1. Bounded Rationality Definition 21
2.3.2. Implications of Bounded Rationality for Decision-making in Technological
Ventures 21
2.3.3. Approaches to Overcome bounded rationality 22
2.4. Growth strategy and bounded rationality 23
2.4.1. Relationship between growth strategy and bounded rationality 23
2.4.2. Challenges and Limitations of bounded rationality in growth strategy 24
2.4.3. Strategies for overcoming bounded rationality in growth strategy 25
2.5. Neglected Market Opportunities 25
2.5.1. Definition and sources of neglected market opportunities 25
2.5.2. Factors affecting the identification and exploitation of neglected market
opportunities 26
2.5.3. Strategies for identifying and exploiting neglected market opportunities 27
2.6. Growth strategy and neglected market opportunities 28
2.6.1. Relationship between growth strategy and neglected market opportunities 28
2.6.2. The role of identifying and exploiting neglected market opportunities 29
2.6.3. Challenges and Risks of Exploiting neglected market opportunities 29
2.7. Conceptual Framework 30
Chapter 3. Methodology 33
3.1. Research Design 33
3.2. Data Collection and Analysis 33
3.3. Ethical Considerations 35
Chapter 4. VR360 Company Situation Analysis 36
4.1. Company Overview 36
4.1.1. History of Formation and Development 38
4.1.2. Analysis of business operations 39

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 4.1.2.1. Main products/services 39
4.1.2.2. Business Models of VR360 Company 43
4.1.2.3. Key customer segments 43
4.1.2.4. Organisational chart 44
4.1.2.5. Company resources and capabilities 46
4.1.2.6. Business results over the last 3 years. 48
4.1.2.7. Description of internship department - Marketing Department. 48
4.2. Marketing Analysis 49
4.2.1. Macro-environmental analysis. 49
4.2.1.1. Political Factors 50
4.2.1.2. Economic Factors 50
4.2.1.3. Sociocultural Factors 51
4.2.1.4. Technological Factors 52
4.2.1.5. Environmental Factors 52
4.2.1.6. Legal Factors 53
4.2.2. Micro-environment analysis 53
4.2.2.1. Threat of New Entrants 54
4.2.2.2. Bargaining Power of Suppliers 54
4.2.2.3. Bargaining Power of Buyers 54
4.2.2.4. Threat of Substitutes 55
4.2.2.5. Competitive Rivalry 55
4.3. Overview of the company's marketing activities 56
4.3.1. Target customers 56
4.3.2. Company competitors. 57
4.3.3. Positioning 59
4.3.4. Marketing Mix. 59
4.3.4.1.Products 59
4.3.4.2. Price 64
4.3.4.3. Place 64
4.3.4.4. Promotion 65
Chapter 5: Findings: Bounded Rationality, Neglected Market Opportunities, and
Growth Strategies at VR360 67
5.1. Bounded Rationality at VR360 68
5.2. Neglected Market Opportunities at VR360 69
5.3. Interconnection between Bounded Rationality and Neglected Market Opportunities 70
Chapter 6. Implications of the research and recommendations for VR360 company. 73
6.1. Overview of the VR industry in Vietnam. 73
6.2. Suggested Solutions for VR360 Company. 74
6.2.1. Stage 1 - Address Bounded Rationality 74
6.2.1.1. Conduct Market Research 75
6.2.1.2. Use Data Analytics 76
6.2.1.3. Collaboration with Other Departments 76
6.2.1.4. Continuous Learning 76

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 6.2.2. Stage 2 - Restructure Operating Apparatus 76
6.2.2.1. Review and Evaluate the current organisational structure 76
6.2.2.2. Set clear goals and objectives 77
6.2.2.3. Determine a new organisational structure 77
6.2.2.4. Develop Standard Operating Procedures (SOPs) 77
6.2.2.5. Invest in Training and Development 78
6.2.2.6. Communicate changes to employees 79
6.2.2.7. Monitor and evaluate progress 79
6.2.3. Stage 3. Building business and growth strategy for VR360 company. 80
6.2.3.1. Target Segmentations. 82
6.2.3.1.1 End-users segmentation. 82
6.2.3.1.2. B2B segmentations. 86
6.2.3.2. Competitors and Positioning 88
6.2.3.2.1. Direct competitors that have yet to be noticed 88
6.2.3.2.2. Positioning 89
6.2.3.3. Marketing Strategy 91
6.2.3.3.1. Product. 92
6.2.3.3.2. Pricing. 93
6.2.3.3.3. Place. 94
6.2.3.3.4. Promotion. 95
Chapter 7. Conclusion. 103
REFERENCES 104
‌APPENDICES 112

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 LIST OF FIGURES
Figure 1. Conceptual framework 29
Figure 2. The Formation and Development of VR360 Company 36
Figure 3. VR360 company's product portfolio 37
Figure 4. The organisational structure chart of VR360 Company 43
Figure 5. Competitors of VR360 company 56
Figure 6. The relationship between VR360 and other stakeholders 78
Figure 7. Proposed brand positioning map. 88

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 LIST OF PICTURES
Picture 1. List of VR360's current partners 55
Picture 2. VR Tour of NEU (National Economics University) 58
Picture 3. One touch to Da Nang 59
Picture 4. Danang Advertising Association Congress III term (2022-2025) 64

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 LIST OF TABLES
Table 1. Profile of interviewees. 32

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Chapter 1. Introduction
The emergence of virtual reality technology has created new opportunities for
businesses across various industries, including real estate, tourism, and travel. In
particular, new technology ventures like VR360 are utilising VR technology to offer
new marketing solutions for real estate properties. The decision to focus on VR360
stemmed from the recognition of its significant potential within the virtual tourism and
travel industry due to its success in providing VR tours for many renowned cities in
Vietnam, such as Danang, Nha Trang, Hoi An,... However, despite the growth
potential, VR360's management team has been limited by their bounded rationality,
preventing the company from reaching its full potential.
Bounded rationality, as a concept in behavioural economics, refers to the limitations
faced by individuals and organisations in making rational decisions due to cognitive
constraints, incomplete information, and time limitations. In the context of VR360,
bounded rationality may play a significant role in shaping the company’s strategic
decisions, resource allocation, and market positioning. To delve into these issues, this
dissertation will examine relevant literature on bounded rationality, and technology
ventures, and the study aims to uncover insights into how bounded rationality
influences VR360’s decision-making process, particularly in identifying and
capitalising on market opportunities.
1.1. Research Objective
The objective of this research is to examine the impacts of bounded rationality on
marketing strategies and marketing decision-making processes of VR360. Specifically,
this study will analyse the causes and effects of bounded rationality on the
decision-making processes of the management team and how it affects the growth
potential of the company.
This dissertation aims to analyse the impacts of bounded rationality on VR360's
marketing strategies and marketing decision-making processes and explore potential
solutions to overcome this managerial cognitive bias. Specifically, the research
questions include:
● How does bounded rationality affect VR360's decision-making processes and
strategic marketing planning?

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 ● What are the consequences of bounded rationality on VR360's performance and
growth in the VR industry?
● What strategies can VR360 adopt to mitigate the impacts of bounded rationality
and improve its decision-making processes?
This study also provides important implications for the management of VR360 and
other companies facing similar challenges. The findings highlight the importance of
recognizing and addressing bounded rationality in decision-making processes. By
doing so, managers can avoid biassed decision-making that could limit the potential
growth of their ventures.
1.2. Research Subjects and Scope
The research subjects of this study are the management team of VR360 and the
company's strategic marketing planning in the VR industry. The scope of this research
will be limited to the VR360 management team's marketing decision-making processes
and their impact on the company's growth potential.
1.3 Theoretical background
The theoretical background of this research is a foundation for understanding how
bounded rationality influences technology ventures, such as VR360. The literature
review aims to explore key themes related to decision-making in organisations,
including bounded rationality, decision-making in technology ventures, growth
strategies, and relevant case studies. By examining bounded rationality, we will delve
into its influence on strategic decision-making processes within organisations. The
review will also analyse decision-making models and factors influencing
decision-making in technology ventures, providing insights into the complexities of
decision-making in this context. Additionally, the literature on growth strategies in
technology ventures will be reviewed, covering organic growth, strategic alliances,
mergers and acquisitions, and other common approaches.
1.4. Methodology
Single case study method is adopted in this thesis because it allows for an in-depth and
comprehensive examination of a specific phenomenon or entity, in this case, the
VR360 company. By focusing on a single case, I can delve deeply into the intricacies
and unique characteristics of VR360, exploring its decision-making processes, and
growth.

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This method is particularly suitable for gaining a thorough understanding of a specific
organisation or situation, as it allows for the collection of rich and detailed data. The
data collection method involves interviews and archival data collection. Seven main
in-depth interviews were conducted with co-founders Mr Trinh Cong Quang, business
director Mr Dinh Hong An, technology director Mr Nguyen Van Tri, heads of relevant
departments including Ms Tran Phuoc My Duyen, Mrs Nguyen Thi Nhien and Mrs Ta
Cat Tuong, and a marketing staff Mr Ho Xuan Vuong. In-depth interviewing is a
qualitative data collection technique that allows for a detailed exploration of
participants' perspectives, experiences, and insights. The interviews will be conducted
in a semi-structured manner, providing a framework of guiding questions while also
allowing flexibility for participants to elaborate on their responses. To triangulate with
the interview data to gain a comprehensive understanding of the company and the
phenomenon of interest, archival data including a pitch deck, annual reports,
performance data, and some relevant internal documents will be collected.
Thematic analysis will be employed to identify patterns, themes, and key findings
from the interview data and archival data, contributing to a deeper understanding of
the research problem and addressing the research questions.
1.5. Research structure
● Chapter 1: Introduction
● Chapter 2: Theoretical Framework
● Chapter 3: Methodology
● Chapter 4: VR360 Company Situational Analysis
● Chapter 5: Findings: Bounded Rationality and Neglected Market Opportunities
at VR360
● Chapter 6: Implications of the Research and Recommendations for VR360
Company
● Chapter 7: Conclusion

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Chapter 2. Literature Review
2.1. Digital technological venture
Technological ventures are organisations that leverage technology to create new
products, services, or processes. These organisations typically have a focus on
innovation, and they often have a higher level of risk associated with their activities.
Technological ventures can be either startups or newly established firms that are
focused on developing new technologies (Li, 2020).
Shane and Cable (2002) assert that the characteristics of technological ventures
include high uncertainty, high complexity, and high potential rewards. The high level
of uncertainty arises from the novelty of the technology, market dynamics, and the
competitive landscape. High complexity refers to the need for specialised technical
knowledge and resources to develop and commercialise new products or services.
High potential rewards stem from the potential for significant financial gains, social
impact, and recognition.
However, technological ventures also face several challenges. Limited resources, such
as finance and human capital, can constrain the development and growth of
technological ventures (Berkhout, Hartmann, & Trott, 2010; Chang & Wang, 2007).
Moreover, the complexity of technology and the technical knowledge required to
develop and commercialise new products can also pose challenges for technological
ventures. Finally, market uncertainty refers to the lack of information or predictability
regarding market conditions, including market size and demand, competition, and
regulatory requirements (Lindsey et al., 2020)., which can be a significant challenge
for technological ventures as it can affect their ability to make informed business
decisions and respond effectively to market changes.
Despite these challenges, technological ventures are presented with unique
opportunities. One of the most significant opportunities is the potential for high
rewards, including financial gains, social impact, and recognition. Technological
ventures can also benefit from rapid growth and scalability due to the high potential
for innovation and disruptive technologies. Furthermore, technological ventures can
contribute to economic growth, job creation, and sustainable development by
developing new technologies and products that address social and environmental
challenges.

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Scholars in the field of entrepreneurship and strategy have explored the challenges and
opportunities faced by technological ventures. Scholars in the field of entrepreneurship
and strategy have explored the challenges and opportunities faced by technological
ventures. Technological ventures are characterised by high uncertainty, high
complexity, and high potential rewards (Shane & Cable, 2002). However, these
ventures also face several challenges such as limited resources, including finance and
human capital, which can constrain their development and growth (Ardichvili et al.,
2003). Market uncertainty, including market size and demand, competition, and
regulatory requirements, can also be a significant challenge for technological ventures
(Hitt et al., 2002). On the other hand, technological ventures also have several
opportunities, including the potential to develop disruptive innovations that can create
new markets and capture value (Christensen, 1997). Technological ventures can also
leverage their ability to rapidly adapt to changing environments and their innovation
capabilities to create a sustainable competitive advantage (Dyer & Singh, 1998).
Morris et al. (2006) argue that technological ventures require specialised skills,
resources, and strategies to succeed in the competitive business environment. Shane
and Venkataraman (2000) propose that the process of entrepreneurship is driven by the
discovery and exploitation of opportunities, and technological ventures play a critical
role in this process. Sarasvathy (2001) suggests that the process of entrepreneurship is
characterised by bounded rationality, whereby entrepreneurs make decisions based on
heuristics, intuition, and experience rather than complete information. In other words,
entrepreneurs do not have all the information needed to make rational decisions, and
they are forced to rely on their cognitive limitations to make decisions. While this
approach can be beneficial in some cases, it can also lead to errors in judgement and
decision-making. Bounded rationality can have a significant impact on technological
ventures, as it can lead to flawed decision-making in areas such as product
development, marketing, and finance. Therefore, it is crucial for entrepreneurs to be
aware of their cognitive limitations and to seek out information and advice from other
sources to mitigate the impact of bounded rationality on their ventures.
The challenges and opportunities faced by technological ventures are of significant
importance to policymakers, investors, and entrepreneurs alike. By understanding the
unique characteristics of these ventures and the obstacles they encounter, policymakers

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can design policies and initiatives that encourage their growth and development.
Investors can gain greater insight into the potential risks and rewards associated with
investing in technological ventures, while entrepreneurs can develop effective
strategies to overcome challenges and capitalise on opportunities. Therefore, it is
crucial for stakeholders to recognize the distinctive nature of technological ventures
and their potential for growth and success. Through focused attention and investment,
technological ventures can continue to play an important role in driving innovation and
economic growth.
2.2. Growth strategy of a technological venture
2.2.1. Definition and importance of growth strategy.
Technological ventures typically start with the goal of scaling up and achieving high
growth rates. A growth strategy is the set of plans and actions that a technological
venture employs to expand its business and increase its market share (David, F. R.,
2017). According to Zhang et al. (2021), a growth strategy is essential for a
technological venture's success and survival in the market. It allows them to attract
investors, expand their operations, and gain a competitive advantage.
However, technological ventures face unique challenges in determining their growth
strategies, including uncertainty in the market, high levels of competition, and limited
resources (Sarasvathy, 2001; Shane & Cable, 2002; Venkataraman, 1997). To
overcome these challenges, technological ventures must carefully consider their
growth patterns and adopt new venture growth strategies that are most suitable for
their business needs (Mason & Brown, 2014; Shane & Cable, 2002; Zahra, Ireland, &
Hitt, 2000).
2.2.2. Growth Patterns
Shane (2001) discusses the different growth patterns that technological ventures may
follow and the strategies that can be employed to overcome the challenges associated
with each pattern. They identify three different growth patterns including incremental,
exponential, and platform growth.
(1) Incremental growth involves gradually expanding a product or service
offering, customer base, or market reach. This approach can be useful for
companies that want to build a stable customer base and refine their
products or services over time. The main challenge faced by technological

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 ventures in this pattern is to maintain their competitive edge while scaling
up their operations. This requires careful management of resources, as well
as a focus on innovation to stay ahead of the competition.
(2) Exponential growth involves rapid and significant growth in a short period,
often resulting from a breakthrough innovation or new market opportunity.
This approach can be useful for companies that have identified a large
market opportunity and want to capture as much of it as possible. The main
challenge faced by technological ventures in this pattern is to manage the
scaling process effectively. This requires a focus on operational efficiency,
as well as strategic planning to ensure that the company's resources are
being used in the most effective way possible.
(3) Platform growth refers to the development of an ecosystem of products or
services that complement and enhance one another. This approach can be
useful for companies that want to create a dominant position in a particular
market by offering a comprehensive solution to customers. The main
challenge faced by technological ventures in this pattern is to maintain the
balance between the platform and the products or services it supports. This
requires careful management of the platform, as well as a focus on
innovation to ensure that the company's products or services remain
relevant and valuable to customers.
2.2.3. Growth Strategies
2.2.3.1. Factors Influencing Growth Strategy
The factors that influence a company's growth strategy are varied. Market conditions,
competitive landscape, and available resources are just a few of the factors that can
have a significant impact on a company's approach to growth. Understanding these
factors and how they interact with one another is essential for any company seeking to
design and implement an effective growth strategy.
(1) Market conditions
Market conditions can have a significant impact on a company's growth
strategy. A company operating in a rapidly growing market may choose to
pursue exponential growth to capture market share before competitors (Kotler
& Armstrong, 2021). Conversely, a company operating in a mature market may

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choose to focus on incremental growth by refining its existing offerings and
expanding its customer base (Porter, 1980). For example, in the tech industry,
companies operating in rapidly growing markets such as cloud computing or
artificial intelligence may choose to pursue aggressive growth strategies to
establish a dominant position before competitors enter the market (Choudary,
2015). On the other hand, companies operating in mature markets such as
personal computers or smartphones may choose to focus on incremental growth
by refining existing products and services and expanding into new markets
(Porter, 1980).
(2) Competitive Landscape
The competitive landscape can also influence a company's growth strategy.
Companies in highly competitive markets often choose to pursue rapid growth
to establish a dominant position (Choudary, 2015). For example, in the
ride-sharing industry, Uber and Lyft have pursued aggressive growth strategies
to capture market share and establish a dominant position. This has included
expanding into new markets, launching new products and services, and
investing in marketing and advertising campaigns. In contrast, companies
operating in less competitive markets may choose to focus on incremental
growth by refining existing products and services and expanding into new
markets (Porter, 1980).
(3) Available resources
Available resources can also play a role in a company's growth strategy.
Companies with limited resources often choose to focus on incremental growth
until they can secure additional funding (Blank, S., 2013). For example, a
startup company may choose to focus on building a minimum viable product
(MVP) and testing it with early adopters before pursuing aggressive growth
(Ries, E., 2011). Once the company has demonstrated product-market fit and
secured additional funding, it may choose to pursue more aggressive growth
strategies (Blank, S. and Dorf, B., 2012). Conversely, companies with
significant resources may choose to pursue exponential growth from the outset
(Graham, P., 2012). For example, large technology companies such as Amazon

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 and Google have pursued aggressive growth strategies to establish dominant
positions in their respective markets.
In summary, a company's growth strategy is influenced by a complex set of factors,
including market conditions, competitive landscape, and available resources.
Companies must carefully consider these factors when developing and implementing
their growth strategies to ensure they achieve their desired outcomes. By doing so,
companies can position themselves for long-term success and sustainability in an
increasingly competitive business landscape.
2.2.3.2. New Venture Growth Strategies
Growth strategies are a critical aspect of business development and refer to the
different approaches that companies can use to grow their business. These strategies
include market penetration, market development, product development, and
diversification (Kotler & Keller, 2016). For new ventures, choosing the right growth
strategy is essential to ensure sustainable growth and long-term success. However,
selecting the appropriate strategy can be challenging for new ventures, as they often
lack the resources, knowledge, and expertise needed to assess the market and develop
an effective growth strategy.
(a) Market penetration is a growth strategy that involves increasing sales of
existing products or services in the company's current market. This strategy
is suitable for new ventures that have established a strong foothold in their
current market and want to increase their market share by improving
customer satisfaction, increasing product availability, or adjusting pricing
strategies (Bullmore, 2016). I contend, however, this strategy has limited
potential for long-term growth, as it relies on the assumption that the market
will continue to grow at a steady rate.
(b) Market development is a growth strategy that involves expanding into new
markets with existing products or services. This strategy is suitable for new
ventures that have a unique product or service that is not widely available in
other markets (Kotler & Keller, 2016). In my viewpoint, this strategy can be
challenging for new ventures, as it requires a deep understanding of the new
market's needs, preferences, and competitive landscape.

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 (c) Product development is a growth strategy that involves creating new
products or services to meet customer needs. This strategy is suitable for new
ventures that have identified a gap in the market and want to capitalise on it
by offering a unique product or service (Bullmore, 2016). However, in my
opinion, this strategy requires a significant investment in research and
development, and the success of the new product or service is not
guaranteed.
(d) Diversification is a growth strategy that involves expanding into new markets
with new products or services. This strategy is suitable for new ventures that
have a diverse portfolio of products or services that can be adapted to
different markets (Kotler & Keller, 2016). From my perspective, this strategy
is also the riskiest, as it requires significant investment and expertise to enter
new markets successfully.
Generally, selecting the right growth strategy is essential for the long-term success of
new ventures. Each growth strategy has its advantages and disadvantages, and new
ventures should carefully assess their market, resources, and competitive landscape to
choose the most suitable strategy. By choosing the right growth strategy, new ventures
can achieve sustainable growth, increase their market share, and become leaders in
their industry. The relationship between growth patterns and growth strategies is
interdependent, as the chosen growth strategy exerts a significant influence on the
resulting growth pattern of a company. The strategy adopted by a company determines
the trajectory and pace of its growth. For instance, an assertive growth strategy centred
on market expansion and product innovation is more inclined to yield exponential or
rapid growth patterns. Conversely, a cautious growth strategy prioritising incremental
enhancements and market consolidation tends to yield steady or moderate growth
patterns.
Conversely, the observed growth patterns of a company can also impact the selection
of its growth strategies. The growth patterns offer valuable insights into the company's
market positioning, competitive landscape, customer preferences, and overall business
performance. Based on these observations, companies may adapt or refine their growth
strategies to align with the observed growth patterns, capitalising on emerging
opportunities or addressing challenges.

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To summarise, growth patterns and growth strategies are interdependent, with the
growth strategy chosen by a company shaping its growth patterns, while the observed
growth patterns inform and guide the selection and adjustment of growth strategies.
2.2.3.3. The Stages of a venture development
To develop a growth strategy, technological ventures can use various growth models
that help them identify the best approach for achieving growth. The Ansoff Matrix is
the main example of growth models that technological ventures can utilise. However,
the growth of technological ventures typically follows four stages of development:
conception and development, commercialization, growth and stability (Kazanjian &
Drazin, 1990).
(1) Conception and Development stage
The ideation and development stage is the first phase of a technological venture
where the focus is on idea generation, feasibility analysis, and the development
of prototypes. This stage involves defining the problem that the venture aims to
solve and identifying potential target markets. To design and grow a
technological venture in this stage, customer discovery, market research, and
product ideation are some of the essential strategies.
However, this stage is characterised by high levels of uncertainty and risk as
technological ventures often lack resources, market knowledge, and expertise.
To overcome these challenges, technological ventures should focus on building
strong internal capabilities, such as research and development (R&D) and
intellectual property, and leveraging external partnerships with investors,
advisors, and strategic partners. This stage also requires validation of the
feasibility and viability of the product through market testing and customer
feedback. Product development, fundraising, and team building are some of the
strategies that can be used to design and grow a technological venture at this
stage (Blank & Dorf, 2012).
(2) Commercialization stage
The commercialization stage is a critical phase for a technological venture as it
marks the transition from developing and testing the product to launching it in
the market and acquiring customers. During this stage, the focus of the venture
should be on establishing a strong brand image, creating an effective sales

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funnel, and developing sustainable distribution channels (Wu et al., 2017). The
ultimate goal is to generate revenue and profits and to achieve this, the venture
needs to have a clear understanding of the target market, customer needs, and
how to effectively reach them.
One of the key strategies for a technological venture during the
commercialization stage is to identify the best market entry approach. This can
be achieved by conducting market research and analysis to determine the most
promising target market segments and channels. Additionally, sales and
marketing activities, such as advertising, public relations, and promotions, can
be used to raise awareness of the product and attract potential customers.
Business partnerships are another effective strategy for a technological venture
during the commercialization stage. These partnerships can provide access to
distribution channels, marketing expertise, and additional resources. For
example, the venture could partner with retailers or distributors who have an
established customer base and can provide access to new markets.
(3) Growth stage
During the growth stage of a technological venture, the focus is on scaling up
the operations and expanding the market share. This phase requires the
development of a clear growth strategy, identifying potential growth
opportunities, and acquiring the necessary resources to support expansion. The
main challenge in this stage is to manage rapid growth while maintaining the
quality of the products and services. Technological ventures should focus on
optimising their delivery processes, acquiring top talent, and establishing
strategic alliances to overcome these challenges (Hansen & Pedersen, 2018).
To optimise the delivery processes, technological ventures should leverage
technology to automate their operations and reduce the dependency on manual
labour. They should also implement quality control measures to maintain
consistency in the quality of their products and services. To acquire top talent,
technological ventures should establish themselves as a desirable employer by
offering competitive salaries, benefits, and a positive work culture. They should
also create opportunities for professional growth and development to attract and
retain top talent.

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 As growth patterns and growth strategies come into play in this stage, the
establishment of strategic alliances becomes paramount for technological
ventures. Strategic alliances serve as a pivotal avenue for these ventures to
expand their market share by gaining access to untapped markets, new customer
bases, and valuable resources. It is imperative for technological ventures to
meticulously identify potential partners who can provide complementary
products, services, or expertise, thereby fostering mutually advantageous
collaborations. Furthermore, placing a strong emphasis on cultivating a resilient
brand identity and fostering a stellar reputation enables these ventures to
effectively distinguish themselves from competitors and bolster their market
share.
(4) Stability stage
In the stability stage, the technological venture focuses on maintaining its
market position and achieving sustainable profitability. This stage is
characterised by a more mature and stable business model, where the focus
shifts towards operational efficiency, risk management, and innovation. To
design and grow a technological venture at this stage, the company needs to
focus on optimising its business processes, diversifying its product and service
offerings, and developing new markets and revenue streams (Kumar & Kundu,
2016).
Technological ventures in the stability stage face challenges related to
maintaining their competitive edge, managing costs, and adapting to changing
market conditions. They need to focus on continuous innovation and
improvement, while also maintaining a strong customer focus and a
commitment to excellence. To overcome these challenges, technological
ventures should focus on developing a culture of continuous improvement,
investing in research and development, and establishing strategic partnerships
with suppliers and other stakeholders.
In conclusion, The growth of technology ventures follows a multi-stage process, where
each stage presents its own unique challenges and opportunities. Particularly, during
the growth stage, the implementation of effective growth strategies becomes
paramount. By adeptly integrating the appropriate design and growth strategies at each

20
stage, technological ventures can triumph over these challenges and attain sustained
growth and enduring success. Hence, it is imperative for technological ventures to
embrace a strategic and adaptable approach to growth, one that harmonises innovation,
risk-taking, and operational excellence.
2.3. Bounded Rationality and Decision-Making
2.3.1. Bounded Rationality Definition
Bounded rationality is a concept introduced by Herbert Simon in 1955, which suggests
that people's decision-making abilities are limited by their cognitive abilities and the
information available to them. This concept recognizes that decision-makers cannot
always process all available information and are subject to biases and heuristics when
making decisions. This means that people cannot always make perfectly rational
decisions, but instead make decisions based on a limited set of information and
cognitive biases. In technological ventures, bounded rationality can have a significant
impact on decision-making and considerably manifest as a tendency to overlook or
neglect potential market opportunities, as it can limit the ability of entrepreneurs and
managers to make optimal decisions (Sahakyan, 2003).
2.3.2. Implications of Bounded Rationality for Decision-making in
Technological Ventures
One of the main implications of bounded rationality for technological ventures is the
limited information processing capacity of individuals (Simon, H. A., 1982). This
means that entrepreneurs and managers may not be able to process all the available
information when making decisions, leading to suboptimal decisions. According to
March and Simon (1958), people rely on heuristics and shortcuts to make decisions, as
they are not capable of processing all the available information. This can result in
biases, as people may rely on familiar patterns or stereotypes to make decisions.
Another implication of bounded rationality is the presence of cognitive biases and
heuristics, which can lead to errors in judgement and decision-making. For example,
confirmation bias can lead entrepreneurs and managers to seek out information that
confirms their existing beliefs or hypotheses, while ignoring information that
contradicts them. This can result in suboptimal decisions that are not based on the best
available evidence.

21
Decision-making under uncertainty can also be affected by bounded rationality, as it
can limit the ability of entrepreneurs and managers to accurately assess the risks and
benefits of different courses of action. According to Kahneman and Tversky (1979),
people tend to be risk-averse when making decisions under uncertainty, which can lead
to suboptimal decisions. In technological ventures, this can result in a reluctance to
take risks, which can limit the ability of the venture to innovate and grow.
To mitigate the risks associated with bounded rationality, technological ventures can
implement rigorous decision-making processes that incorporate market research,
customer feedback, and industry analysis (Bazerman & Schoorman, 1983). By
gathering as much information as possible and using analytical tools to process it,
entrepreneurs and managers can make more informed decisions that are less likely to
be affected by cognitive biases and heuristics.
2.3.3. Approaches to Overcome bounded rationality
Bounded rationality is a well-established concept in decision-making theory, and
several approaches can be taken to overcome its limitations in new technological
ventures. In accordance with the research conducted by March and Simon (1958),
individuals often rely on heuristics and shortcuts, such as familiar patterns or
stereotypes, when making decisions due to their inherent limitations in processing all
available information. These heuristics serve the purpose of simplifying the
complexity associated with decision-making, breaking it down into more manageable
steps. For instance, within the context of a technological venture, individuals may
draw upon past successful experiences as familiar patterns to guide future decisions,
such as adopting a previously effective marketing strategy for a new product launch.
However, it is important to recognize that while heuristics can aid in simplifying
decision-making, they also carry the risk of introducing biases (March & Simon,
1958).
Another approach to overcome bounded rationality is to engage in selective
information processing (Einhorn & Hogarth, 1978). This involves focusing on the
most salient information and ignoring less important information. By doing so, firms
can make decisions more efficiently by reducing information overload. Selective
information processing can be achieved through various means, such as filtering out
irrelevant data or prioritising data that is most relevant to the decision at hand.

22
A third approach is to involve multiple stakeholders in the decision-making process
(Cohen, M. D., March, J. G., & Olsen, J. P., 1972). By incorporating the perspectives
and expertise of diverse stakeholders, technological ventures can improve the quality
of their decisions and reduce the risk of cognitive biases. For example, a new venture
might seek out advice from experts in the field or consult with potential customers to
gain insight into market demand.
Technological ventures can also utilise decision support systems and artificial
intelligence to augment their decision-making processes (Phillips-Wren et al., 2021).
These technologies can analyse large amounts of data and provide insights and
recommendations that support decision-making. For example, a venture might use
machine learning algorithms to analyse customer data and identify patterns that can be
used to inform marketing strategies.
Overall, these approaches can help new technology ventures to overcome the
limitations of bounded rationality and make more informed decisions. By relying on
heuristics, engaging in selective information processing, involving multiple
stakeholders, and utilising decision support systems, ventures can reduce the risks
associated with bounded rationality and increase their chances of success.
2.4. Growth strategy and bounded rationality
Growth is a critical objective for technological ventures, as it drives market share,
revenue, and profitability. However, the pursuit of growth is often complicated by
bounded rationality, which refers to the cognitive constraints that prevent individuals
and organisations from making fully rational decisions. In technological ventures,
bounded rationality can manifest in several ways, such as limited information
processing capacity, cognitive biases, and heuristics that simplify decision-making
processes.
2.4.1. Relationship between growth strategy and bounded rationality
The relationship between growth strategy and bounded rationality is intricate, as
bounded rationality can both facilitate and hinder the pursuit of growth (Simon, 1957).
On one hand, heuristics and rules of thumb can expedite decision-making processes
and enable technological ventures to swiftly pursue growth opportunities (Gavetti &
Levinthal, 2000). Conversely, cognitive biases and limited information processing

23
capacity can result in less-than-optimal decision-making and the potential to overlook
growth opportunities (March & Simon, 1958).
On the one hand, the growth strategy pursued by a technological venture can influence
the extent to which bounded rationality is exhibited by its decision-makers. For
example, if a venture is pursuing a conservative growth strategy that prioritises risk
aversion and incremental improvements, decision-makers may exhibit less bounded
rationality than if the venture were pursuing an aggressive growth strategy that
encourages risk-taking and experimentation (Eisenhardt & Schoonhoven, 1990).
On the other hand, the extent to which decision-makers exhibit bounded rationality can
impact the growth strategy pursued by the venture. For instance, if decision-makers are
overly influenced by cognitive biases or have limited information processing capacity,
they may miss growth opportunities or make suboptimal decisions that hinder the
venture's growth prospects (Tversky & Kahneman, 1974). Conversely, if
decision-makers are aware of their bounded rationality and take steps to mitigate its
impact, they may be better equipped to pursue growth opportunities and make more
effective decisions (Eisenhardt & Zbaracki, 1992).
2.4.2. Challenges and Limitations of bounded rationality in growth strategy
The challenges and limitations of bounded rationality in growth strategy are significant
and can impact the success of a technological venture.
One key challenge is the distorted decision-making and the overestimation of growth
opportunities while underestimating risks, which is the result of cognitive biases,
which can lead to. For example, confirmation bias, where decision-makers search for
information that confirms their pre-existing beliefs and ignores evidence to the
contrary, can lead to over-optimistic growth projections and risky investments (Simon,
1982).
Another challenge is information overload and suboptimal decision-making which is
the result of the limited information processing capacity of human decision-makers.
When facing complex growth decisions, managers may not have the time or cognitive
resources to consider all available information, resulting in incomplete or inaccurate
analyses (Kahneman & Tversky, 1973).
Furthermore, the use of heuristics and rules of thumb, while helpful in simplifying
decision-making processes, can result in the oversimplification of complex growth

24
decisions. This can lead to missed opportunities and poor strategic choices, especially
in rapidly changing technological environments (Eisenhardt & Zbaracki, 1992).
These challenges and limitations highlight the importance of overcoming bounded
rationality in a growth strategy to achieve sustained growth and competitive
advantage.
2.4.3. Strategies for overcoming bounded rationality in growth strategy
To overcome the limitations of bounded rationality in growth strategy, technological
ventures can adopt various strategies. One effective approach is to incorporate diverse
stakeholder perspectives and expertise in the decision-making process to reduce the
risk of cognitive biases and enhance information processing capacity (Mitchell &
Wood, D. J., 1997). This can be achieved through techniques such as brainstorming
sessions, focus groups, and consultation with experts from various fields. By
incorporating a variety of viewpoints, technological ventures can develop more
comprehensive and informed growth strategies that address a broader range of issues.
Another approach to overcome bounded rationality is to utilise decision support
systems and artificial intelligence (Sahakyan, 2003). These technologies can analyse
vast amounts of data and provide insights and recommendations that support
decision-making. Decision support systems can help technological ventures to identify
and prioritise growth opportunities, evaluate risks, and make informed decisions.
Moreover, artificial intelligence can help to reduce the impact of cognitive biases by
providing accurate and data-driven insights.
Furthermore, conducting experiments and prototyping can allow technological
ventures to test new growth strategies before committing significant resources,
reducing the risk of suboptimal decision-making (Brown, M., & Williams, R., 2019).
By testing new ideas in a controlled environment, technological ventures can evaluate
the feasibility and potential of new growth strategies and make informed decisions
about where to allocate resources.
2.5. Neglected Market Opportunities
2.5.1. Definition and sources of neglected market opportunities
Neglected market opportunities refer to potential customer needs or emerging trends
that have not been addressed or served by existing firms in the market (Keramati,
2016). For a technological venture, neglected market opportunities can be found in

25
emerging technologies or markets that are not currently being served. These
opportunities can arise from various sources such as changing consumer preferences,
advancements in technology, or regulatory changes.
Changing consumer preferences. Consumer preferences are constantly changing,
driven by factors such as social trends, technological advancements, and economic
factors (Hoyer, W. D., & MacInnis, D. J., 2010). A technological venture can identify
and exploit neglected market opportunities by anticipating and responding to changing
consumer preferences.
Advancements in technology. Technological advancements can create new market
opportunities by enabling the development of innovative products or services (Raynor
& McDonald, 2015). A technological venture can identify and exploit neglected
market opportunities by leveraging new technologies to create products or services
that address unmet customer needs.
Regulatory changes. Changes in regulations can create new market opportunities by
opening up previously closed markets or by creating new demand for products or
services (Dacin, M. T., Dacin, P. A., & Matear, M., 2010). A technological venture can
identify and exploit neglected market opportunities by anticipating and responding to
regulatory changes.
2.5.2. Factors affecting the identification and exploitation of neglected
market opportunities
The identification and exploitation of neglected market opportunities can be influenced
by various factors that may impact a firm's ability to successfully capitalise on these
opportunities.
One such factor is the level of competition in the market (Porter, M. E., 1980). A
highly competitive market may make it more difficult for a firm to identify and exploit
neglected market opportunities, as there may already be established players serving the
market. On the other hand, a less competitive market may present more opportunities
for a firm to differentiate itself by identifying and serving unmet customer needs.
Another factor that can impact the identification and exploitation of neglected market
opportunities is the firm's level of market knowledge and expertise (Fernald, L. W., &
Solomon, G. T., 1991). A firm with a deep understanding of the market and its
customers may be better equipped to identify unmet needs and emerging trends. In

26
contrast, a firm with limited market knowledge may struggle to identify and capitalise
on neglected market opportunities.
Access to resources, including financial and human resources, can also impact a firm's
ability to exploit neglected market opportunities (Newbert, 2008). A firm with limited
resources may struggle to invest in research and development or marketing efforts
needed to successfully enter a new market or introduce a new product. Additionally, a
firm's willingness to take risks can impact its ability to exploit neglected market
opportunities (Chandra et al., 2008). A risk-averse firm may be hesitant to invest in
untested markets or products, even if there is a potential for high returns.
Technological ventures may face additional challenges in identifying and exploiting
neglected market opportunities due to the fast-paced and constantly evolving nature of
the industry (Zahra & Bogner, 2000). Emerging technologies and changing customer
preferences can create opportunities that require quick and agile responses.
Additionally, the dynamic nature of the industry can make it difficult for technological
ventures to predict market trends and customer needs.
2.5.3. Strategies for identifying and exploiting neglected market opportunities
To identify and exploit neglected market opportunities, technological ventures can
adopt several strategies. One approach is to conduct market research to identify unmet
customer needs and emerging trends. This can be done through surveys, focus groups,
and customer feedback. According to a study by Deloitte, market research is a crucial
step in identifying neglected market opportunities and should be conducted regularly
(Deloitte, 2019). By gathering information on customer needs and preferences,
technological ventures can gain insights into unmet needs and emerging trends, which
can inform product development and marketing strategies.
Another strategy is to leverage emerging technologies to create innovative products or
services that address unmet needs or emerging trends. According to a study by
McKinsey, technological ventures can use emerging technologies such as AI,
blockchain, and the Internet of Things to create innovative products and services that
can address unmet needs in the market (McKinsey, 2020). By leveraging these
technologies, technological ventures can gain a competitive advantage and capture
new market opportunities.

27
Additionally, technological ventures can form partnerships with complementary firms
or industries to gain access to new markets and customer segments. According to a
study by Hemant Taneja and Ken Chenault in Harvard Business Review, strategic
partnerships can provide technological ventures with access to new resources and
capabilities, such as distribution channels and expertise in complementary industries
(Building a Startup That Will Last, 2019). By forming partnerships, technological
ventures can expand their reach and enter new markets, which can help them capitalise
on neglected market opportunities.
Overall, identifying and exploiting neglected market opportunities requires a
combination of market research, innovation, and strategic partnerships. By adopting
these strategies, technological ventures can gain a competitive advantage and drive
sustained growth.
2.6. Growth strategy and neglected market opportunities
2.6.1. Relationship between growth strategy and neglected market
opportunities
The relationship between growth strategy and neglected market opportunities is crucial
for technological ventures looking to expand their market share and achieve
sustainable growth (Gilbert et al., 2006). Neglected market opportunities are often
characterised by underdeveloped or overlooked segments of the market with unmet
needs or emerging trends that are not being addressed by existing products or services
(van Kleef et al., 2005). Through the identification of these neglected opportunities,
technological ventures can gain a foothold in new markets or deeply penetrate the
existing markets (Hang & Garnsey, 2011).
Growth strategy is the deliberate and systematic approach taken by technological
ventures to increase their market share and revenues (Kazanjian, 1988). Growth
strategies often involve expanding the product or service offerings, entering new
markets, and diversifying the revenue streams (McDougall et al., 1994). Nevertheless,
if neglected market opportunities are not identified, companies would fail in their
growth strategies as they could tap into the wrong opportunities (Khanna & Palepu,
1999). Neglected market opportunities can be a critical component of growth
strategies, as they represent untapped sources of revenue and growth potential (Weiser,
2007).

28
 2.6.2. The role of identifying and exploiting neglected market opportunities
Technological ventures can benefit greatly from exploiting neglected market
opportunities. By doing so, they can differentiate themselves from their competitors
and establish a strong market position. According to a study by McKinsey, companies
that successfully identify and capitalise on market opportunities can experience
significant revenue growth and outperform their peers (Dhawan et al., 2017).
Exploiting neglected market opportunities can also lead to increased revenues and
profitability, as new customer segments are acquired, and new revenue streams are
developed. For example, a study by Deloitte found that companies that invested in new
markets and customer segments experienced average revenue growth of 10.7% over
three years (Deloitte, 2019).
Moreover, exploiting neglected market opportunities can lead to long-term growth and
sustainability. By addressing unmet customer needs and developing new markets,
technological ventures can establish customer loyalty and secure their position in the
market. A study by Harvard Business Review found that companies that focused on
customer-centric growth strategies experienced more sustainable growth over the long
term (The 30 Elements of Consumer Value: A Hierarchy, 2016)
2.6.3. Challenges and Risks of Exploiting neglected market opportunities
Exploiting neglected market opportunities can also pose several challenges and risks
that must be carefully considered by technological ventures. One key challenge is the
need to invest significant resources in researching and understanding the targeted
customer segment and their unique needs and preferences. This can require a
considerable amount of time and financial investment, with uncertain returns.
Additionally, forsaking existing customers or core business activities in pursuit of new
market opportunities can lead to losing existing revenue streams and customer loyalty.
Furthermore, neglected market opportunities may also face aggressive competition,
with established players already catering to the same customer segment (Dawar and
Frost, n.d.). This can make it difficult for technological ventures to establish a strong
market position and achieve sustained growth in the new market segment. In addition,
changes in the market environment or consumer preferences may render previously
neglected market opportunities unviable or unprofitable, resulting in a significant loss
of investment (Arnold and Quelch, 1998).

29
To mitigate these risks, technological ventures must carefully evaluate the potential
benefits and drawbacks of exploiting neglected market opportunities and conduct
thorough market research before committing significant resources. They should also
consider leveraging existing core competencies and capabilities to enter new market
segments and avoid neglecting existing customers and revenue streams (London and
Hart, 2004). By taking a strategic and thoughtful approach, technological ventures can
successfully navigate the challenges of exploiting neglected market opportunities and
achieve sustainable growth.
2.7. Conceptual Framework
The growth of new technology ventures has been a topic of great interest in recent
years, as these ventures are believed to be the engine of economic growth and
innovation. However, the success of new technological ventures is not guaranteed, and
many factors can influence their growth and performance. One of the factors that have
received little attention in the literature is bounded rationality, which refers to the
limitations of human cognition in processing information and making decisions
(Taylor, 1975).
Although there has not been a consensus on the impact of bounded rationality on the
growth strategy of new technological ventures (Simon, H. A., 1982), few studies have
looked into this phenomenon.For instance, Zou and Ghauri's (2008), focusing on a
technology venture in China, explore the antecedents and consequences of various
growth strategies such as organic growth, partnership, and acquisition. It also presents
a conceptual framework that establishes connections between resources, capabilities,
growth strategy, and performance. Additionally, Hernandez and Ortega (2019) have
significantly contributed to our understanding of bounded rationality, which is a
central theme in this dissertation. Their research sheds light on how bounded
rationality influences decision-making processes and the behaviours of
decision-makers. Notably, it emphasises the negative consequences stemming from
bounded rationality, particularly the neglect of growth opportunities.

30
 Figure 1. Conceptual framework
Drawing on Jordão et al. (2020) and AL Hasani (2019) and previously discussed
literature, the conceptual framework is built to elucidate the profound impacts of
bounded rationality in decision-making within technology ventures. Bounded
rationality refers to the cognitive constraints that decision-makers face, deviating from
the ideals of perfect rationality. This framework provides a comprehensive
understanding of how bounded rationality influences decision-making at different
stages: awareness, evaluation, and decision (Jordão et al., 2020).
During the awareness stage, decision-makers with bounded rationality tend to focus on
readily available information while neglecting important but less accessible data. This
limited information intake hinders their comprehensive understanding of the problem
or opportunity, leading to incomplete assessments. In the evaluation stage,
decision-makers exhibit cognitive biases and rely on heuristics, which can distort their
perception of the situation (Jordão et al., 2020). This may result in confirmation bias,
overconfidence, or anchoring bias, leading to overlooking alternative perspectives and
insufficient evaluation of information. In the decision stage, decision-makers with
bounded rationality prioritise satisfaction over maximising. They settle for satisfactory
outcomes rather than pursuing more ambitious or innovative strategies that could drive
long-term growth (Jordão et al., 2020).
The consequences of bounded rationality in decision-making are significant.
Suboptimal allocation of resources occurs as decision-makers fail to fully consider

31
alternatives or weigh potential benefits and risks. This leads to inefficient resource
utilisation and missed growth opportunities (AL Hasani, 2019). Bounded rationality
also hinders innovation and adaptation as decision-makers exhibit reluctance to take
risks or explore new approaches. This impairs the ability of technology ventures to
remain competitive and seize growth opportunities. Moreover, bounded rationality
results in the neglect of long-term growth strategies, with decision-makers prioritising
short-term gains over sustainable growth initiatives (AL Hasani, 2019).
As a result of these behavioural manifestations and outcomes, technology ventures are
prone to missing significant growth prospects. This dissertation aims to shed light on
the detrimental impact of bounded rationality in decision-making within technology
ventures. By exploring these dynamics within the conceptual framework, the study
will provide valuable insights to practitioners and researchers, enhancing
understanding and informing future decision-making practices.

32
Chapter 3. Methodology
3.1. Research Design
This study utilises a qualitative research approach to investigate the bounded
rationality of the board of directors (BOD) in relation to the potential product growth
strategies of VR360. Given the unique and complex nature of the phenomenon under
investigation, a single case study research design is deemed appropriate (Yin, 2018).
This design will allow for an in-depth exploration of the VR360 situation within its
specific context and shed light on the decision-making process of the BOD.
The case study will be conducted in a real-life setting, as VR360 is an actual
technology venture that is currently facing growth challenges. The case is selected
using purposive sampling, which allows for the selection of a specific case that meets
the research. This selection enables an exploration of decision-making processes and
behaviours within the context of bounded rationality and growth strategies. By
focusing on a single case, this study will be able to investigate the bounded rationality
of the BOD to potential growth strategies in detail, which would not be possible with a
broader study design.
3.2. Data Collection and Analysis
The method selected for data collection in this study is the in-depth interview
approach, which is a qualitative research method that involves open-ended questions
and probes to elicit detailed and in-depth responses from the informants. The interview
questions will be developed based on the conceptual framework of the study and will
aim to explore the decision-making process of the BOD, including their understanding
of the growth strategies, their evaluation of the available options, and the factors that
influence their decisions.
To ensure that the interview questions are relevant and appropriate, a single case study
will be conducted with a sample of the informants, after which the questions will be
refined accordingly. Seven informants, comprising the BOD members and marketing
management of VR360, were selected using purposive sampling and were interviewed
using the in-depth interview approach.

33
Table 1. Profile of interviewees.

Number
Interviewee Years of Interview
Position Department of
Experience Duration
Interviews

Mr Trinh Cong around 45

CEO BOD 4 years 1
Quang mins

more than
Mr Dinh Hong
CCO Business 2 years 2 1 hour for
An
each

Mr Nguyen Van
CTO Technology 3 years 1 30 mins
Tri

Ms Tran Phuoc Marketing

Marketing 2 years 1 1 hour
My Duyen manager

Mr Ho Xuan Graphic nearly 2

Marketing 1 20 mins
Vuong Designer years

Mrs Nguyen Thi Sales

Sales 1 year 1 45 mins
Nhien manager

Mrs Ta Cat nearly 2

HRM Business 1 30 mins
Tuong years

around 7
Total 7
hours

The interviews will be conducted face-to-face or via video conferencing, depending on

the availability and location of the informants. The interviews will be audio-recorded
with the informants' consent, and the recordings will be transcribed verbatim. The
transcribed data will be analysed using thematic analysis to identify patterns, themes
and categories that are relevant to the research questions.In order to obtain a
comprehensive understanding of the company and the phenomenon under
investigation, the use of archival data is essential. Archival data, including sources
such as pitch decks, annual reports, performance data, and relevant internal
documents, were collected and analysed. These archival sources provide valuable
information that can be used to triangulate with the interview data. By examining
multiple sources of data, the researcher can verify and validate the findings, ensuring a
more robust and accurate understanding of the research topic. The incorporation of
34
archival data adds depth and context to the research, allowing for a comprehensive
analysis of the company and the phenomenon of interest.
3.3. Ethical Considerations
This study shall adhere to the ethical principles and guidelines, with due consideration
given to ensuring the protection and wellbeing of all participants. Informed consent
shall be obtained from all participants, with due emphasis given to ensuring
confidentiality and anonymity. The collection and storage of all data shall be subject to
the highest levels of security protocols and shall only be accessed by the research
team. In the interest of transparency, any potential conflicts of interest or bias shall be
disclosed and managed appropriately.

35
Chapter 4. VR360 Company Situation Analysis
4.1. Company Overview
Bizverse is a Metaverse world providing a complete digital twin for businesses and
daily activities. It combines social networking with the contactless economy to enable
users to create shopping centres and cities on a 3D digital map, facilitating commercial
and exhibition activities. Through research and investment in modern technology,
Bizverse has integrated blockchain, digital twins, 3D maps, VR360, and Fairs in
digital transformation for businesses in Vietnam.
Created by Dr Trinh Cong Duy, Bizverse World was recognized as the first Metaverse
space platform in Vietnam with advanced technology in 2019. Despite its growth
potential, misguided investment decisions led to its failure when the crypto market
collapsed, and investors withdrew their capital. Currently, VR360 is the only
remaining part of Diverse World.
VR360 - Digital Transformation Solution Company Limited, a member of Bizverse -
The Metaverse For Business, is at the forefront of researching and providing
cutting-edge digital transformation solutions in Vietnam. VR360 was established with
the goal of expediting the pace of digital transformation in Vietnam, offering the most
advanced digital transformation solutions, and delivering exceptional efficiency to
government organisations and businesses in various sectors such as business, tourism,
education, entertainment, retail, and banking.
The innovative solutions provided by VR360 digital transformation, empower
organisations and businesses to stay ahead of the competition in the rapidly evolving
digital landscape. As a pioneer in the industry, VR360 has a proven track record of
delivering tailored digital solutions that meet the specific needs of businesses and
organisations. With a team of highly skilled professionals, VR360 leverages the latest
technology and tools to develop comprehensive digital solutions that streamline
operations and enhance overall performance.
● Official Name: Cong ty Co phan Giai phap Chuyen doi so
● International Name: DIGITAL TRANSFORMATION SOLUTION JOINT
STOCK COMPANY
● Abbreviations: DTS - VR360
● Office: 123 Pham Huy Thong Street, Nai Hien Dong, Son Tra, Da Nang.

36
 ● Contact: 0704 906 888 - 0935 690 369
● Website: https://vr360.com.vn
● Email: infor@vr360.com.vn
● Chartered capital: 2.000.000.000 VNĐ
● Mission & Vision
○ Mission: “Creating revolutionary products for Vietnamese people”
○ Vision: “Vietnam’s leading technology company in the field of digital
transformation”
● Core values
○ Advanced technology
○ Creativity
○ Unique
○ Reality
○ Professional
In response to the rapid pace of digital transformation worldwide, VR360 has
demonstrated innovation by utilising the latest technologies, including Digital Twin,
Map4D, 3D, Virtual Reality (VR), IoT, Cloud, Big Data, AI, and Blockchain. This
strategic application of advanced technologies aligns with VR360's mission to deliver
comprehensive image promotion solutions for businesses.
● Achievements.
○ TOP 10 Viet Solutions finalist teams 2021​- Information ​
○ 9X 'hands-on' as a platform for organising virtual reality exhibitions and
fairs​- Information
○ Da Nang digital transformation in sightseeing and tourism - Information
○ Building a virtual reality website for My Son World Cultural Heritage​-
Information
○ 80 booths participated in the Open Da Nang Startup Exhibition - Surf
2021 with virtual reality technology​- Information ​
○ Experience Da Nang tourism in the digital space​- Information ​
○ Experience famous tourist destinations in Da Nang through VR360
virtual reality technology​- Information ​

37
 ○ Implementing the virtual tourism system "One Touch to Da Nang"​ -
Information ​
4.1.1. History of Formation and Development
VR360 company was established in 2019 as a member of the Bizverse World network
with the aim of catalysing digital transformation in Vietnam and equipping businesses
with cutting-edge digital solutions to optimise their operations. In its nascent stages,
VR360 focused on developing Matterport 3D/4D Scanning technology and delivering
3D models for businesses. Its pioneering products, such as "Central Heritage Road"
and "One Touch Da Nang," received positive feedback from users and gained
widespread popularity, especially during the COVID-19 pandemic.

Figure 2. The Formation and Development of VR360 Company

As the trend towards digital transformation gained momentum globally, VR360
remained at the forefront of technological innovation. The company consistently
adopted the latest technologies such as Digital Twin, Map4D, 3D, Virtual Reality
(VR), IoT, Cloud, Big Data, AI, and Blockchain to offer comprehensive image
promotion solutions to businesses. In recognition of its innovative approach, Map4D
was selected as one of the digital transformation solutions in 2020. VR360 capitalised
on this success and deployed new projects, including the vrFairs exhibition platform,
which was recognized as one of the Top 10 Viet Solutions in 2021.

38
Looking forward, VR360 is poised to revolutionise the e-commerce industry by
launching vrMall, a virtual reality shopping centre, by the fourth quarter of 2023. The
management of the company perceives vrMall as the future of e-commerce and is
exerting utmost diligence to ensure its success. Additionally, VR360 is developing
other platforms such as VR360 cloud and Tourism, which hold immense promise for
the company's future. Through its evolution, VR360 has remained steadfast in its
commitment to advancing digital transformation in Vietnam and providing innovative
solutions to businesses. The company's unwavering dedication to staying ahead of the
curve in adopting the latest technologies has positioned it as a leader in the industry. Its
future looks bright as it continues to expand its offerings and shape the digital
landscape.
4.1.2. Analysis of business operations
4.1.2.1. Main products/services

Figure 3. VR360 company's product portfolio

(a) Products
● Matterport 3D Scanning
This technology involves using a specialised camera to capture detailed 3D
images of physical spaces, which are then used to create immersive virtual tours

39
 or models. Matterport 3D scanning can be used for a variety of applications,
such as real estate marketing, virtual event planning, and architectural
visualisation.
● VR360 Virtual Tour
VR360 virtual tours are interactive experiences that allow users to explore a
physical space in a virtual environment. These tours are typically created using
360-degree photos or videos, which can be viewed using a virtual reality
headset or on a computer or mobile device. VR360 tours can be used for real
estate marketing, tourism, and virtual event planning.
● Metaverse Space
Metaverse Space refers to a virtual environment where users can interact with
each other and with virtual objects or spaces. Metaverse spaces can be accessed
using virtual reality or augmented reality devices and can be used for a variety
of applications, such as gaming, social networking, and virtual events.
● AR-3D Models
AR-3D models are three-dimensional digital objects that can be viewed and
interacted with using augmented reality technology. AR-3D models can be
created using specialised software or 3D scanning technology and can be used
for a variety of applications, such as product visualisation, education, and
entertainment.
● 3D Map Framework
3D map frameworks are software tools or platforms that allow users to create
and view interactive 3D maps of physical spaces or objects. These frameworks
can be used for a variety of applications, such as urban planning, emergency
response, and geological exploration.
While these technologies are all related to 3D modelling and visualisation, they differ
in their specific applications and features. Matterport 3D Scanning and VR360 Virtual
Tour are primarily used for real estate and tourism purposes, while Metaverse Space
and AR-3D Models have more diverse applications, such as in gaming and education.
3D Map Framework is primarily used for urban planning and architecture purposes.
Each technology has its unique features and capabilities, making them suitable for
different use cases.

40
 (b) Solutions
● Bizverse World
Bizverse is a Metaverse reality world that offers a comprehensive digital twin for
businesses and daily activities, including the construction of shopping centres and
cities on a 3D digital map. Its social networking model and contactless economy
enable commercial activities such as buying, renting, entertainment, and exhibition
events that connect to numerous business product introduction booths. Bizverse has
integrated cutting-edge technologies, such as blockchain, digital twins, 3D maps,
VR360, and vrFairs, in its digital transformation process for businesses operating in
the Vietnamese market. Its success has been recognized in numerous fields and has the
potential for growth.
● vrMall
The upcoming product vrMall by VR360 aims to provide a virtual reality shopping
centre, allowing retail businesses to open virtual stores to showcase and sell their
products online. The platform promises to offer users an exciting online shopping
experience while improving business efficiency, global customer reach, and
connection. Despite some unclear points about the product, the company's
management team remains confident about its potential and has assigned the
marketing department to handle all communication activities. However, the
exaggeration of the product's features may result in a gap in transparency and put
pressure on the marketing team to communicate inaccurate information. Currently,
vrMall is still under development and not yet operational.
● vrFairs
VRfairs is a virtual reality platform developed by VR360 company that enables
businesses and organisations to easily organise virtual exhibitions and save costs. The
platform provides advanced features such as multilingual support, customizable and
diverse media, direct interaction with customers, as well as the ability to track and
evaluate event effectiveness. VRfairs helps exhibition organisers create a unique
experience for customers, enhance their connectivity and introduce their products to a
global audience.
● vrTourism

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VR360 has developed vrTourism, a virtual reality tourism platform that aims to offer a
unique and convenient travel experience for customers. However, some employees
have raised questions about the differences between vrTourism and the company's
previous multimedia 360 maps, such as 1-Touch Da Nang or the virtual reality tour of
Da Nang Museum. The company leadership claims that vrTourism is an upgraded and
integrated version of the previous multimedia maps. Despite being under development,
company employees have expressed difficulty in understanding the product's features,
which presents a challenge for marketing efforts to increase visibility. Additionally, the
lack of consensus and cooperation among company leaders and staff may further
hinder the product's success. Ultimately, vrTourism remains subject to individual
evaluation and personal opinion.
● vrIndoor Map
vrIndoor Map is a 3D indoor map that provides precise and visual locations for points
of interest within a building. According to company executives, this product is
expected to be in high demand by large shopping centres and commercial complexes,
as it will provide users with a more detailed and immersive indoor shopping map.
While this solution has been proposed, there are currently no specific projects in
development, so I am unable to provide any opinions or commentary at this time.
● VR360 Cloud
The CEO of the company developed vrMall and vrTourism to meet customer needs,
but customers may still want to design their own booths and tour packages, which can
be done with VR360 Cloud. However, there is a concern about the term "Cloud" as it
may not accurately reflect the product's functionality. These products are still in
development and there are no practical projects or benefits for customers yet.
(c) Service - VR/AR & Map 3D Integrated Software Development
Upon conducting a thorough analysis of the company's services, I have found that
there is one aspect that remains unclear to me. It appears that this particular service is
encompassed within the various solutions offered by the company. I have noticed that
the company consistently integrates its products with virtual reality technology,
however, I have not observed any successful implementation of augmented reality
applications by the company.

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It is imperative to note that the company's utilisation of virtual reality technology is
commendable, as it provides a unique and innovative experience for customers.
However, given the current market trends and advancements in technology including
the rise of e-commerce and online shopping and a growing demand for personalised
experiences, it would be beneficial for the company to explore and potentially
incorporate augmented reality into its product offerings as well. This could potentially
provide customers with a more comprehensive and immersive experience, as well as a
competitive advantage in the industry.
4.1.2.2. Business Models of VR360 Company
The business models of Plat as a Service (PaaS) and Service on Demand offered by
VR360 company involve the provision of virtual reality (VR) products and services to
a variety of target customers.
Under the PaaS model, VR360 offers two main products: vrFairs and vrMall. The
target customers for these products are event organisers, businesses, supermarkets, and
store owners. The company provides a platform that allows users to create and manage
their own virtual exhibitions, booths, stores, and products. Customers can choose from
various packages, based on the scale, features, and registration period of their virtual
exhibitions, booths, stores, and products. The pricing strategy is flexible and
customizable, according to the customer's specific requirements.
Under the Service on Demand model, VR360 offers two main products: Virtual Tour
and Metaverse Space. The target customers for these products are businesses operating
in various fields such as real estate, tourism, showroom, schools, and more. VR360
offers a customised service that meets the specific needs of each customer. The pricing
strategy is based on the customer's demand for scale and features.
Virtual Tour is a product that offers an immersive experience of visiting real estate
properties or tourist destinations. It allows customers to take a virtual tour of the
property or destination, view its features and facilities, and make informed decisions
about purchasing or visiting. Metaverse Space is a product that offers a virtual space
for various purposes such as conferences, meetings, training, and more. It provides a
collaborative and interactive virtual environment that allows customers to interact with
each other, share information, and achieve their goals.
4.1.2.3. Key customer segments

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As mentioned earlier, the company's target market is quite broad and diverse, ranging
from event organisers, businesses, supermarkets, and store owners to businesses
operating in various fields such as real estate, tourism, showroom, schools, and more.
While this may seem like a large and diverse market, it is important to note that there
are certain commonalities among these target segments that make them relevant and
suitable for the company's offerings.
More specifically, event organisers, businesses, supermarkets, and store owners are all
in need of innovative ways to attract and engage with customers. The company's
vrFairs and vrMall offerings allow them to create virtual events and storefronts that
can be accessed from anywhere, providing a unique and immersive experience for
customers. This is particularly relevant in the current pandemic situation where
in-person events and shopping experiences may be limited or unsafe.
Similarly, businesses operating in fields such as real estate, tourism, showroom, and
schools are all looking for ways to showcase their offerings and services to potential
customers. The company's Virtual Tour and Metaverse Space offerings provide a
customizable and interactive platform for these businesses to showcase their products
and services in a more engaging and immersive manner. This can lead to increased
customer engagement and potentially higher conversion rates.
Generally, while the company's target market may appear broad, there are clear
commonalities and needs among the different segments that make them relevant and
suitable for the company's offerings. By targeting these specific segments, the
company can tailor its marketing and sales efforts to effectively reach and engage with
potential customers.
4.1.2.4. Organisational chart
In terms of organisational structure, the VR360 company has a Board of Directors
(BOD) overseeing its overall strategic direction and decision-making. The technical
department is responsible for the development and maintenance of the company's
products and services. It is composed of three teams: the development team,
responsible for software and application development; the 3D team, responsible for 3D
modelling and design; and the technical team, responsible for IT infrastructure and
maintenance.

44
On the other hand, the business department is responsible for sales, marketing, and
customer relations. It is divided into two sub-departments: the International Business
Unit (IBU) and the marketing team. The IBU handles sales and customer relationship
management and includes roles such as sales representatives, counsellors, and sales
administrators. The marketing team is responsible for content creation, including video
editing and graphic design, to support the company's promotional efforts.

Figure 4. The organisational structure chart of VR360 Company

The management span within the company varies across the different departments. For
example, the BOD has a broad span of control, as it oversees the entire company. In
contrast, the technical department is more specialised, with each team led by a team
leader reporting to the department head. The IBU has a relatively narrow span of
control, with each sales representative managing a specific set of clients. The
marketing team has a relatively flat structure, with the team leader managing a small
group of content creators.
The aforementioned organisational structure has both advantages and disadvantages.
One of the advantages is that the division of labour is clearly defined, which allows for
greater efficiency and specialisation in tasks. Additionally, the separation of technical
and business departments can help to ensure that technical decisions are made based
on the needs of the business. The presence of distinct teams, such as the development

45
team and the 3D team, allows for a more focused approach to specific areas of
expertise.
However, this structure can also have some disadvantages. One of the main drawbacks
is that communication and coordination between departments can be more
challenging, leading to potential delays or misunderstandings. Additionally, the siloed
nature of the technical and business departments may result in a lack of understanding
of each other's roles and responsibilities, which can hinder collaboration and overall
organisational effectiveness. Moreover, the narrow span of control in the management
structure may result in limited opportunities for growth and development for
employees.
4.1.2.5. Company resources and capabilities
❖ Resources
Resources are tangible and intangible assets that a company utilises to create value for
its customers. Tangible resources include physical assets such as buildings, equipment,
and inventory, while intangible resources include intellectual property, reputation, and
human resources.
At VR360 - Bizverse, tangible resources recognized include modern office space
equipped with state-of-the-art equipment and advanced software tools, and technology
infrastructure standards sufficient for the company to maintain and develop the
technology products that VR360 is providing to its customers.
Intangible resources may include the company's reputation for innovation in
technology, providing digital transformation solutions and technical expertise, the
company's intellectual property in the form of patents and virtual reality technology
copyrights, as well as a highly skilled and knowledgeable workforce.
❖ Capabilities.
Capabilities refer to the essential skills, knowledge, and abilities possessed by a
company that are crucial in creating value for its customers. These capabilities are
typically acquired through investment in training and development, as well as
experience gained in delivering products and services to customers.
At VR360, with a dedicated team of skilled employees, all actively participating in the
Bizverse World project, a highly regarded Metaverse platform, they were trained and
attained a certain level of expertise in the development of virtual reality and

46
augmented reality technologies on the web platform. This included the integration of
Metaverse technology and the provision of data collection and analysis systems.
However, following the failure of the Bizverse World project, the company
experienced a significant reduction in its workforce. According to the co-founder of
the company, Mr. Trinh Cong Quanh, this setback has hindered the progress of VR360,
as it lost a substantial investment and a large pool of talent from Bizverse.
Furthermore, during my internship at the company, I observed that the current
leadership team lacks the essential skills and capabilities required to effectively
manage the business. This presents challenges in ensuring efficient operations and
effective business development, as they seem overly confident in their resources and
abilities.
In terms of relationship-building capabilities, VR360 has yet to establish the necessary
key relationships to expand its customer base and build its reputation. Additionally, I
have noticed that the board of directors exhibits weaknesses in both management and
expertise. Specifically, unnecessary arguments occur on a daily basis within the
company, primarily led by the company's Chief Creative Officer (CCO), Mr. An. He
frequently changes decisions and tasks without clear planning, relying solely on verbal
instructions and believing his decisions are correct based on life experience. This is a
clear indication of bounded rationality within the management team, which can
impede the development of effective marketing strategies and implementation plans.
Furthermore, the lack of a clear approach and specific procedures for addressing
internal and external issues has resulted in employee dissatisfaction, according to
information provided by Mr. Ho Xuan Vuong, a staff member in the Marketing
department. The poor management and expertise skills of the Board of Directors have
contributed to an inefficient work environment. The absence of a clear
problem-solving process has left Mr. Vuong feeling disappointed and disengaged,
evident in his interviews for this research. Despite a positive attitude among colleagues
within the company, overall, the lack of structure and clear management procedures
has led to a suboptimal work environment.
❖ Distinctive competencies
Distinctive competencies are unique strengths and competitive advantages that a
company possesses, allowing the company to create value for its customers in ways

47
that its competitors cannot easily imitate. At VR360, core competencies include
expertise in developing custom technology solutions for clients, the ability to adapt
quickly to changing market conditions, and the company's commitment to customer
service and support.
In summary, VR360 has a strong set of tangible and intangible resources, valuable
competencies, and unique distinctive competencies, which enable the company to
compete effectively in the rapidly developing technology market in Vietnam.
However, there are still significant deficiencies in the company's management and
implementation of its corporate strategy, which can be seen as a major weakness that
VR360 needs to acknowledge and address to the fullest extent.
4.1.2.6. Business results over the last 3 years.
Unfortunately, shortly after its establishment, the company had to postpone its plans
due to the COVID-19 pandemic. During discussions with the company's leadership, it
was revealed that the company's revenue for 2022 was estimated to be around 7 billion
VND, but there were no financial reports or statements available to verify this claim.
Therefore, I am unable to make any comments regarding the company's financial
performance in this section. However, it cannot be denied that the company has both
benefited and suffered from the pandemic.
❖ The short-term objectives of VR360 Company.
VR360's Board of Directors have set a clear objective for the company to increase
revenue in the current year. As the market continues to evolve, the company plans to
expand its range of products and services to cater to the changing demands of its
customers. However, the specific strategies to achieve these objectives have not been
clearly defined or effectively coordinated among the different departments within the
company. This lack of clarity and coordination may result in a lack of focus and a lack
of alignment across the organisation, ultimately hindering the company's ability to
achieve its goals. Therefore, it is crucial for VR360 to establish a clear and
comprehensive strategy that is effectively communicated across all departments and
functions to ensure everyone is working towards the same objectives.
4.1.2.7. Description of internship department - Marketing Department.
During my 16-week internship at VR360 company, I had the opportunity to work as a
marketing intern under the guidance of Ms Duyen Tran, the head of the Marketing

48
Department. The Marketing Department plays an important role in the company, but it
is facing a severe shortage of personnel. At the time of my internship, there were a
total of seven members in the Marketing Department, including one department head,
one content marketing specialist, and one graphic designer, who are the key members
of the department and are responsible for all marketing activities in the company. In
addition, four interns, including myself, were assigned corresponding tasks based on
the instructions of the department head.
During my internship, I provided support for content marketing, including writing
SEO articles, managing website content, managing the company's Facebook page,
planning and executing advertising campaigns, and assisting other members of the
Marketing Department with various tasks. Although my tasks were limited to
supporting activities, I was able to gain valuable experience in various areas of
marketing and improve my skills in content creation, social media management, and
project management.
4.2. Marketing Analysis
4.2.1. Macro-environmental analysis.
In today's fast-paced world, technology has become an integral part of our daily lives.
The emergence of Virtual Reality (VR) technology has opened up a whole new world
of possibilities for businesses. With its immersive and interactive nature, VR
technology has the potential to transform the way businesses operate and engage with
their customers.
However, with every new venture comes a set of challenges and opportunities. One
crucial aspect of starting a new technological venture is conducting a
macro-environmental analysis to identify the external factors that may impact the
success or failure of the venture. The PESTEL model provides a framework for
conducting such an analysis by examining six key factors: Political, Economic,
Sociocultural, Technological, Environmental, and Legal.
In this dissertation, I will conduct a PESTEL analysis of VR360 Company. This
analysis will help us gain a better understanding of the external environment in which
this firm operates and identify the key factors that may impact its success or failure.
By doing so, we can develop strategies to mitigate the risks and take advantage of the
opportunities presented by the external environment.

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 4.2.1.1. Political Factors
Vietnam has experienced a period of political stability in recent years, which is a
positive factor for new technological ventures, including those specialising in VR
technology. However, the government has strict regulations on content and media, and
censorship is prevalent. This can have an impact on the development of VR
technology, particularly in areas such as gaming and entertainment where content may
be subject to censorship.
The Vietnamese government has actively been promoting the development of the
digital economy through various policies and initiatives, including the National Digital
Transformation Strategy (as per Decision No. 505/QD-TTg), the E-Government
Development Plan, and the National Innovation Center. These efforts aim to accelerate
the country's digital transformation and enhance its competitiveness in the global
digital economy. The Digital Transformation Strategy outlines the government's goals
to develop a digital economy and society, improve the quality of life for citizens, and
promote sustainable development. The E-Government Development Plan aims to
provide citizens with convenient and efficient public services through the use of digital
technologies. The National Innovation Center focuses on supporting startups and
innovative businesses to drive economic growth and improve competitiveness. These
policies and initiatives are part of Vietnam's efforts to become a leading digital
economy in Southeast Asia.
On the other hand, the Vietnamese government has demonstrated a clear interest in
promoting and investing in the development of high-tech industries, including VR
technology. This presents opportunities for new ventures to collaborate with the
government and access funding or other forms of support. In 2020, the Vietnamese
government announced a plan to invest approximately USD 14.6 billion in the
development of the country's technology sector over the next five years (Nikkei Asia,
2020).
4.2.1.2. Economic Factors
Vietnam has been experiencing steady growth in its economy in recent years, with its
GDP growth rate being one of the highest in the world in 2021. According to the
World Bank, Vietnam's GDP is projected to grow at a rate of 6.5% in 2022 and 7.2%
in 2023, which indicates a positive outlook for new technological ventures, especially

50
in the VR industry. The country's young and increasing population, coupled with a
growing purchasing power, presents opportunities for new ventures to tap into new
markets.
However, some challenges must be considered. Inflation has been a persistent issue in
Vietnam, with rates averaging at around 3-4% in recent years. This can have an impact
on the profitability of VR technology ventures, as the costs of raw materials and
production may increase. Additionally, the rising costs of labour may also pose a
challenge to new ventures in the VR industry.
Despite these challenges, Vietnam Briefing reports that the Vietnamese government
has taken significant steps to attract and support high-tech industries, including VR
technology. In 2019, the government launched the National Technology Innovation
Program, which aims to promote technological innovation and entrepreneurship.
Furthermore, the government has implemented various policies and incentives to
attract foreign investment in the technology sector, including tax exemptions and
reduced bureaucratic processes.
4.2.1.3. Sociocultural Factors
Vietnam is a country with a rich cultural heritage, and there has been an increasing
demand for cultural and tourism experiences among both domestic and international
visitors. The emergence of VR technology presents an opportunity to provide
immersive experiences that can enhance the tourism industry in Vietnam. Additionally,
there has been a growing interest in gaming and entertainment among young people in
Vietnam, which presents another potential market for VR technology ventures.
According to Euromonitor International (2022), the gaming industry in Vietnam is
expected to see a significant growth rate in the coming years, driven by a young
population with increasing purchasing power. This trend can provide opportunities for
VR technology ventures to tap into this market. However, some challenges need to be
addressed, such as low awareness and adoption of VR technology among the general
population. VR technology ventures need to educate the public about the potential
benefits of VR technology to increase adoption.
Furthermore, as with any new technology, there may be regulatory challenges to
overcome. For example, there may be concerns about data privacy and security in VR

51
applications. VR technology ventures need to comply with relevant regulations and
work closely with regulatory bodies to address any concerns.
4.2.1.4. Technological Factors
Vietnam has been striving to position itself as a tech hub in Southeast Asia, with the
government investing in various initiatives to support the growth of the industry. This
has led to a thriving startup ecosystem, with many Vietnamese entrepreneurs looking
to develop innovative new technologies such as VR. However, one of the major
challenges facing these startups is limited access to funding. While there are some
venture capital firms operating in Vietnam, the overall investment landscape is still
relatively underdeveloped compared to other countries in the region.
Another challenge facing the VR industry in Vietnam is the shortage of skilled
workers in the field. While there are many talented software developers and engineers
in the country, there are relatively few who specialise in VR technology. This shortage
of talent can make it difficult for VR startups to find the right employees to help them
grow and scale their businesses.
Despite these challenges, there is still a lot of potential for VR technology in Vietnam.
As the government continues to invest in high-tech industries, there may be more
opportunities for VR startups to access funding and talent. Additionally, as VR
becomes more widely adopted around the world, there may be growing demand for
VR experiences developed in Vietnam.
4.2.1.5. Environmental Factors
Vietnam is facing significant environmental challenges, including air pollution, water
pollution, and waste management. The government has acknowledged the need to
address these issues and has taken steps to promote sustainable development. VR
technology has the potential to offer sustainable solutions for certain environmental
challenges. For instance, VR can help reduce the need for physical travel, which can
lower carbon emissions. Additionally, VR technology can also be used to promote
environmental awareness and education.
However, the use of VR technology itself can also have environmental impacts. VR
devices consume a significant amount of energy, which can lead to an increase in
greenhouse gas emissions. Additionally, the disposal of e-waste generated from VR
devices can also be an environmental concern.

52
To mitigate these environmental impacts, VR technology ventures need to adopt
sustainable practices in their operations, such as using energy-efficient hardware and
reducing waste generation. There is also a need for greater awareness and education
about the environmental impacts of VR technology among consumers and
policymakers.
4.2.1.6. Legal Factors
Vietnam has a complex legal system that can be challenging to navigate, particularly
for new ventures. Several laws and regulations govern intellectual property protection
in Vietnam, and it can be difficult to enforce these laws effectively. This presents a
major concern for VR technology ventures, as there have been instances of copyright
infringement and piracy in the industry.
In addition to intellectual property protection, there are also regulations around content
and media that may affect the development and distribution of VR technology. The
Vietnamese government has strict rules regarding the type of content that can be
distributed and consumed, and censorship is prevalent (Vietnam: Freedom on the Net
2021 Country Report | Freedom House, n.d.). This may impact the development of VR
technology in areas such as gaming and entertainment.
New ventures in the VR technology industry need to understand and comply with
relevant laws and regulations to avoid legal challenges and ensure the protection of
their intellectual property. Seeking legal counsel and conducting thorough research
into local regulations and practices can help mitigate these challenges.
4.2.2. Micro-environment analysis
The microenvironment of a new technological venture is crucial in determining its
success in the market. Michael Porter's Five Forces model provides a comprehensive
framework for analysing the microenvironment of a company. This model identifies
five key forces that shape the competitive environment of an industry: supplier power,
buyer power, the threat of new entrants, the threat of substitutes, and competitive
rivalry. Applying this model to the VR technology industry in Vietnam can provide
valuable insights into the challenges and opportunities that a new VR venture may
face. By analysing these five forces, entrepreneurs and investors can make informed
decisions and develop strategies that maximise their chances of success in this
dynamic and rapidly evolving industry.

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 4.2.2.1. Threat of New Entrants
In Vietnam, the VR technology industry has high barriers to entry, which make the
threat of new entrants relatively low. These barriers include the need for significant
capital investment, expertise, and technological knowledge. Established firms in the
industry also benefit from economies of scale and a network effect, making it difficult
for new firms to compete effectively. However, the government's efforts to promote
high-tech industries, including VR technology, may attract new entrants. These efforts
have included investment in research and development, tax incentives, and the
establishment of technology parks. According to the Vietnam Economic Times (2021),
the government's support of the industry may lead to an increase in new entrants.
Therefore, established VR technology ventures in Vietnam should monitor the market
for potential new entrants and continuously improve their technological capabilities
and offerings to maintain a competitive advantage.
4.2.2.2. Bargaining Power of Suppliers
The bargaining power of suppliers refers to the level of influence that suppliers have
over the price, quality, and availability of goods and services. In the VR technology
industry in Vietnam, the bargaining power of suppliers is relatively low. This is
because there is a range of suppliers available for key components and services, such
as hardware and software development. Furthermore, suppliers may be willing to
negotiate on price due to the competitive nature of the industry.
However, there may still be some risk associated with dependence on a limited number
of key suppliers for certain components. For example, if there is a shortage of a
particular component, suppliers may have more bargaining power and be able to
increase prices. Therefore, it is important for VR technology ventures to establish
relationships with multiple suppliers and have contingency plans in place to mitigate
the risk of supplier-related issues.
According to Euromonitor International (2022), the availability of a range of suppliers
for key components and services in the VR technology industry in Vietnam contributes
to the low bargaining power of suppliers. However, VR technology ventures must still
be aware of the risks associated with dependence on key suppliers and have strategies
in place to manage these risks.
4.2.2.3. Bargaining Power of Buyers

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The bargaining power of buyers in the VR technology industry in Vietnam is relatively
high due to the availability of a range of VR products and services from different
companies such as VRPlus, VR360 Plus, TechVR 360, Digitech, Vietflycam and On
Home Asia. The increased competition has led to the availability of more options for
buyers, which gives them the power to negotiate on price and demand higher quality
products and services. Additionally, buyers may be price-sensitive due to the relatively
low awareness and adoption of VR technology among the general population in
Vietnam. This low awareness and adoption may limit the willingness of consumers to
pay higher prices for VR products and services.
However, there is a growing interest in gaming and entertainment among young people
in Vietnam, which presents an opportunity for VR technology ventures to increase
demand for their products and services. As the younger generation in Vietnam
becomes more interested in gaming and entertainment, they may become more willing
to invest in VR technology. This could potentially increase the bargaining power of
buyers, as they become more influential in the market.
4.2.2.4. Threat of Substitutes
The threat of substitutes for VR technology in Vietnam is relatively low due to its
unique and immersive nature, which cannot be replicated by other technologies. The
virtual reality experience can transport users to different environments and offer
realistic simulations of situations that are difficult to replicate in the real world.
However, there is a risk of substitution for traditional forms of entertainment, such as
movies or video games. Emerging technologies such as augmented reality, which offer
a more blended experience between the virtual and real worlds, could also pose a
threat to the VR industry. Additionally, the high cost of VR equipment may deter some
consumers from purchasing it, which could lead to substitution for other forms of
entertainment.
It is important for VR technology ventures in Vietnam to continually innovate and
differentiate their offerings to minimise the threat of substitution. This could include
developing unique content and experiences that cannot be replicated by other
technologies, or exploring partnerships with other industries such as education or
tourism to offer more diverse and compelling experiences.
4.2.2.5. Competitive Rivalry

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The competitive rivalry in the VR technology industry in Vietnam is influenced by
various factors, including the presence of established firms, new startups entering the
market, and the industry's high fragmentation. FPT and Viettel are two of the
prominent players in the industry, with extensive experience and resources. The
industry is highly fragmented, with various firms offering a diverse range of VR
products and services, including hardware, software, and content creation. The
competition within the industry is fierce, with firms competing for market share,
differentiation, and innovation. The industry's potential for growth and innovation is
enormous, particularly in areas such as healthcare and education. The firms that can
develop innovative and cost-effective solutions to address the unique needs of these
markets are likely to achieve a competitive advantage.
4.3. Overview of the company's marketing activities
4.3.1. Target customers
Market segmentation is the process of dividing a larger market into smaller groups of
consumers with similar needs, characteristics, or behaviours. Segmentation helps
businesses identify and target specific groups of consumers more effectively, enabling
them to tailor their marketing efforts and better meet customer needs.
Based on the discussions in the initial interviews, the company's management,
specifically Mr. Dinh Hong An, the CCO at VR360, stated that "Our company is
targeting customers who are organisations, local entities, governments, and businesses
that have a need for utilising virtual reality to build trust with their customers...". He
also emphasised that the company's primary users are young individuals, aged between
25 and 35, who are interested in exploring new technologies. According to secondary
information presented in VR360's Pitch Deck 2023, the company’s key organisational
clients include government agencies, real estate firms, tourist attractions, hotels,
factories, etc., with a specific demand for services such as designing virtual tours,
showrooms, constructing 3D models, and other related solutions.

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 Picture 1. List of VR360's current partners
Although the Board of Directors at VR360 has chosen business customers as their
target market, it is vital to note that they have not yet completed intense segmentation
to completely capture the possible customer base or any particular segmentation for
this customer group. Additionally, Mr Dinh Hong An acknowledged the necessity of
clearly designating small businesses and marketing staff at large corporations as
primary clients. Without offering any credible proof to back up his claim, he also
called a meeting with the marketing team to discuss the matter and gave them
instructions to successfully target the consumer category he believes has the best
potential for the business.
For instance, the management has mentioned government, real estate, tourist
attractions, hotels, and factories as potential institutional clients. However, it is
important to conduct further research to identify other potential institutional clients
that could benefit from VR technology, such as universities and research institutions,
healthcare providers, and architectural firms.
In summary, while the management has made a good start in identifying potential
customers, more comprehensive market segmentation is needed to ensure that VR360
company is reaching all potential customers and maximising its market potential.
4.3.2. Company competitors.

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 Figure 5. Competitors of VR360 company
VR360 is a technology venture seeking to expand its market share in the virtual reality
industry. The company has identified two criteria, namely geographical reach and
technological diversity, to shape its competitors' landscape. However, its selection of
rivals appears to be misguided, as the company is comparing itself to well-established
players in the industry, despite its nascent position.
In the domestic market, VR360 sees Star Global and Toan Dung Media as its main
competitors, offering separate technology solutions. Internationally, the company
compares itself to Matterport, Shapespark, and Hexafair, which are also focused on
providing individual technology solutions similar to VRFairs, the main product of
VR360.
This comparison seems overly optimistic since VR360 is still a fledgling company in
the technology sector, and it is unreasonable to compare it to larger and more
established companies that own the software technology that VR360 uses in its
products. Therefore, the selection of these competitors may not reflect the real
competitive landscape for VR360.
VR360 believes that its competitive advantage lies in combining various technological
solutions to meet the changing demands of the market. Accordingly, the company
identifies Tourzy and VRPlus as its main competitors, which it believes are formidable
rivals due to their successful product and service deployment. These companies are
seen as worth learning from by VR360.

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Moreover, the company selects Meta, Microsoft, and Google as its foreign
competitors. However, this selection may not be realistic given the size, scale, and
market dominance of these companies, making it extremely challenging for VR360 to
compete with them even indirectly.
Therefore, while it is crucial for companies to recognize their competitors accurately,
VR360's identification of its rivals appears to be misplaced. This suggests that the
company may need to reassess its competitive landscape to determine the actual
challenges it may face in the market.
4.3.3. Positioning
The company's management has stated that their virtual reality technology venture
provides leading digital transformation solutions in Vietnam, positioning themselves as
a pioneer in the field without value for their target customers. However, upon further
research, it was found that the company only offers a limited range of digital
transformation solutions, with a focus on virtual reality technology.
Furthermore, the management of the company has claimed that they are one of the top
three companies in Vietnam offering such services and have no competitors. This
statement appears to be based on bounded rationality, as numerous other companies
are operating in the field of virtual reality technology and digital transformation
solutions in Vietnam.
While companies need to position themselves in the market, it is also essential to have
an accurate understanding of their competitive landscape. By overestimating its market
position and ignoring competitors, the company may miss out on opportunities for
growth and development.
Therefore, the company's management needs to conduct a thorough analysis of the
competitive landscape in the virtual reality technology industry in Vietnam and
reassess its position accordingly. By having a more accurate understanding of the
market and its competitors, the company can make more informed decisions about
their strategies and positioning, leading to more effective and sustainable growth.
4.3.4. Marketing Mix.
4.3.4.1.Products
❖ Product Features

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VR360's product portfolio includes a range of innovative features, including 3D
scanning, virtual tours, AR/3D models, and integrated software development. These
features provide customers with cutting-edge technology solutions that can greatly
enhance their businesses. For example, the 3D scanning feature allows customers to
create detailed, realistic 3D models of their physical spaces, which can be used for a
variety of purposes such as virtual tours, marketing, and design. The virtual tour
feature provides customers with an immersive and interactive experience that can be
used for showcasing real estate properties, tourist attractions, and other venues. The
AR/3D models feature allows customers to create 3D models that can be viewed in
augmented reality, providing a unique and engaging experience for customers and their
audiences. The integrated software development feature allows customers to have
tailored software solutions that meet their specific business needs.

Picture 2. VR Tour of NEU (National Economics University)

While these features are undoubtedly innovative and attractive, the company needs to
make sure that they are actually what their customers need and that they are delivering
them effectively. VR360 needs to conduct market research and gather feedback from
their customers to ensure that they are providing features that meet its customers'
needs. Additionally, the company must make sure that these features are easy to use
and that its customers are receiving the necessary support to effectively use them. By

60
doing so, VR360 can ensure that its products are meeting its customers' needs and are
providing value to its businesses.

Picture 3. One touch to Da Nang

❖ Product differentiation
In the case of VR360, their product portfolio is quite extensive, offering a range of
solutions to meet the diverse needs of their customers. However, this can be both a
strength and a weakness for the company.
On one hand, having a broad range of products can be a strength, as it allows the
company to cater to the needs of different customer segments. The company's product
features, such as 3D scanning, virtual tours, AR/3D models, and integrated software
development, are highly innovative and attractive to customers who are looking for
cutting-edge technology solutions.
On the other hand, it may be difficult for the company to differentiate itself from their
competitors in such a crowded market, especially since they claim to be one of the top
three companies in Vietnam in this field. To stand out, the company may need to focus
on highlighting its unique selling points and communicating its value proposition more
effectively to customers. This could involve focusing on a specific customer segment,
such as small businesses or large enterprises, and tailoring their products and
messaging accordingly.
❖ Product positioning

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VR360 company seems to be positioning itself as a leader in the field of virtual reality
technology, offering innovative solutions to help their clients with digital
transformation. However, their product portfolio may not be fully aligned with this
positioning, as it may be too extensive for a new technological venture.
Having an extensive product portfolio can be both a strength and a weakness. On one
hand, it allows the company to offer a wide range of solutions to meet the diverse
needs of its customers. However, on the other hand, it may be difficult for the
company to differentiate itself from their competitors, especially since they claim to be
one of the top three companies in Vietnam in this field. The company may need to
focus on highlighting its unique selling points to stand out in the market.
Moreover, this company needs to have a clear and focused product strategy that is
aligned with its positioning in the market. It's important to have a well-defined product
portfolio that can deliver the value proposition to their target customers. The company
needs to prioritise their products and services, focusing on those that align with its core
competencies and capabilities. They also need to ensure that their product features are
meeting the actual needs of their customers and delivering them effectively.
❖ Product Life Cycle
As a new technological venture, the company's products are likely in the introduction
phase. Although VR360 claims to be one of the top three companies in Vietnam in the
field of virtual reality technology, it is still a relatively new player in the market. As
such, the company needs to focus on creating awareness and generating demand for its
products. However, the company is currently offering concepts for new products rather
than focusing on maximising the potential of only one. Mr. An, a member of the
company's marketing team, asserts that a marketing worker must manage content
development, design, and competently use all digital technologies, in addition to
having expertise of organising and carrying out marketing activities. The company's
management team also expects a worker to handle a variety of duties.
The company should also focus on developing its product offerings during this phase.
As the market for virtual reality technology is constantly evolving, the company needs
to keep up with the latest trends and technology. The company may need to conduct
market research and gather customer feedback to determine what features and

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functionalities are in demand and what improvements can be made to its current
offerings.
Furthermore, the company should be prepared to invest heavily in marketing during
the introduction phase. This includes creating a strong brand identity, building a
website, and leveraging social media and other digital marketing channels to reach its
target audience. The company may also need to attend trade shows and conferences to
showcase its products and network with potential customers.
❖ Product Mix
VR360's product mix can be broadly categorised into three main areas: products,
solutions, and services. The products offered by VR360 include Matterport 3D
scanning, VR360 virtual tour, Metaverse space, AR/3D models, and 3D Map
framework. These products are aimed at providing customers with advanced 3D and
virtual reality technology solutions that can be used in a variety of industries.
In addition to products, VR360 also offers a range of solutions such as Bizverse World,
VRMall, VRFairs, VRIndoor Map, and VR360 Cloud. These solutions are designed to
help businesses leverage VR and 3D technology to improve their operations, enhance
their customer experiences, and drive revenue growth.
Finally, VR360 offers a range of services such as VR/AR and Map 3D integrated
software development, which are aimed at helping businesses create customised
solutions that meet their specific needs.
In general, VR360's product mix is quite extensive, which can be both a strength and a
weakness. While it allows this company to offer a wide range of solutions to meet the
diverse needs of its customers, it may also present challenges in terms of managing
product development, marketing, and sales efforts. The company will need to carefully
evaluate the market demand for each of its offerings and allocate resources
accordingly to effectively manage its product mix.
❖ Branding of their products
Based on the information that I collected, it appears that the branding of the company's
products is not well-established. The company initially relied on the reputation of its
biggest project, Bizverse World, which ultimately failed due to an overambitious
expansion plan. This project's failure is a disappointing setback for the company,
which may have damaged its brand image. Additionally, the company's name, VR360,

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seems to be a reference to a specific technology, which may not effectively
communicate the company's offerings to potential customers. The company has
attempted to rebrand itself as a digital transformation solutions provider, but it appears
that this branding has not been fully established yet. The company will need to invest
in building a strong and recognizable brand to establish itself as a reputable and
trustworthy provider of innovative technology solutions. This may involve developing
a clear brand strategy, investing in marketing efforts, and working to establish
partnerships and collaborations with other businesses and organisations.
4.3.4.2. Price
It appears that VR360 does not have a consistent pricing strategy for all of their
products. For their VR tour product, they seem to have a customised pricing approach
that takes into account the size and complexity of each tourist attraction, hospitality
infrastructure, or real estate property. This approach can be beneficial for both the
company and the clients, as it allows for a more personalised and tailored pricing plan.
On the other hand, for their VRmall product, VR360 appears to be using a premium
pricing strategy for their basic, premium, and customised packages. According to Ms.
Nhien, the head of sales at VR360, the cost for a project undertaken by the company
will range from an average of 10 million dong to several tens of million dong. Larger
project packages that the company has implemented, such as "One touch to Da Nang,"
have prices exceeding 1 billion dong due to the scale and technical complexity of the
project. While premium pricing can be effective for creating an image of high quality
and exclusivity, it may also limit the accessibility of the product to a wider audience.
This could potentially impact the revenue growth of VRmall in the long run.
Overall, VR360's pricing strategy seems to be a mix of customised and premium
pricing approaches. While these strategies can be effective in certain situations, they
may not be the most optimal for sustained growth and profitability. It may be
worthwhile for VR360 to consider developing a more consistent and structured pricing
strategy that can be applied across all of their products.
4.3.4.3. Place
The company's current place strategy appears to be focused on offering its products
and services primarily in the Vietnamese market, with a target customer base of small
businesses, marketing staff at large corporations, and institutional clients such as

64
government, real estate, tourist attractions, hotels, and factories. The company has
established its website as well as separate websites for each of its solutions, including
vrFairs and vrMall. In addition, the company has set up social media accounts on
Facebook, Instagram, and TikTok. However, according to observations, the company's
online presence has not generated good click-through and call-to-action rates. Moving
forward, the company may need to focus on optimising its online presence and diverse
channels to better reach its target customers and increase its market share. This could
include investing in digital marketing, partnering with relevant digital channels and
potentially expanding its geographic reach beyond Vietnam.
4.3.4.4. Promotion
The VR360 company seems to be employing a range of promotional tactics, and
according to Ms Duyen, the head of marketing, has noted that the marketing
department is still striving to deliver consistent messages to reach its target customers,
particularly working on social media marketing despite the lack of specific guidance
from upper management. As previously mentioned, the company has a website and
social media accounts on Facebook, Instagram, and TikTok. However, the company's
social media accounts have not been receiving a good click-through rate (CTR) or
call-to-action (CTA). This suggests that the company may need to refine its social
media strategy to engage with its audience more.
Additionally, the company has participated in various trade shows and events to
showcase its products and services, for example, the Virtual Reality Exhibition of
Stem Cells and Gene Technology Vinmec, Danang Advertising Association Congress
III term (2022-2025),.... These events provide an opportunity for the company to reach
potential customers and generate interest in its offerings. However, the company will
need to evaluate the effectiveness of these events in terms of generating leads and
sales, as they can be expensive and time-consuming.

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 Picture 4. Danang Advertising Association Congress III term (2022-2025)
The company also appears to be using targeted digital advertising, such as Google Ads
and Facebook Ads, to reach potential customers. This can be an effective way to reach
a specific audience and generate leads, but it can also be costly if not managed
effectively.

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Chapter 5: Findings: Bounded Rationality, Neglected Market
Opportunities, and Growth Strategies at VR360
This chapter presents the findings of the research study, focusing on the identification
of bounded rationality as the primary problem within the VR360 company. The section
begins by providing a concise summary of the research objectives and emphasising the
significance of studying bounded rationality in decision-making. Furthermore, it
explains the pivotal role played by the internship program in recognizing and
uncovering the presence of bounded rationality within the VR360 company. The
research objectives of this study aimed to investigate the impact of bounded rationality
on the decision-making process within technology ventures, with specific emphasis on
the VR360 company. By comprehending the implications of bounded rationality, it
becomes possible to address the challenges associated with decision-making and
explore strategies to overcome them.
The conceptual framework recognizes bounded rationality as a critical factor that
shapes decision-making within technology ventures, particularly within the VR360
company. Bounded rationality refers to the cognitive limitations decision-makers face,
deviating from the ideal of perfect rationality. Within the context of the VR360
company, the presence of bounded rationality has been identified as a central problem
affecting the decision-making process of the BOD. This framework also focuses on
bounded rationality's influence at three decision-making stages: awareness, evaluation,
and decision. Decision-makers with bounded rationality prioritise accessible
information, leading to incomplete assessments. Cognitive biases and heuristics distort
their evaluation, neglecting alternative perspectives. In the final decision stage, they
settle for satisfactory outcomes, hampering long-term growth opportunities for the
VR360 company.
By utilising this conceptual framework, this study aims to elucidate the detrimental
impact of bounded rationality on the decision-making process of the BOD in the
VR360 company. Through an in-depth analysis within this framework, valuable
insights are expected to be derived, contributing to the existing body of knowledge on
bounded rationality and providing recommendations for enhancing decision-making
processes. These insights will aid the VR360 company in effectively identifying and

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addressing the challenges posed by bounded rationality, ultimately enabling the
company to seize growth opportunities more effectively.
5.1. Bounded Rationality at VR360
The presence of bounded rationality within the VR360 company has manifested across
various facets of its operations, from strategic decision-making to resource allocation.
Decision-makers, influenced by bounded rationality, tend to prioritise readily available
information while neglecting crucial but less accessible data. This limited information
intake hinders their comprehensive understanding of problems or opportunities,
resulting in incomplete assessments. The most apparent manifestation of bounded
rationality within the VR360 company is evident in the continuous issuance of
requests and decisions by Mr An, driven by his subjective understanding of all
marketing activities. He firmly believes that the company's failure to achieve revenue
growth can be solely attributed to the perceived inefficiency of the marketing
department. Specifically, he has engaged in major disputes with Ms. Duyen,
expressing clear dissatisfaction when she did not follow what he deemed to be correct,
leading to his inability to meet the set Key Performance Indicators (KPIs). This was
shared by Ms. Duyen with the employees in the marketing department, and she also
asserted that she had followed Mr. An's instructions but abandoned them due to
inefficiency caused by excessive advertising costs. She returned to the previous
strategy she had been implementing.
In contrast, the Board of Directors (BOD) consistently puts forward ideas for new
product development, albeit limited to the conceptual stage. Mr. Quang has discussed
this with employees, stating, "We need to create as many products as possible to reach
as many customers as possible. There are no limitations on who our customers can be,
as long as they utilise our services." These ideas often involve assigning marketing
teams with the task of promoting and attracting customers, creating an expectation that
customers should anticipate the release of these products. However, the actual products
are yet to be fully defined, leaving the marketing department to seemingly imagine the
entire functionality of these new offerings, according to Ms Duyen. This situation is
particularly concerning as disseminating inaccurate information about a product is not
something a technology venture should engage in when it has not yet established a
strong market position.

68
Furthermore, cognitive biases and heuristics play a significant role in distorting the
evaluation process within the company. Decision-makers exhibit biases such as
confirmation bias, overconfidence, and anchoring bias, which limit their ability to
consider alternative perspectives and critically evaluate information. As a
consequence, important insights and innovative approaches may be overlooked,
hindering the company's ability to adapt and capitalise on market changes. With the
potential of being a young and emerging technology company in the market, and
having experienced a challenging period after the failure of the Bizverse World
project, the Board of Directors (BOD) at VR360 company largely maintains a
"pioneering" mindset by providing products according to the Bizverse roadmap
without conducting any surveys or market research on customer needs.
Based on my observation, the company remains overly confident, believing that its
technological capabilities are the most advanced and difficult to replicate. This is an
overly optimistic view as the management of the company bases their assessments
solely on personal perspectives, without gathering any reliable secondary data.
Consequently, it becomes extremely challenging for the marketing department to
constantly develop product communications, while employees themselves lack a clear
understanding or knowledge of the product's functionalities. Additionally, the inability
to identify target customer groups and target audiences for marketing further presents a
significant barrier for VR360 company.
Moreover, the divergence between the company's objectives set by the management,
emphasising revenue growth, and the marketing department's limited human resources
and tight financial constraints in building comprehensive and long-term marketing
programs for technology products, has sparked significant debates within the company
and intensified tensions between the management and its members. For example, Mr
And has requested the marketing department to generate 1000 leads per product within
one month, but he has not approved any budget for implementation. Meanwhile, in the
Marketing department, activities primarily revolve around social media marketing.
Through the working process, I have not observed that the platforms the company is
marketing on are challenging or seemingly incapable of achieving the targets set by Mr
An.
5.2. Neglected Market Opportunities at VR360

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Despite the successful provision of VR tours for popular Vietnamese destinations with
One Touch to Danang, Ponagar Nha Trang, Hoi An, etc. VR360 has failed to leverage
this strength for marketing purposes effectively. The company has not emphasised this
unique offering or targeted specific customer segments within the travel industry. As a
result, VR360 has missed out on opportunities to establish strategic partnerships with
travel agencies, online travel platforms, and hospitality businesses. From my
perspective, the negligence of virtual tourism potential has limited VR360's market
reach and the associated revenue potential.
VR360 has neglected the development of virtual tourism experiences beyond the
Vietnamese market. Despite the global popularity of VR travel applications, according
to Forbes 2021, and the increasing demand for immersive travel experiences, the
company has not expanded its offerings to cater to international destinations. This
oversight has hindered VR360's ability to tap into the growing global market for
virtual tourism, resulting in limited revenue growth and international recognition.
The consequences of neglecting these opportunities are significant for VR360. The
company's market positioning within the virtual tourism and travel industry remains
limited due to its failure to fully exploit its strengths. By not prioritising the promotion
and marketing of its VR tours, VR360 has missed the chance to establish itself as a
leader in the virtual travel market. This oversight has allowed competitors to gain a
stronger foothold, potentially surpassing VR360 in terms of market share and
recognition. Specifically, TECHVR 360 has successfully implemented virtual reality
tour projects in the Paracel Islands, despite not having a headquarters in the city of Da
Nang.
To rectify these shortcomings, VR360 should refocus its marketing efforts to highlight
its success in providing VR tours for famous Vietnamese cities. By strategically
targeting the travel industry, VR360 can form partnerships with travel agencies,
tourism boards, and online travel platforms to expand its reach and gain access to a
broader customer base. Additionally, the company should consider expanding its
virtual tourism offerings to include popular regional destinations, thereby tapping into
the global demand for immersive travel experiences.
5.3. Interconnection between Bounded Rationality and Neglected Market
Opportunities

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Within VR360, bounded rationality manifests through the continuous issuance of
subjective demands and decisions by the Director of Business. CCO's perception of
marketing activities drives the company's decision-making process, neglecting the
objective evaluation of market potential. This limited perspective hampers VR360's
ability to recognize the correlation between revenue growth and the effectiveness of its
marketing efforts. Consequently, the marketing department faces challenges in shaping
product functionalities due to the lack of a clear product vision, Mr Vuong claimed.
Ms. Nhien and Ms. Duyen both acknowledged that they lacked effective
communication during task execution, and this can be attributed to the bounded
rationality of Mr. N, which consistently led to a tense atmosphere and a reluctance to
engage in debates. This communication gap between marketing and product
development exacerbates the dissemination of inaccurate product information and
undermines the trust of customers and stakeholders.
The interplay between bounded rationality and the neglect of market opportunities
carries significant consequences for VR360's overall performance and
competitiveness. By failing to recognize and capitalise on potential growth avenues,
VR360 hinders its ability to establish a strong market position. Competitors (VR360
plus, VRPlus, and TECHVR 360) who effectively seize these opportunities can gain a
competitive advantage and erode VR360's market share. Furthermore, according to Ms
Duyen, the strained relationship between the Board of Directors and employees due to
conflicting goals exacerbates internal tensions, impacting the company's overall
efficiency, employee morale, and productivity.
To address the issues arising from bounded rationality, VR360 needs to foster a more
objective decision-making process. Implementing mechanisms to collect and analyse
reliable secondary data would enable the company to make informed strategic choices.
Conducting market surveys and customer research can provide valuable insights into
customer preferences, needs, and demands, helping VR360 target specific market
segments effectively. Moreover, aligning the goals of the Board of Directors and the
marketing department is crucial for developing comprehensive, long-term marketing
strategies that leverage the company's technological capabilities.
In conclusion, despite VR360's successful provision of VR tours for renowned cities in
Vietnam, the company has neglected significant opportunities within the virtual

71
tourism and travel industry. This oversight has limited VR360's market positioning and
growth potential within the dynamic virtual tourism market. The interplay between
bounded rationality and the neglect of market opportunities at VR360 showcases the
impact of cognitive limitations on the company's growth trajectory. By acknowledging
the role of bounded rationality in decision-making processes, VR360 can address its
shortcomings and enhance its competitiveness. A shift towards evidence-based
decision-making, leveraging market research, and fostering collaboration between
departments will enable VR360 to unlock untapped potential, improve performance,
and capitalise on market opportunities.

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Chapter 6. Implications of the research and recommendations for VR360
company.
Based on the analysis conducted in the previous chapter, it is evident that VR360 faces
several challenges that are hindering its growth and success in the highly competitive
VR industry. To address these challenges, it is recommended that the company adopt a
comprehensive development strategy that tackles its root issue of bounded rationality,
while also focusing on key areas for growth and specialisation. This chapter will
provide a detailed roadmap for such a strategy, beginning with an overview of industry
trends soon and reliable data on the Vietnamese VR360 market.
6.1. Overview of the VR industry in Vietnam.
The virtual reality (VR) industry is expected to grow significantly in the coming years.
According to a report by MarketsandMarkets, the global VR market is projected to
reach $44.7 billion by 2024, growing at a compound annual growth rate (CAGR) of
33.47% from 2018 to 2024 (MarketsandMarkets, 2019). This growth can be attributed
to the increasing adoption of VR technology in various industries, including tourism
and real estate.
In Vietnam, internet and smartphone penetration has been on the rise in recent years.
According to a report by We Are Social and Hootsuite, the number of internet users in
Vietnam reached 68 million in 2020, representing a penetration rate of 70% (We Are
Social & Hootsuite, 2021). Moreover, the number of smartphone users in the country
is projected to reach 55 million by 2025, growing at a CAGR of 6.8% from 2020 to
2025 (Statista, 2021). This increasing penetration of internet and smartphone usage
presents a significant opportunity for VR360 to reach a wider audience with its virtual
tour solutions.
Furthermore, there is an increasing demand for virtual tours in the tourism and real
estate industries. The COVID-19 pandemic has accelerated the adoption of virtual
tours as a safer alternative to physical tours. According to a report by Grand View
Research, the global virtual tour market size was valued at $3.3 billion in 2020 and is
expected to grow at a CAGR of 16.7% from 2021 to 2028 (Grand View Research,
2021). In Vietnam, the tourism industry has been heavily impacted by the pandemic,
with a 79.5% decrease in international visitors in 2020 compared to 2019 (Vietnam

73
National Administration of Tourism, 2021). This presents an opportunity for VR360 to
capitalise on the increasing demand for virtual tours in the domestic tourism market.
However, with the growing demand for virtual tour solutions, the website360 market
in Vietnam is becoming increasingly competitive. According to a report by
VietnamCredit, the website360 market has grown rapidly in recent years, with over
800 companies operating in the industry as of 2020 (VietnamCredit, 2020). This
presents a challenge for VR360 to differentiate itself and stand out in the market.
Therefore, to stay competitive and capitalise on the growing trends in the industry,
VR360 should focus on developing a strong growth strategy that addresses its current
challenges.
6.2. Suggested Solutions for VR360 Company.
After analysing and evaluating the current issues that VR360 is facing, I aim to
provide a critical review and propose effective solutions and development strategies
that are suitable for the company. My proposals are based on proven theories and
practical situations related to the same issues encountered by VR360. Considering the
current challenges, my proposed strategy aims to strengthen and develop the company
in a short term, which will be presented in detail through a comprehensive plan
outlined below.
VR360 is currently facing four major challenges that need to be addressed in order to
develop effective solutions and strategies. The proposed strategy focuses on addressing
the internal foundational issue of bounded rationality within VR360's management
team, followed by the implementation of subsequent phases that include restructuring
the operating apparatus, developing the right products, and differentiating from
competitors. The marketing department will also be a crucial component in the
execution of this strategy.
6.2.1. Stage 1 - Address Bounded Rationality
VR360's management team has been identified as facing the challenge of bounded
rationality, which limits their decision-making capabilities and ultimately affects the
company's growth strategy. To address this challenge, the company could adopt a more
systematic decision-making process that utilises market research and data analysis to
inform business decisions. This can involve conducting thorough market research and
analysing data to inform business decisions. As noted by Simon (1957), a systematic

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approach to decision-making is necessary to overcome cognitive limitations that lead
to bounded rationality.
According to a study conducted by McKinsey & Company, companies that make
data-driven decisions are more likely to succeed than their peers who rely on intuition
alone. Such an approach can lead to improved decision-making capabilities and
ultimately to better business outcomes. VR360 could also consider investing in
training programs for its management team to improve its decision-making skills. Such
training programs could focus on recognizing cognitive biases and increasing
awareness of available information. As discussed by Kahneman (2011), training in
decision-making can improve cognitive performance and reduce the impact of
cognitive biases. These training programs could be tailored to address specific areas
where the firm may be struggling, such as critical thinking, problem-solving, and risk
management.
In addition, the company should expand its awareness to reduce market stereotypes
and recognize missed opportunities. This can be achieved by engaging in diverse
perspectives and gathering input from a variety of sources, such as customers, industry
experts, and employees. As stated by Bazerman and Moore (2013), expanding one's
awareness of multiple perspectives is crucial for avoiding cognitive biases and making
more informed decisions.
Moreover, the company could implement a process for regularly reviewing and
updating its decision-making criteria to ensure that new information is taken into
account. This can be achieved by establishing a formalised system for tracking and
evaluating decision outcomes. As noted by Tversky and Kahneman (1974), regular
feedback is essential for improving decision-making processes.
Overall, adopting a more systematic decision-making process, investing in training
programs for the management team, expanding awareness, and implementing a
process for reviewing and updating decision-making criteria can help to address
bounded rationality and improve decision-making within VR360.
The marketing department can follow these steps to address the issue of bounded
rationality and improve decision-making at VR360 company.
6.2.1.1. Conduct Market Research

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 The marketing team will conduct in-depth market research to gain a better
understanding of customer behaviour, preferences, and needs via doing surveys
or interviews. This can help the team identify market trends and opportunities
that may have been overlooked in the past. The team can also use this
information to create targeted marketing campaigns and develop new products
that are better aligned with customer needs.
6.2.1.2. Use Data Analytics
The marketing team can use data analytics tools to analyse customer data and
track marketing campaigns. This can help the team identify which marketing
strategies are most effective and which ones need to be improved. By using data
to inform their decisions, the team can reduce the impact of bounded rationality
and make more informed decisions.
6.2.1.3. Collaboration with Other Departments
The marketing team should collaborate with other departments, such as sales
and product development, to gain a more holistic view of the company's
operations. This can help the team identify areas for improvement and develop
more effective marketing strategies. Collaborating with other departments can
also help break down silos within the company and reduce the impact of
bounded rationality.
6.2.1.4. Continuous Learning
The marketing manager can invest in continuous learning programs to improve
their decision-making skills. This can include attending industry conferences,
taking online courses, and participating in training programs. By continuously
learning and developing their skills, the team can stay up-to-date with the latest
marketing trends and techniques, which can help them make more informed
decisions and reduce the impact of bounded rationality.
6.2.2. Stage 2 - Restructure Operating Apparatus
6.2.2.1. Review and Evaluate the current organisational structure
One of the crucial initial stages in restructuring the organisational apparatus of VR360
involves conducting a thorough evaluation of the existing structure and identifying key
areas requiring improvement. The assessment should focus on determining the
efficiency of the present organisational framework, identifying overlaps, and gaps, and

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determining if the company is sufficiently staffed across all departments. The
marketing team, specifically, should conduct a review and evaluation of the current
structure within their department. This assessment should encompass an examination
of roles, responsibilities, and reporting lines, to identify any redundancies, gaps, or
inefficiencies in the present structure. Such an evaluation will enable the marketing
team to make informed decisions and identify areas that need restructuring to optimise
efficiency and productivity within the organisation.
6.2.2.2. Set clear goals and objectives
After identifying the areas that require improvement, VR360 should establish precise
goals and objectives for the restructuring process, adhering to the SMART principle to
ensure that they are well-defined, attainable, relevant, measurable, and time-bound.
The marketing department can contribute to this process by defining clear and specific
roles and responsibilities for each member of the team. This can minimise confusion or
redundancy in tasks and ensure that each team member is accountable for their
assigned duties. By setting specific goals and objectives, the marketing department can
track its progress and make necessary adjustments to the restructuring process.
6.2.2.3. Determine a new organisational structure
After conducting an assessment of the current organisational structure and setting clear
goals and objectives, VR360 should proceed with developing a new structure that
aligns with the company's strategic goals and objectives. This new structure should
aim to enhance operational efficiency, reduce costs, and improve overall organisational
performance. As a part of this process, it is crucial to redefine the roles and
responsibilities of employees to ensure clarity and alignment with the company's goals.
The marketing department should collaborate with the management team to develop a
new organisational structure that aligns with the company's marketing goals and
objectives. The new structure should be designed to support the development and
execution of effective marketing strategies that will drive growth and profitability for
the company. By defining clear roles and responsibilities, the marketing department
can ensure that everyone is aware of their job expectations and what is expected of
them.
6.2.2.4. Develop Standard Operating Procedures (SOPs)

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Once defining the new organisational structure, VR360 should implement it in a
well-planned and phased manner to minimise any disruptions to the company's
operations. This implementation should include a clear timeline, budget, and
communication plan to ensure that all stakeholders are informed and prepared for the
changes. The marketing team should develop Standard Operating Procedures (SOPs)
for all marketing activities, such as advertising, promotions, content creation, and
social media management. These SOPs should outline the specific tasks,
responsibilities, timelines, and quality standards for each activity, ensuring consistency
and quality across all marketing efforts. Moreover, the marketing team should provide
training and development programs to employees to help them adapt to the new
structure and processes. This will also ensure that they have the necessary skills and
knowledge to effectively execute their new roles and responsibilities.
6.2.2.5. Invest in Training and Development
Investing in training and development programs is crucial for the marketing team to
effectively carry out their roles. The training should focus on enhancing both technical
marketing skills, such as knowledge of marketing tools and technologies, as well as
soft skills, such as communication and leadership. By attending industry conferences
and seminars, the marketing team can stay updated with the latest marketing trends
and developments. Regular performance reviews and feedback sessions can also help
identify areas for further training and development.
The marketing team should aim to develop both technical and soft skills to promote a
culture of continuous improvement. Technical skills may include proficiency in digital
marketing tools and technologies, such as SEO, PPC advertising, email marketing, and
social media management. Keeping up-to-date with emerging marketing technologies
and trends is also essential to ensure the team is using the latest and most effective
strategies.
In addition, soft skills are equally important, including communication, leadership,
collaboration, and adaptability. Effective communication is essential for building
strong relationships with customers and stakeholders, as well as aligning team
members with the company's goals and objectives. Strong leadership skills can help
the marketing team inspire and motivate others to achieve common goals, while
collaboration skills foster teamwork and creativity. Finally, adaptability is crucial in

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today's fast-paced business environment, where marketing strategies and technologies
are constantly evolving. The team must be able to adapt quickly to changes and be
willing to learn and grow as individuals and as a team.
6.2.2.6. Communicate changes to employees
Effective communication is critical when implementing a restructuring process in a
company. To ensure that the communication is effective, VR360 should follow a
well-defined process. The first step is to choose appropriate communication channels,
such as town hall meetings, emails, and company-wide memos, and ensure that the
message is consistent across all channels. Next, the message should be tailored to each
audience to ensure that it is relevant and understandable. The purpose of the
communication should be clearly stated, explaining the reasons behind the
restructuring, how it will benefit the company, and what the changes mean for the
employees. Moreover, employees should be given ample opportunities to provide
feedback and ask questions, which can help to address any confusion or concerns they
may have. This can promote a sense of trust and transparency between the company
and its employees and alleviate any resistance to change. Finally, communication
should be timely and ongoing throughout the restructuring process to ensure that
everyone is aware of the progress and any new developments. By following this
process, VR360 can ensure that the communication is effective and helps to promote a
successful restructuring process.
6.2.2.7. Monitor and evaluate progress
Post-implementation evaluation is a critical step for VR360 to assess the effectiveness
of the restructuring process. The company should establish key performance indicators
(KPIs) and metrics that align with the company's goals and objectives. These KPIs can
include financial metrics, such as cost savings and revenue growth, as well as
non-financial metrics, such as employee satisfaction and customer retention rates. By
regularly monitoring and evaluating these KPIs, VR360 can identify areas that need
improvement and take corrective action.
Additionally, VR360 should conduct regular performance reviews and feedback
sessions with employees to gather their perspectives on the effectiveness of the
restructuring process. This can provide valuable insights into how the restructuring has
impacted their daily work and identify areas for improvement. VR360 should also

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solicit feedback from customers and stakeholders to evaluate how the restructuring has
impacted their experiences with the company.
Based on the results of the evaluation, VR360 should make any necessary adjustments
to the new structure and processes. This may involve further training and development
for employees, revising job responsibilities, or implementing new technologies and
tools. By continually monitoring and evaluating the restructuring process, VR360 can
ensure that it is aligned with the company's goals and objectives and is achieving the
desired outcomes.
6.2.3. Stage 3. Building business and growth strategy for VR360 company.
After completing the previous two stages, VR360, at that time, will have a clearer
direction and more transparent working processes, which will help the company to
deploy its workforce more effectively. In this next stage, the company will need to
develop a detailed and comprehensive business strategy, as well as outline a growth
strategy to restore revenue after addressing existing issues.
To achieve this, the board of directors and other key departments in the company must
identify the target market, which customer group has significant potential, how the
company's current resources can be developed, who the company's competitors are,
how VR360 can create a sustainable competitive advantage over other competitors,
and more. These considerations must be thoroughly addressed before the company
proceeds to plan a more detailed marketing strategy.
Initially, I intend to provide clarity on the model that illustrates the relationship
between VR360 and its various stakeholders. This model serves to depict a
comprehensive overview of the interactions and supply chain that connect VR360 to
potential B2B customers and the final users of the technological products offered by
the company.

Figure 6. The relationship between VR360 and other stakeholders.

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(1) The relationship between VR360 and its B2B clients is one of interdependence
and mutual benefit. VR360 provides a range of 360 websites for enterprise
customers, government organisations, real estate, hotels, resorts, and other
related businesses. These websites serve as a powerful tool for these clients to
showcase their products and services in an engaging and interactive way, while
also providing valuable data and analytics to help them make informed
decisions. In turn, VR360 benefits from these partnerships by gaining access to a
wider customer base and by receiving feedback and insights from these clients to
improve their offerings. Effective communication and collaboration between
VR360 and its B2B clients are essential for maintaining a strong and successful
relationship.
(2) B2B clients will incorporate websites designed with VR360 technology onto
their own website platforms and other social media platforms, allowing them to
showcase their products and services in a more visually engaging manner. They
may also embed URL links or QR codes into their marketing materials, such as
brochures or business cards, to enable potential customers to access their
websites easily. This results in a seamless and effective marketing strategy for
B2B clients, enabling them to increase brand awareness and generate more leads.
Additionally, VR360 provides ongoing support and maintenance for their
websites to ensure that they remain up-to-date and fully functional. VR360 also
compiles all completed projects on its main website, which serves as a showcase
of the company's capabilities and accomplishments. These projects are also used
as promotional materials for VR360's branding activities, showcasing the
company's expertise and success stories to potential clients. By displaying its
portfolio on its website, VR360 aims to attract more B2B clients and expand its
market reach. Additionally, this strategy can help establish the company's
reputation as a reliable and competent technology provider in the industry.
(3) End-users, who are the customers of VR360's B2B clients, will interact with the
websites and other digital platforms designed by these businesses. As part of
their experience, they can engage with VR360's 360 technology and leave
reviews or feedback that can directly influence the visibility and reputation of
the B2B clients.

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 (4) As more end-users become aware of the potential benefits of 360 and virtual tour
technology, they may indirectly influence B2B customers by creating demand
for these features in their digital marketing efforts. This can drive B2B clients to
invest more in VR360's services, as they seek to differentiate themselves from
competitors and enhance their customers' experience. Ultimately, this positive
feedback loop can strengthen VR360's market position and lead to further
growth opportunities.
Given the correlation model proposed above, it is advisable for VR360 to segment its
market to identify the target customer group, specifically the end-users of the
technological products offered by the company. In other words, these refer to the
customers of B2B clients with whom VR360 cooperates. It is crucial to determine this
user group as if VR360 understands their insights and needs, the company can develop
the most appropriate products, aiming to establish the relationship (4) in the future that
provides a more sustainable competitive advantage. Therefore, I propose the following
potential customer segments for further segmentation.
6.2.3.1. Target Segmentations.
6.2.3.1.1 End-users segmentation.
VR360's technological products are designed to provide users with immersive 360
experiences, allowing them to explore various destinations, attractions, and properties
in a virtual environment. In order to effectively target and cater to the diverse
preferences of end-users, the company could segment its user base based on several
demographic, psychographic, and behavioural factors.
a) Demographic factors
One potential criterion for market segmentation is age. Younger users (aged
18-35) may be more interested in adventure tourism and outdoor activities, as
they tend to be more active and seek new experiences. On the other hand, older
users (aged 35+) may be more interested in cultural and historical attractions, as
they often have more disposable income and seek more educational and
informative experiences.
Gender is another potential criterion for segmentation. Women may be more
interested in wellness and spa experiences, as they are typically more

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 health-conscious and seek relaxation and self-care. In contrast, men may be more
interested in outdoor adventure activities, such as hiking, skiing, or surfing.
Income level is also a key factor to consider when segmenting the market.
High-income users may be more interested in luxury experiences, such as
high-end hotels, exclusive resorts, and fine dining. In contrast, low to
mid-income users may be more interested in budget-friendly options, such as
hostels, affordable tours, and local cuisine.
Finally, technological proficiency is an important criterion to consider when
segmenting the market for VR360's technological products. Users who are more
technologically savvy may be more interested in the advanced features and
functionalities of the website 360, such as interactive maps, 3D models, and
virtual reality experiences. In contrast, less technologically proficient users may
prefer a simpler and more user-friendly interface.
b) Geographic Factors
Vietnam is a country with three distinct regions, each with its own unique
cultural and natural attractions. As such, segmenting users based on the region
they reside in or are interested in visiting could be a highly effective strategy for
VR360. By tailoring the website 360 to showcase the specific attractions of each
region, the company could appeal to users' desire for personalised experiences.
For instance, users from the North may be more interested in exploring the rich
history and cultural heritage of Hanoi and other ancient cities, while users from
the Central region may be more drawn to the stunning natural landscapes of the
Truong Son mountain range and the beaches of Da Nang. Meanwhile, users from
the South may be more interested in the bustling metropolis of Ho Chi Minh
City and its surrounding areas. By segmenting users based on their preferred
region, VR360 could effectively target their website 360 towards each region's
unique offerings, thereby increasing the chances of attracting potential users.
Furthermore, the website 360 could also serve as a valuable resource for users to
explore destinations beyond their immediate region. By offering virtual tours and
immersive experiences of various locations throughout Vietnam, VR360 could
inspire users to broaden their travel horizons and explore new destinations.
Overall, segmenting users based on regions could be a highly effective strategy

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 for VR360 to showcase the unique attractions of each region and provide users
with a personalised and immersive experience of Vietnam's diverse cultural and
natural landscape.
c) Psychographic Factors
VR360's end users can be segmented based on their psychographic factors,
including personality traits, values, and lifestyle. Personality traits can influence
the type of travel experience that users prefer, with outgoing individuals being
more interested in outdoor activities and introverted individuals preferring
cultural experiences. Similarly, users' values can impact their travel preferences,
with some users prioritising eco-friendliness and sustainability, while others
prioritise luxury and comfort.
Moreover, users' lifestyles can also play a role in their travel choices. Users with
hectic schedules may prefer relaxation and wellness activities to unwind, while
users with more flexible schedules may be more interested in adventure and
exploration. By segmenting users based on these psychographic factors, VR360
can tailor its offerings to cater to the unique preferences of each group, providing
a personalised travel experience.
Additionally, the company provides content in both Vietnamese and English to
cater to users who are more comfortable with one language over the other. This
approach is suitable for VR360's technological products, as it allows users to
access information and interact with the website in their preferred language,
resulting in a more user-friendly and inclusive experience.
By considering these psychographic factors, VR360 can tailor its marketing
messages and website 360 content to appeal to the specific interests and values
of each segment. This can lead to more effective marketing and increased user
engagement with the company's products and services.
d) Behavioural factors
Device usage and online behaviour are important factors to consider when
segmenting users for VR360's technological products. Users who primarily use
desktop or laptop computers may have different preferences and needs compared
to users who primarily use mobile devices. For example, desktop users may have
larger screens and faster internet speeds, which could impact their viewing

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 experience of VR360's website and content. On the other hand, mobile users
may prioritise convenience and ease of use, as they are likely accessing the
website on-the-go.
Moreover, users' online behaviour can provide insights into their level of
technological comfort and familiarity with online platforms. For example, if a
user is active on multiple social media platforms and frequently shops online,
they may be more receptive to VR360's technological products.
In addition, social media usage is also a crucial factor to consider when
segmenting users. Vietnamese Facebook, Instagram, and TikTok users are active
on various social media platforms, with Facebook being the most popular. Users
now are most active and provide content that aligns with their preferences. For
example, users who are active on TikTok may prefer short, visually engaging
content, while users who are active on Facebook may prefer longer, more
detailed content. By understanding users' social media preferences, VR360 can
tailor their marketing efforts and content to reach their target audience more
effectively.
In light of the aforementioned market segmentation factors, it is possible to identify a
target market for VR360's technological products. The target market for VR360 may
consist of individuals who are interested in experiential travel, cultural exploration, and
outdoor activities. This includes users who are primarily aged between 18 and 35, have
varying levels of technological proficiency, and reside in or are interested in visiting the
three regions of Vietnam. Additionally, users who value sustainability and
eco-friendliness, luxury and comfort, or relaxation and wellness activities may also be a
part of the target market. Moreover, the target market may consist of users who
primarily use mobile devices for browsing and are active on social media platforms
such as Facebook, Instagram, and TikTok. They may be interested in short, visually
engaging content or longer, more detailed content depending on the platform. In order
to effectively reach and engage with the target market, VR360 has tailored its website
to be bilingual in Vietnamese and English and has incorporated advanced features and
functionalities for more technologically proficient users. Additionally, the company has
developed partnerships with local tour operators and hospitality businesses in each
region of Vietnam to provide comprehensive and personalised travel experiences for

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users. It is important to note that the target market for VR360 is not limited to these
specific characteristics and may expand or change based on evolving market trends and
user preferences. Therefore, regular market research and analysis should be conducted
to effectively adapt and tailor the company's offerings to meet the needs of its target
market.
6.2.3.1.2. B2B segmentations.
After having identified the target customer profiles mentioned above, I propose
potential B2B customer segments for the VR360 company, or specifically, identifying
the target customer profiles is the basis (relationship 4) that VR360 can use to filter and
select the most optimal business customer files to serve and assert its position in this
market. From my perspective, there are potential B2B customer files that can be
filtered:
(1) Tourist Attractions
Tourist attractions, such as museums, parks, and historical sites, could greatly
benefit from the implementation of VR360's technology by providing their
visitors with virtual tours. By offering virtual tours, these attractions can cater to
specific demographic segments based on their interests and preferences. For
instance, historical sites may appeal more to older users, while adventure parks
may be more popular among younger users. With VR360's technology, tourist
attractions can enhance the visitor experience by allowing them to explore the
attraction from the comfort of their own homes. This technology can be
especially useful for international visitors who may not have the opportunity to
physically visit the attraction. Additionally, virtual tours can be a more
cost-effective and convenient option for visitors who cannot physically visit the
attraction due to physical limitations or time constraints. By implementing
VR360's technology, tourist attractions can also differentiate themselves from
competitors by offering a unique and innovative way to experience the attraction.
This can help to increase visitor engagement and interest, ultimately leading to
an increase in revenue.
(2) Real Estate
Real estate companies can benefit from the use of VR360's technology by
providing potential buyers with virtual tours of properties. This allows clients to

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 view properties remotely and eliminates the need for physical visits, which can
save both time and money. The technology is particularly useful for high-end
properties where in-person visits may be inconvenient or time-consuming. By
segmenting clients based on their income, preferences, and geographic location,
real estate companies can effectively target their marketing efforts and tailor
their virtual tours to meet the unique needs of each client. High-income clients
who prioritise luxury and comfort may be interested in properties with high-end
finishes and features, while budget-conscious clients may prefer more affordable
options. Additionally, clients located in different regions may have different
preferences and needs, which can be addressed by creating virtual tours that
cater to their specific interests.
(3) Travel Agencies
Travel agencies can benefit from VR360's technology by offering virtual tours of
destinations to their clients. These agencies can use VR360's technology to
showcase popular tourist destinations, hotels, and other attractions to potential
travellers. They can customise their offerings to appeal to different demographic
segments based on their interests and preferences. For example, adventure travel
agencies can target younger users interested in outdoor activities such as hiking
and surfing, while cultural travel agencies can target older users interested in
historical and cultural attractions. Using VR360's technology, travel agencies can
provide an immersive experience that helps potential travellers get a better sense
of what to expect on their trip. This can increase their confidence in making
travel plans and ultimately lead to more bookings. By offering virtual tours,
travel agencies can also differentiate themselves from their competitors and
provide added value to their clients. Furthermore, VR360's technology can help
travel agencies to expand their reach beyond their local area. They can offer
virtual tours to potential clients who are located in other countries or regions,
allowing them to market their services globally. This can help them to grow their
business and reach new clients who may not have considered their services
otherwise.
(4) Hospitality Industry

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 The hospitality industry, encompassing hotels, resorts, and spas, can benefit from
VR360's technology by offering virtual tours of their properties and highlighting
their amenities. With the ability to showcase their offerings through virtual tours,
these businesses can attract potential customers who are looking for
accommodations and services that meet their specific needs and preferences.
This customer base can be further segmented based on their income level, with
high-income users potentially being interested in luxury hotels and resorts with
exclusive features and services, while budget-conscious users may be attracted to
more affordable accommodations. Furthermore, users who prioritise wellness
and spa experiences may be drawn to properties that offer these amenities, and
by leveraging VR360's technology, hospitality businesses can effectively target
this segment of the market. Overall, the use of VR360's technology can enhance
the marketing and promotional efforts of businesses in the hospitality industry
and cater to the diverse preferences and interests of their potential customers.
6.2.3.2. Competitors and Positioning
6.2.3.2.1. Direct competitors that have yet to be noticed
There are just a few competitors that I suggest and there may be other potential
competitors in the market as well. So, VR360 company ought to conduct a thorough
market analysis, which can help to identify all potential competitors and their
offerings.
(a) On Home Asia - This company provides 3D virtual tours and floor plans for
real estate properties in Vietnam. They specialise in creating high-quality,
interactive virtual tours that showcase properties in a realistic and immersive
way. Their target market includes real estate agents, developers, and property
owners who are looking to showcase their properties online.
(b) VR360 PLUS - This company provides 360-degree virtual tours for real estate
properties, hotels, and tourism destinations in Vietnam. They offer a range of
services including virtual staging, drone footage, and photography. Their target
market includes real estate agents, property developers, and tourism companies
who want to showcase their properties and destinations online.
(c) TECHVR 360 - This company provides virtual reality solutions for various
industries, including real estate, tourism, education, and healthcare. They offer

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 VR training, virtual product showcases, and 360-degree virtual tours. Their
target market includes businesses and organisations in Vietnam that want to use
VR technology to enhance their operations or marketing efforts.
(d) DigiTech - This company provides 360-degree virtual tours and multimedia
content for real estate properties, hotels, and tourism destinations in Vietnam.
They specialise in creating immersive experiences that showcase properties and
destinations in a realistic and engaging way. Their target market includes real
estate agents, property developers, and tourism companies who want to attract
customers with high-quality virtual tours and content.
(e) VietFlyCam - This company provides aerial photography and videography
services, as well as 360-degree virtual tours, for various industries including
real estate, tourism, and construction. They use drones and other technology to
capture high-quality footage and create immersive virtual experiences for their
clients. Their target market includes businesses and organisations in Vietnam
who want to showcase their properties or projects in a unique and engaging
way.
(f) VRPlus - This company provides virtual reality solutions for various industries,
including real estate, education, and tourism. They offer VR training, virtual
product showcases, and 360-degree virtual tours. Their target market includes
businesses and organisations in Vietnam that want to use VR technology to
enhance their operations or marketing efforts.
6.2.3.2.2. Positioning
A positioning map is a visual tool used to analyse and compare the relative position of
different brands within a given market. It serves as an effective method to identify
areas for differentiation and to evaluate the strengths and weaknesses of each brand.
For VR360 and its competitors operating in the Vietnamese market, a positioning map
can be developed based on two key dimensions:
● Quality of Virtual Reality Technology: This dimension would consider the
level of interactivity, visual quality, and overall user experience offered by each
brand's virtual tours. Brands that provide higher quality experiences with more
advanced technology would occupy a more favourable position in this
dimension.

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 ● Target Market: This dimension would assess the specific industries and
customer segments that each brand targets with its virtual reality products and
services. Brands that have a more clearly defined target market and a more
targeted approach to marketing and sales would occupy a more favourable
position on this dimension.

Figure 7. Proposed brand positioning map.

When analysing the virtual reality market in Vietnam based on two dimensions -
Quality of Virtual Reality Technology and Target Market, we can identify several
companies and position them accordingly. On Home Asia stands out as a high-quality
provider that caters to a moderate niche market. Vietflycam, on the other hand, offers
moderate-high quality services for a more specific and defined target market. Digitech
provides quite high-quality services for a broader market, while VR360 Plus positions
itself as a moderately high-quality provider for the mass market. TechVR 360 targets a
similar mass market but offers quite high-quality services. Lastly, VRPlus is positioned
as a provider with just above average quality, primarily targeting a very mass market.
By understanding the market positioning of these companies, it becomes easier to
identify potential areas for differentiation and for VR360 to develop its unique selling
proposition. I believe that VR360 can position itself as a provider of relatively
high-quality web360 technology products and serve a niche market of specific

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customers, which are companies in the real estate sector, tourist destinations, travel
agencies, as well as businesses in the hospitality industry.
In summary, I have observed that the current human resources and capabilities,
combined with the competitive advantages and successes that the company possesses,
make tourist destinations and the hospitality industry the most promising and highly
potential market segments for VR360. These segments enable VR360 to establish a
strong market position. Disregarding this market and focusing on excessively broad
industries solely due to bounded rationality within the company's leadership would be
a significant oversight. It could be said that a potential market opportunity would be
overlooked.
6.2.3.3. Marketing Strategy
Based on the analysis conducted, it is evident that the most promising and highly
potential market segment for VR360 lies within tourist destinations and the hospitality
industry. The company's current workforce and capabilities, coupled with its
competitive advantages and achievements, position it favourably in these markets.
Neglecting this market in favour of broader industries would be a significant oversight
driven by bounded rationality within the company's leadership. It would result in
missing out on a substantial market opportunity.
Furthermore, considering Ansoff's growth matrix, a deep market penetration strategy
appears to be the most suitable course of action for VR360 at this stage. By deeply
penetrating the tourist destinations and hospitality industry, the company can capitalise
on its existing strengths and resources. Adopting a deep market penetration strategy
enables VR360 to leverage its current position, tap into the identified market potential,
and seize growth opportunities. This strategic approach minimises the risks associated
with venturing into entirely new markets while maximising the utilisation of existing
resources and capabilities.
Virtual reality has emerged as a popular and innovative technology in recent years,
with various industries leveraging its benefits. In Vietnam, several companies have
ventured into the virtual reality market, including VR360, which has positioned itself
as a provider of web360 technology with relatively high-quality products for a niche
market. To remain competitive and achieve its growth objectives, VR360 needs to
develop a comprehensive marketing strategy that takes into account its strengths and

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weaknesses as well as market trends and customer preferences. This proposal details
various marketing strategies aimed at facilitating VR360's market penetration and
ensuring its sustained success. The strategies outlined in this proposal are specifically
designed to help VR360 establish a stronger foothold in the market by expanding its
customer base and increasing its market share. By implementing these strategies,
VR360 can effectively penetrate the market, reaching more potential customers and
maximizing its growth potential in Vietnam's virtual reality market.
6.2.3.3.1. Product.
Applying growth models that have been researched and established, I propose that
technological ventures in the VR industry, such as VR360 Company in Vietnam, focus
on identifying and maximising the core capabilities that the company possesses. This
involves concentrating on developing one or two core product lines to provide the
company's best competitive advantage over its competitors and to serve the best
interests of a potential customer group, resulting in the highest profitability for the
company. As outlined earlier, I recommend that the company focuses on the B2B
customer group, such as tourist destinations, travel agencies, and real estate
businesses, as their demand for this technology is highly valued. Therefore, the
product strategy below will provide clear and specific steps to help VR360 Company
achieve its USP and penetrate deeper into the market before implementing further
rapid growth strategies thereafter.
The product policy should begin with market research to determine the core features
that customers value most in virtual reality tours. This information should then be used
to improve the quality of the core product and create a strong unique selling
proposition. The product should also be tailored to suit the needs of the target market,
which can be determined by conducting surveys and studying customer behaviour. By
focusing on the needs of the target market, the company can ensure that the product is
attractive and meets the expectations of potential customers. This can be accomplished
by establishing a clear and compelling USP that differentiates the product from its
competitors.
Next, the company should prioritise the development of its core product line. This
involves ensuring that the core product is of the highest quality and meets the needs of
the target market. The company should also develop a product roadmap that outlines

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its future product development plans. This roadmap should include a timeline of when
new features and products will be released, as well as an estimate of the resources
required to achieve these goals.
Finally, the company should establish a product launch plan that includes the
development of marketing materials and the creation of a launch strategy. The launch
strategy should focus on the promotion of the unique selling proposition and target the
B2B customer group. The company should also identify and prioritise potential
distribution channels, such as partnerships with travel agencies or real estate
businesses, to ensure that the product reaches its intended audience.
By implementing these steps, VR360 can create a core product that is tailored to suit
the needs of its target market, with a strong USP that differentiates it from competitors.
This will help to drive growth and revenue for the company.
6.2.3.3.2. Pricing.
VR360 provides intangible products, or services that promote through web360
technology, making it challenging for the company to develop a specific pricing
strategy or use fixed pricing tools. During my internship at the company, I observed
that the company did not have a clearly defined pricing strategy, as it is currently
developing too many products, each with its own customised pricing. However, this
may be a viable pricing strategy as I do not believe that a venture such as VR360 can
rely solely on pricing to gain a competitive advantage. Therefore, in this section, I will
propose suggestions for pricing activities that can be more effective.
Pricing policy is a critical aspect of the marketing mix that must be carefully
considered to achieve the company's growth objectives. To achieve this, VR360 needs
to conduct a comprehensive analysis of competitor prices to determine whether the
current pricing policy is appropriate. Additionally, the company should evaluate its
pricing strategy by offering discounts and promotions to attract new customers and
retain existing ones. To serve different customer segments, a pricing strategy that
offers different levels of service at varying price points can also be considered. This
approach will enable the company to effectively target different customer segments
and provide value at different price levels.
Furthermore, the pricing policy must be flexible and dynamic, capable of responding
to changes in market conditions and customer demands. The pricing strategy should be

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monitored and adjusted when necessary to ensure that the company remains
competitive and profitable in the long term. The company must ensure that its pricing
policy reflects the value that its products and services bring to customers and that the
policy remains consistent with the brand and competitive context. By implementing a
carefully considered pricing policy, VR360 can achieve its growth objectives and
maximise profits in the virtual reality tourism market in Vietnam.
6.2.3.3.3. Place.
The distribution policy involves determining the most effective channels for reaching
the target market. For VR360, the selection of distribution channels is contingent upon
the characteristics of the target market. If the target market consists primarily of real
estate agents, partnerships with real estate agencies can be formed to promote VR360's
services. This can be achieved through a range of promotional activities such as
offering exclusive discounts or co-marketing efforts. Furthermore, attending real estate
conferences and events can be instrumental in increasing brand awareness and
establishing relationships with potential clients.
If the target market is primarily real estate agents, VR360 can form partnerships with
real estate agencies to promote its services. Such partnerships can allow VR360 to
access the existing networks of real estate agencies, which can be particularly effective
in targeting potential customers in the real estate industry. Additionally, partnerships
can help VR360 build trust with its target market and increase brand recognition
among its audience.
On the other hand, if the target market is individual consumers, VR360 can utilise
online platforms such as social media, online marketplaces, and VR-focused websites
to reach potential customers. Social media platforms like Facebook and Instagram can
be used to target potential customers based on demographics and interests. Indeed,
selecting the most effective distribution channels requires a thorough understanding of
the target market and the available distribution channels. By selecting the appropriate
distribution channels for each target segment, VR360 can reach its target audiences
more effectively and efficiently. Additionally, partnerships with relevant industry
players can help build trust and increase brand recognition, while online platforms can
provide a cost-effective means of reaching potential customers. As such, it is
recommended that VR360 carefully considers its target market and available

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distribution channels when developing its distribution policy. By doing so, VR360 can
establish a strong presence in the market and gain a competitive advantage.
6.2.3.3.4. Promotion.
The promotion strategy is a crucial element in the success of any business venture. It is
especially important for a growing venture like VR360, which is aiming to expand its
market share and establish itself as a leader in the virtual reality industry. A
well-designed promotion strategy can help VR360 reach its target market and
differentiate itself from competitors. This section will explore the various components
of a promotion strategy, including advertising, sales promotion, personal selling,
public relations, and direct marketing. The goal is to provide recommendations that
will help VR360 effectively promote its products and services and achieve its growth
objectives.
a) Target audience identification
One of the most critical aspects of developing a successful promotion strategy is to
identify the target audience. For VR360, the target audience includes B2B clients such
as tourist attractions, travel agencies, and real estate companies. The promotion
strategy should be tailored to meet the specific needs and preferences of each audience
segment.
To effectively target the B2B audience, VR360 should consider promoting its services
through a variety of channels. For example, VR360 could partner with travel agencies
to promote virtual tours of popular tourist destinations. This approach would allow
travel agencies to offer their clients an immersive experience of the destination they
plan to visit, thereby enhancing the customer experience.
Similarly, VR360 could partner with real estate companies to promote virtual property
tours. This approach would allow real estate companies to showcase their properties to
potential buyers without the need for physical visits. Additionally, VR360 could use
social media platforms such as LinkedIn to promote its services directly to the B2B
audience.
In addition to B2B clients, VR360 should also target individual consumers who are
interested in immersive virtual experiences. Social media platforms such as Facebook
and Instagram can be utilised to reach potential customers. VR360 can create visually
appealing and informative content to showcase the capabilities of its services.

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Additionally, online marketplaces such as Airbnb and TripAdvisor can be used to
promote virtual tours of popular tourist destinations.
b) Branding
Developing a strong brand identity is a critical aspect of any venture's success, and
VR360 is no exception. To establish a strong presence in the market, the company
needs to develop a brand identity that resonates with the target audience and
communicates the unique value proposition of its services. This requires careful
planning and execution of a branding strategy that encompasses the development of a
brand logo, tagline, and a brand voice that reflects the company's personality.
Regrettably, VR360 has adopted a practice of designing excessive logos, with each
product having a distinct logo and associated content. While it is not uncommon for
companies to have separate logos for different products or services, especially if those
products or services have distinct brand identities, it is crucial to maintain a consistent
brand voice and messaging across all offerings to ensure a unified brand image.
In the case of VR360, developing a strong brand identity with a clear and consistent
brand voice and messaging can help to differentiate the company from its competitors
and communicate the unique value proposition of its services. While the company may
already have a logo, developing a brand slogan can further reinforce its messaging and
create a memorable tagline that resonates with its target audience. To develop a strong
brand identity, the marketing department of VR360 can use various tools and steps I
mentioned.
(1) Conducting a brand audit
A brand audit is a crucial process in identifying the current status of a company's brand
and how it is perceived by its target audience. In the case of VR360, conducting a
brand audit can help the company to identify areas of improvement and inconsistencies
in their current branding and messaging. This process can also help the company to
define its brand personality and positioning, which is essential for creating a strong
and cohesive brand identity.
To conduct a brand audit, VR360's marketing department can begin by reviewing their
existing marketing materials, such as their website, social media accounts, and
advertising campaigns. They can evaluate the consistency of their messaging, tone,

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and visuals across all channels and identify any gaps or inconsistencies that may need
to be addressed.
Another tool that can be utilised in the brand audit process is conducting surveys or
focus groups with their target audience to gather feedback on their brand perception.
This can help the company to identify any areas where their brand messaging may be
falling short or not resonating with their audience.
Once the brand audit is completed, VR360's marketing department can use the insights
gained to develop a comprehensive branding strategy that addresses any areas for
improvement and ensures a cohesive brand image across all channels. This strategy
can include a brand style guide that outlines the company's brand guidelines, as well as
a step-by-step campaign that includes tactics such as social media advertising,
influencer partnerships, and email marketing.
(2) Developing a brand style guide
In order to develop a strong and consistent brand image, it is essential for VR360 to
create a brand style guide. This document will serve as a comprehensive resource for
the company's marketing team, outlining guidelines for the brand voice, messaging,
tone, colours, typography, and imagery.
A brand style guide is particularly important for VR360 given the variety of products
and services offered by the company, each with their own unique visual identity. By
creating a clear and consistent set of guidelines, VR360 can ensure that all marketing
materials accurately reflect the company's overall brand and messaging. This will help
to build trust with customers and reinforce the company's position as a leader in the
VR industry.
To create a brand style guide for VR360, the marketing team should start by
conducting a thorough analysis of the company's existing branding and marketing
materials. This will involve reviewing existing logos, colours, fonts, and messaging,
and identifying areas where inconsistencies or gaps exist.
From there, the team can work to develop a set of guidelines that reflect the company's
core values, mission, and brand personality. This may include defining the company's
brand voice, selecting a consistent colour palette, establishing guidelines for
typography and imagery, and outlining messaging guidelines for different target
audiences.

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In addition to creating the brand style guide, the marketing team should also develop a
set of tools and templates to help ensure consistency across all marketing channels.
This may include templates for social media posts, email campaigns, and website
design, as well as guidelines for content creation and distribution.
By following these steps and utilising the resources provided in the brand style guide,
VR360 can establish a strong and consistent brand image that will resonate with
customers and drive business growth.
(3) Creating a brand messaging strategy
In order to effectively communicate its value proposition to its target audience, VR360
should develop a comprehensive brand messaging strategy. This involves creating a
messaging hierarchy that highlights the company's unique selling points and key
messages. By tailoring the messaging to each target audience, the company can
effectively address their specific needs and preferences.
The VR360 brand messaging strategy should focus on communicating the company's
ability to provide an immersive and interactive virtual reality experience for its clients.
This can be achieved by emphasising the company's use of cutting-edge technology,
high-quality visuals and audio, and user-friendly design. Additionally, the messaging
should convey the benefits of VR360's services, such as the ability to showcase
properties in a more engaging and memorable way, increase customer engagement,
and ultimately drive sales.
To develop a brand messaging strategy, VR360 should conduct market research and
gather insights about its target audience and competitors. The company can then use
this information to create a messaging hierarchy that resonates with its target audience
and effectively differentiates itself from competitors. Additionally, the company
should ensure that its messaging is consistent across all marketing channels and
materials, including website copy, social media posts, and advertising campaigns.
To implement the brand messaging strategy, VR360 can utilise various marketing tools
and tactics, such as creating targeted social media ads, hosting virtual events, and
partnering with industry influencers. The company can also measure the effectiveness
of its messaging through metrics such as website traffic, social media engagement, and
sales. By continuously refining and improving its messaging strategy, VR360 can

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establish a strong brand identity and position itself as a leader in the virtual reality
industry.
c) Developing a content marketing plan
Content marketing can be an effective way for VR360 to promote their services and
establish themselves as a thought leader in the industry. By creating valuable and
informative content such as blog posts, whitepapers, and case studies, the company
can educate their target audience about their services and position themselves as
experts in the field of VR tours and virtual experiences.
One of the benefits of content marketing is that it can help improve SEO (Search
Engine Optimization) for the company's website. By creating high-quality content that
is optimised for search engines, VR360 can increase their website's visibility and
attract more organic traffic. This can also help to increase brand awareness and drive
more potential customers to the company's website. To develop a content marketing
plan, VR360 should first identify the topics and themes that are most relevant to their
target audience. For example, real estate agents may be interested in content related to
virtual tours of properties and how VR technology can help them sell properties more
effectively. Travel agencies and tourist attractions may be interested in content related
to creating virtual travel experiences and how VR technology can enhance the travel
experience.
Once VR360 has identified their content themes, they should develop a content
calendar that outlines the topics and the timing of each piece of content. This can
include blog posts, social media content, videos, and other forms of content that
resonate with the target audience. In addition, VR360 should consider partnering with
influencers in the VR and real estate industries to help promote their content and
increase their reach. By collaborating with industry experts, VR360 can establish
themselves as a credible source of information and build trust with their audience.
Tools that VR360's marketing department can use to create a successful content
marketing plan include content management systems (CMS), social media
management tools, analytics tools, and influencer marketing platforms. For VR360,
implementing an SEO strategy can be beneficial in increasing their online presence
and attracting potential customers. This can be achieved by conducting keyword
research to identify relevant search terms for their industry and incorporating those

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keywords into their website's content and meta tags. Additionally, optimising website
speed, ensuring mobile-friendliness, and implementing a strong internal linking
structure can also improve SEO performance. By using these tools and following a
step-by-step campaign, VR360 can create a strong content marketing plan that helps
them achieve their marketing goals and establish themselves as a leader in the VR
industry.
d) Email marketing
Email marketing can be a highly effective way for VR360 to stay top of mind with
potential customers and keep them engaged with their services. By building a database
of email addresses, the company can send out regular newsletters, promotional offers,
and updates on new services or products. The key is to provide valuable content that is
relevant and interesting to the target audience.
One way to approach email marketing is to segment the email list based on the
interests and behaviours of subscribers. For example, VR360 can create different email
campaigns for real estate agents, travel agencies, and tourists. This way, the company
can tailor the messaging to each group and increase the likelihood of engagement.
Another important aspect of email marketing is to ensure that emails are
mobile-friendly and visually appealing. VR360 can use email marketing tools such as
Mailchimp, Constant Contact, or Campaign Monitor to design and send
professional-looking emails with ease. These tools also provide analytics to track the
effectiveness of email campaigns and make adjustments as needed.
e) Influencer marketing
In today's digital age, influencer marketing has become an increasingly popular
strategy for businesses to reach their target audience and build brand credibility. For
VR360, collaborating with social media influencers who have a large following in the
real estate and travel industries can be an effective way to promote their services and
increase their brand awareness.
By partnering with influencers, VR360 can tap into their established audience base and
leverage their credibility and influence to promote their services. These influencers can
create engaging content that showcases VR360's services, including virtual tours of
properties, which can be shared on their social media channels. This can help to

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generate buzz and interest in VR360's services and increase their visibility among
potential customers.
Furthermore, influencer marketing can also help to build trust and credibility for
VR360's brand. Influencers are seen as trusted sources of information by their
followers, and their endorsement of VR360's services can go a long way in building
credibility for the brand.
To successfully implement an influencer marketing campaign, VR360 should first
identify relevant influencers in the real estate and travel industries. The company can
then reach out to them and establish a partnership that aligns with their marketing
goals. VR360 can offer these influencers free access to their services in exchange for
promoting their services on their social media channels.
It's also important for VR360 to set clear guidelines and expectations for the
influencers, such as the type of content to be created and the message that they should
communicate to their audience. By doing so, VR360 can ensure that its messaging is
consistent across all influencer partnerships and that they are getting the most out of its
marketing investment.
f) Event marketing
Event marketing can be a valuable tool for VR360 to increase brand awareness and
generate new leads. By participating in industry events and exhibitions, the company
can showcase their services and connect with potential customers. Trade shows,
property exhibitions, and real estate conferences are all suitable events for VR360 to
attend and demonstrate their expertise in the field.
To maximise the effectiveness of event marketing, VR360 should ensure that they
have a visually appealing and engaging booth or exhibit that showcases their services
and unique value proposition. They can also prepare informative materials, such as
brochures, flyers, and business cards, to distribute to attendees. It's also essential to
have knowledgeable staff on hand to answer questions and engage with potential
customers.
Additionally, VR360 can use event marketing to establish partnerships and
collaborations with other companies in the real estate industry. By networking with
other professionals and businesses, VR360 can expand their reach and build mutually
beneficial relationships.

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To track the success of event marketing efforts, VR360 should set specific goals and
key performance indicators (KPIs), such as the number of leads generated or the
amount of new business acquired. By evaluating the ROI of event marketing, VR360
can determine whether it's a worthwhile investment and make adjustments to its
strategy as needed.
g) Referral marketing
Referral marketing is an effective way to attract new customers and increase brand
awareness through the power of word-of-mouth. In the case of VR360, the company
can develop a referral program that incentivizes existing customers to refer their
friends, family, and colleagues to use VR360's services. This program can be in the
form of discounts, free services, or other incentives.
By implementing a referral marketing program, VR360 can tap into its existing
customer base and turn them into brand advocates who promote the company to their
networks. This can lead to increased trust and credibility for the brand, as potential
customers are more likely to trust recommendations from people they know and trust.
To launch a referral marketing campaign, VR360's marketing department can start by
identifying the most loyal and satisfied customers and reaching out to them to see if
they would be willing to participate in the program. They can then create a referral
code or link that customers can share with their networks, along with clear instructions
on how to redeem the incentive.
In addition, VR360 can also promote the referral program on its website, social media
channels, and email newsletters to encourage more customers to participate. By
continuously monitoring and optimising the program, VR360 can ensure that it
remains effective in generating new business while keeping existing customers happy
and engaged.
Overall, the promotion strategy for VR360 should focus on building a strong brand
identity, creating valuable content, leveraging influencers, attending industry events,
leveraging email marketing, and developing a referral program. By implementing
these tactics, VR360 can establish itself as a leading player in the real estate industry
and drive growth for the venture.

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Chapter 7. Conclusion.
In conclusion, the findings highlight significant challenges faced by VR360 in its
business growth, with bounded rationality and neglected market opportunities playing
crucial roles. The presence of bounded rationality has led to decision-making that
deviates from long-term goals and hampers the company's ability to capitalise on
potential growth avenues. The neglected market opportunities, particularly within the
real estate sector, tourist destinations, travel agencies, and the hospitality industry,
have further impeded VR360's progress. The failure to acknowledge and address these
competitors has limited the company's market reach and hindered its potential for
expansion.
To overcome these challenges, we have recommended a process to address bounded
rationality to identify the neglected market opportunities and proposed a growth
strategy that can help VR360 establish a strong brand identity. Indeed, our solution
proposal for VR360 addresses the challenges posed by bounded rationality and
identifies a neglected market opportunity in the tourism sector. We have discovered
this opportunity that businesses may have overlooked due to their limited
decision-making capabilities. To support the implementation of the growth strategy,
the proposed promotional mix to build the brand includes a diverse use of tactics such
as creating valuable content, leveraging influencers, attending industry events,
leveraging email marketing, and developing a referral program. These tactics are
designed to address the company's bounded rationality by providing clear guidance on
where to invest its resources for maximum impact and by establishing a feedback loop
that allows for ongoing evaluation and adjustment.
Overall, by implementing these strategies, VR360 can overcome its bounded
rationality and drive growth as a business, while also establishing itself as a thought
leader in the tourism industry. While there are no guarantees in business, we believe
that by taking these steps, VR360 can position itself for success in the competitive real
estate market.

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 ‌APPENDICES
Appendix A. Source of Archival Data.

Website https://vr360.com.vn/

Fanpage https://www.facebook.com/vr360vnvirtualtour

Pitch Detch 2023 https://drive.google.com/file/d/1v-jp4_mdplnxXkBEvbbGBw

of VR360 wTrlvQUTQc/view?usp=sharing

VR360 Company https://drive.google.com/file/d/1G-yUSATNNMOYn-PFdU6-t

Profile 7XRh2Wr0f24/view?usp=sharing

Business Plan https://drive.google.com/file/d/1njQFX-rS5vRBMvWzh-T2Us

qutxOa_qAE/view?usp=sharing

Profile Bizverse https://docs.google.com/document/d/1Rt49FSs_nW7sueZBEw

pNsUi_QqdQeIrKFcA1l0ZoaJU/edit

Metaverse Space https://docs.google.com/document/d/1I-w0fhqPnjXHgo7D1gQ

Document GYmKeMc-j-9C1Wf3nx9RldUk/edit

Brand Identity https://drive.google.com/drive/u/0/folders/1T2hg_t8AyN5s9B

DJTnZ-s4n9Ndh_ZHCz?fbclid=IwAR0F_9X3Ei9vR4_mNIhu
JHmI2TEnPfLZluLOSaLGWioIVKB7WANZwc3TBIk

Successful https://drive.google.com/file/d/1G-yUSATNNMOYn-PFdU6-t
Projects of VR360 7XRh2Wr0f24/view?usp=sharing
Company

Proofs https://drive.google.com/drive/folders/1GOflOhwHJJwXJcY5
5lKqh2ohGmooQ-dl?usp=sharing

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‌Appendix B. Interview Questions for Co-founder Mr Trinh Cong Quang.

Thông tin cá nhân

- Anh vui lòng giới thiệu một chút về bản thân.
- Anh thành lập công ty vào thời gian nào? Động lực nào giúp anh triển khai ý
tưởng hay anh có nhận được sự hỗ trợ từ ai để có thể thành lập công ty hay
không?
- Để được vị trí như hiện tại thì anh đã tích lũy được những kiến thức và kĩ
năng chuyên môn nào?
Câu hỏi phỏng vấn sâu
- Về tên của công ty, anh vui lòng cho biết lý do anh đặt tên của công ty theo
như mã số thuế là Công ty Cổ phần Chuyển đổi số và lấy tên viết tắt là
VR360?
- Tầm nhìn và sứ mệnh của công ty là gì?
- Các giá trị cốt lõi mà công ty muốn truyền tải đến khách hàng là gì? Và thực
tế theo anh công ty đã truyền tải được hay chưa?
- Mục tiêu kinh doanh chính của công ty trong thời gian tới là gì?
- Về mô hình kinh doanh, anh vui lòng cho biết VR360 đang hoạt động theo
mô hình kinh doanh nào?
- Khách hàng mục tiêu hiện tại của công ty là phân khúc nào? Công ty có thực
hiện phân đoạn thị trường không? Một vài đối tác có thể kể đến của công ty là
ai?
- Về Bizverse, anh vui lòng giải thích rõ mối quan hệ giữa VR360 và Bizverse
cụ thể là như thế nào?
- Các sản phẩm hiện tại của công ty đều thuộc hệ thống Bizverse, hay Bizverse
là một giải pháp của công ty, anh vui lòng nói rõ?
- Theo anh đối thủ cạnh tranh hiện tại của công ty là ai? Vì sao anh lại lựa chọn
họ làm đối thủ cạnh tranh?
- Vậy các nguồn lực và năng lực hiện có của công ty là gì? Anh cho rằng công
ty có điểm gì mạnh mà các đối thủ cạnh tranh khó lòng bắt chước được?
- Doanh thu trung bình hàng tháng của công ty như thế nào? Anh có cảm thấy

113
 ổn với dòng tiền vào hiện tại hay không?
- Anh cảm thấy rằng công ty hiện đang gặp khó khăn gì?
- Anh có thường gặp vấn đề với các thành viên khác của ban quản trị hay
không?
- Anh có tham gia vào hoạt động marketing hay phát triển công nghệ thông tin
tại công ty hay không?
- Về xử lý các mâu thuẫn xảy ra trong công ty, anh hay ai sẽ là người đứng ra
giải quyết chính?
- Anh nhận định như thế nào về phong cách lãnh đạo của mình?
- Nếu có thể sửa đổi thì anh có muốn thay đổi gì về công ty của mình tại thời
điểm hiện tại hay không?
- Anh có nghĩ rằng bản thân công ty đang khá chủ quan khi không thực hiện
bất kì nghiên cứu marketing nào hay không?
- Việc liên tục đưa ra các thông tin sản phẩm mới dù chưa được hoàn thiện, và
mỗi sản phẩm một logo theo tôi là chưa tạo được sự đồng nhất trong các
truyền thải thông điệp. Anh đã từng nghĩ đến vấn đề này chưa?

Appendix C. Interview Questions for CCO Mr Dinh Hong An.

Thông tin cá nhân

- Anh vui lòng giới thiệu một chút về bản thân.
- Anh bắt đầu làm việc tại công ty vào thời gian nào? Tính đến nay anh đã gắn
bó với công ty được bao nhiêu lâu và các vị trí trước đây anh từng làm tại
công ty là gì?
- Để được vị trí như hiện tại thì anh đã tích lũy được những kiến thức và kĩ
năng chuyên môn nào?
Current situation
- Mục tiêu kinh doanh chính của công ty trong thời gian tới là gì?
- Về mô hình kinh doanh, anh vui lòng cho biết VR360 đang hoạt động theo
mô hình kinh doanh nào?
- Khách hàng mục tiêu hiện tại của công ty là phân khúc nào? Công ty có thực
hiện phân đoạn thị trường không? Một vài đối tác có thể kể đến của công ty là

114
 ai?
- Về Bizverse, anh vui lòng giải thích rõ mối quan hệ giữa VR360 và Bizverse
cụ thể là như thế nào?
- Các sản phẩm hiện tại của công ty đều thuộc hệ thống Bizverse, hay Bizverse
là một giải pháp của công ty, anh vui lòng nói rõ?
- Theo anh đối thủ cạnh tranh hiện tại của công ty là ai? Vì sao anh lại lựa chọn
họ làm đối thủ cạnh tranh?
- Vậy các nguồn lực và năng lực hiện có của công ty là gì? Anh cho rằng công
ty có điểm gì mạnh mà các đối thủ cạnh tranh khó lòng bắt chước được?
- Doanh thu trung bình hàng tháng của công ty như thế nào? Anh có cảm thấy
ổn với dòng tiền vào hiện tại hay không?
- Anh cảm thấy rằng công ty hiện đang gặp khó khăn gì?
- Anh có thường gặp vấn đề với các thành viên khác của ban quản trị hay
không?
- Anh có tham gia vào hoạt động marketing hay phát triển công nghệ thông tin
tại công ty hay không?
- Về xử lý các mâu thuẫn xảy ra trong công ty, anh hay ai sẽ là người đứng ra
giải quyết chính?
- Anh nhận định như thế nào về phong cách lãnh đạo của mình?
- Nếu có thể sửa đổi thì anh có muốn thay đổi gì về công ty của mình tại thời
điểm hiện tại hay không?
- Anh có nghĩ rằng bản thân công ty đang khá chủ quan khi không thực hiện
bất kì nghiên cứu marketing nào hay không?
- Việc liên tục đưa ra các thông tin sản phẩm mới dù chưa được hoàn thiện, và
mỗi sản phẩm một logo theo tôi là chưa tạo được sự đồng nhất trong các
truyền thải thông điệp. Anh đã từng nghĩ đến vấn đề này chưa?
- Ai thực hiện nhiệm vụ hoạch định Marketing (lên kế hoạch Marketing chiến
lược và tác nghiệp)? (nhà quản trị cấp cao (giám đốc) hay nhà quản trị cấp
trung (marketing manager)
- Bên cạnh phòng Marketing, công ty còn các phòng ban khác nào? Các phòng
ban này có phối hợp trong việc hoạch định Marketing hay không? Việc phối

115
 hợp diễn ra như thế nào? Việc phối hợp này có ảnh hưởng nhiều đến quyết
định cuối của nhà quản trị marketing không?
- Quá trình hoạch định Marketing diễn ra ở cấp nào (chiến lược hay tác
nghiệp)? Tính linh hoạt của quá trình này (có dễ để thay đổi khi có sự phát
triển hay phát sinh hay không?)
- Những nội dung nào được đưa ra trong quá trình hoạch định marketing tại
đơn vị? Cần chuẩn bị những hoạt động nào trong phòng ban Marketing?
Nhiệm vụ được phân chia cụ thể cho các thành viên như thế nào?
- Với mục tiêu marketing như anh/chị đã đề cập trước đó, công ty đã lựa chọn
những phân khúc thị trường nào? Các tiêu thức phân đoạn nào được lựa chọn,
chẳng hạn như về nhân khẩu học, tâm lý, địa lý hay hành vi?
- Ai sẽ là người thực hiện việc phân đoạn này, chỉ 1 nhà quản trị hay có sự phối
hợp với những nhà quản trị khác? (Nếu nhiều người) Việc brainstorming có
diễn ra hay không? Ai sẽ là người chủ trì và đưa ra quyết định cuối cùng cho
việc này?
- Từ các đoạn thị trường trên thì, công ty có lựa chọn thị trường mục tiêu
không?
- Ai là người đưa ra quyết định về thị trường mục tiêu đó? Anh có tham khảo
hoặc hỏi qua ý kiến của các thành viên khác không?
- Công ty đã lựa chọn thị trường mục tiêu nào? Anh/Chị đánh giá về thị trường
mục tiêu đã được công ty lựa chọn như thế nào?
- Với phân khúc khách hàng mục tiêu mà công ty đang nhắm đến thì công ty có
thực hiện định vị không?
- Doanh nghiệp sử dụng những công cụ nào để khắc hoạ hình ảnh của sản
phẩm, nhãn hiệu trong tâm trí khách hàng? Bằng đặc tính sản phẩm hay biểu
tượng?
- Công ty có thực hiện việc hoạch định phối thức Marketing 4P không?
- Ai là người chịu trách nhiệm việc hoạch định phối thức Marketing?
- Việc hoạch định phối thức được thực hiện ở thời điểm nào?
- Chiến lược về Product của VR360 hiện tại là gì (về nhãn hiệu, về danh mục
sản phẩm, về các dòng sản phẩm hiện tại)?

116
- Những yếu tố nào về sản phẩm/ dịch vụ mà Jobkey có thể mang lại cho khách
hàng và tạo được sự khác biệt hoá so với đối thủ cạnh tranh khác?
- Chiến lược Giá của VR360 là gì? VR360 sử dụng phương pháp định giá nào
(định giá cao/ thấp, hớt váng/ thâm nhập hay cạnh tranh ngang giá)? Có thực
hiện các phương pháp tuỳ chỉnh giá nào hay không (định giá phân biệt giữa
các đoạn thị trường, định giá theo gói, chiết khấu,...)
- Về truyền thông cổ động, mục tiêu truyền thông của VR4360 là gì và công ty
đã thực hiện các hoạt động truyền thông nào? Các công cụ nào đã được sử
dụng và kết quả nhận được là gì? Hiện tại VR360 đang sử dụng chiến lược
kéo hay chiến lược đẩy hay kết hợp cả hai?
- Các chiến dịch Marketing được công ty thực hiện thì có hoạch định ngân sách
không? Việc dự toán chi phí marketing được xác định dựa trên phương pháp
nào (cân xứng với đối thủ, theo một tỷ lệ nhất định từ trước, theo phần trăm
doanh thu hay theo kỳ vọng của doanh nghiệp?
- Ai chịu trách nhiệm việc hoạch định ngân sách cho mỗi chiến dịch
Marketing? Anh đánh giá lại ngân sách marketing của công ty như thế nào?
- Có vấn đề nào về ngân sách mà công ty đang gặp phải hay không? Việc thiếu
hụt hoặc dư thừa ngân sách marketing được công ty xử lý như thế nào?

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Appendix D. Interview Questions for Managers

Thông tin cá nhân

- Anh/Chi vui lòng giới thiệu một chút về bản thân.
- Anh bắt đầu làm việc tại công ty vào thời gian nào? Tính đến nay anh đã gắn
bó với công ty được bao nhiêu lâu và các vị trí trước đây anh từng làm tại
công ty là gì?
- Để được vị trí như hiện tại thì anh đã tích lũy được những kiến thức và kĩ
năng chuyên môn nào?
Câu hỏi phỏng vấn sâu
- Ai thực hiện nhiệm vụ hoạch định Marketing (lên kế hoạch Marketing chiến
lược và tác nghiệp)? (nhà quản trị cấp cao (giám đốc) hay nhà quản trị cấp
trung (marketing manager)
- Bên cạnh phòng Marketing, công ty còn các phòng ban khác nào? Các phòng
ban này có phối hợp trong việc hoạch định Marketing hay không? Việc phối
hợp diễn ra như thế nào? Việc phối hợp này có ảnh hưởng nhiều đến quyết
định cuối của nhà quản trị marketing không?
- Quá trình hoạch định Marketing diễn ra ở cấp nào (chiến lược hay tác
nghiệp)? Tính linh hoạt của quá trình này (có dễ để thay đổi khi có sự phát
triển hay phát sinh hay không?)
- Những nội dung nào được đưa ra trong quá trình hoạch định marketing tại
đơn vị? Cần chuẩn bị những hoạt động nào trong phòng ban Marketing?
Nhiệm vụ được phân chia cụ thể cho các thành viên như thế nào?
- Với mục tiêu marketing như anh/chị đã đề cập trước đó, công ty đã lựa chọn
những phân khúc thị trường nào? Các tiêu thức phân đoạn nào được lựa chọn,
chẳng hạn như về nhân khẩu học, tâm lý, địa lý hay hành vi?
- Ai sẽ là người thực hiện việc phân đoạn này, chỉ 1 nhà quản trị hay có sự phối
hợp với những nhà quản trị khác? (Nếu nhiều người) Việc brainstorming có
diễn ra hay không? Ai sẽ là người chủ trì và đưa ra quyết định cuối cùng cho
việc này?
- Từ các đoạn thị trường trên thì, công ty có lựa chọn thị trường mục tiêu

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 không?
- Ai là người đưa ra quyết định về thị trường mục tiêu đó? Anh có tham khảo
hoặc hỏi qua ý kiến của các thành viên khác không?
- Công ty đã lựa chọn thị trường mục tiêu nào? Anh/Chị đánh giá về thị trường
mục tiêu đã được công ty lựa chọn như thế nào?
- Với phân khúc khách hàng mục tiêu mà công ty đang nhắm đến thì công ty có
thực hiện định vị không?
- Doanh nghiệp sử dụng những công cụ nào để khắc hoạ hình ảnh của sản
phẩm, nhãn hiệu trong tâm trí khách hàng? Bằng đặc tính sản phẩm hay biểu
tượng?
- Công ty có thực hiện việc hoạch định phối thức Marketing 4P không?
- Ai là người chịu trách nhiệm việc hoạch định phối thức Marketing?
- Việc hoạch định phối thức được thực hiện ở thời điểm nào?
- Chiến lược về Product của VR360 hiện tại là gì (về nhãn hiệu, về danh mục
sản phẩm, về các dòng sản phẩm hiện tại)?
- Những yếu tố nào về sản phẩm/ dịch vụ mà Jobkey có thể mang lại cho khách
hàng và tạo được sự khác biệt hoá so với đối thủ cạnh tranh khác?
- Chiến lược Giá của VR360 là gì? VR360 sử dụng phương pháp định giá nào
(định giá cao/ thấp, hớt váng/ thâm nhập hay cạnh tranh ngang giá)? Có thực
hiện các phương pháp tuỳ chỉnh giá nào hay không (định giá phân biệt giữa
các đoạn thị trường, định giá theo gói, chiết khấu,...)
- Về truyền thông cổ động, mục tiêu truyền thông của VR4360 là gì và công ty
đã thực hiện các hoạt động truyền thông nào? Các công cụ nào đã được sử
dụng và kết quả nhận được là gì? Hiện tại VR360 đang sử dụng chiến lược
kéo hay chiến lược đẩy hay kết hợp cả hai?
- Các chiến dịch Marketing được công ty thực hiện thì có hoạch định ngân sách
không? Việc dự toán chi phí marketing được xác định dựa trên phương pháp
nào (cân xứng với đối thủ, theo một tỷ lệ nhất định từ trước, theo phần trăm
doanh thu hay theo kỳ vọng của doanh nghiệp?
- Ai chịu trách nhiệm việc hoạch định ngân sách cho mỗi chiến dịch
Marketing? Anh đánh giá lại ngân sách marketing của công ty như thế nào?

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- Có vấn đề nào về ngân sách mà công ty đang gặp phải hay không? Việc thiếu
hụt hoặc dư thừa ngân sách marketing được công ty xử lý như thế nào?

120
Appendix E. Interview Questions for Marketing Staff.

Thông tin cá nhân

- Anh vui lòng giới thiệu một chút về bản thân.
- Anh bắt đầu làm việc tại công ty vào thời gian nào? Tính đến nay anh đã gắn
bó với công ty được bao nhiêu lâu và các vị trí trước đây anh từng làm tại
công ty là gì?
- Để được vị trí như hiện tại thì anh đã tích lũy được những kiến thức và kĩ
năng chuyên môn nào?
Câu hỏi phỏng vấn sâu
- Công ty có đưa ra các quyết định về sản phẩm, giá, hoạt động phân phối và
truyền thông cổ động không? Ai là người chịu trách nhiệm việc cho việc đó
và thực hiện ở thời điểm nào?
- Anh/Chị có tham gia đóng góp ý kiến trong những cuộc họp về vấn đề về sản
phẩm, giá, hoạt động phân phối và truyền thông cổ động hay không?
- Anh/chị có nắm rõ về các quyết định về sản phẩm, giá, hoạt động phân phối
và truyền thông cổ động hay không?
- VR360 hiện tại có bao nhiêu dòng sản phẩm?
- Các dòng này có được đặt tên gọi khác nhau không?
- Công ty có bổ sung thêm, loại bỏ bớt các sản phẩm không hiệu quả hay thay
đổi dòng sản phẩm nào hay chưa? Anh/Chị có tham gia vào hoạt động điều
chỉnh nào về sản phẩm không?
- Những yếu tố nào về sản phẩm/ dịch vụ mà anh/chị nhận thấy công ty mình
khác biệt hơn so với đối thủ cạnh tranh?
- Giá của VR360 hiện tại theo anh là cao hay thấp hay ngang giá so với các đối
thủ cạnh tranh?
- Giá có khác nhau cho từng nhóm khách hàng không?
- Anh/chị có được phổ biến để nắm rõ bảng giá dịch vụ mà công ty đang áp
dụng hay không?
- Ai sẽ là người trực tiếp trao đổi về các phần chi phí với khách hàng?
- Về truyền thông cổ động, mục tiêu truyền thông của công ty có được phân bổ

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 thành các nhiệm vụ nhỏ cho nhân viên hay không, anh/chị có thể cho em một
vài ví dụ để làm rõ? Các công cụ marketing nào đã được sử dụng và công cụ
nào anh/chị cảm thấy đang được dùng hiệu quả nhất?
- Anh/ chị có gặp khó khăn trong quá trình làm việc ở đây không? Các tình
huống vi phạm như thế deadline, đi làm trễ hoặc không đủ KPI thì quản lý đã
có những hình thức xử lý như thế nào?
- Anh/Chị đánh giá như thế nào về cách xử lý đó? Có điều gì anh/chị mong
muốn được cấp trên lắng nghe?
- Trong quá trình thực thi kế hoạch marketing, những vấn đề về tài chính nào
mà anh/chị đã từng trải qua? Và cách giải quyết của anh chị là gì?

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NHẬN XÉT VÀ ĐÁNH GIÁ CỦA ĐƠN VỊ THỰC TẬP

Đà Nẵng, ngày …… tháng …… năm 2023.

XÁC NHẬN CỦA ĐƠN VỊ THỰC TẬP

(Ký và đóng dấu)

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NHẬN XÉT VÀ ĐÁNH GIÁ CỦA GIÁO VIÊN HƯỚNG DẪN

Đà Nẵng, ngày …… tháng …… năm 2023.

XÁC NHẬN CỦA GIÁO VIÊN HƯỚNG DẪN

(Ký tên))

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