Analog No 5- -Curnon-Intergrated - Marketing -plan PDF

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HO CHI MINH NATIONAL UNIVERSITY UNIVERSITY OF ECONOMICS AND LAW

ASSIGNMENT CURNON INTERGRATED MARKETING COMMUNICATION PLAN

Course : Intergrated Marketing Communication Lecturer : Ms. Nguyen Hong Uyen Group implementation : AnalogNo5 Tran Hoang Phuong Khanh Duong Thao Nguyen Tran Thi Nhu Nguyen Le Thanh Trieu Nguyen Si Tuan

Ho Chi Minh city, November, 8th, 2020

K184101266 K184101278 K184101283 K184101305 K184101308

CONTENTS CHAPTER I. OVERVIEW ABOUT CURNON WATCH ............................................................................1 1. History ................................................................................................................................................................................. 1 2. Mission ................................................................................................................................................................................ 1 3. Vision ................................................................................................................................................................................... 1 4. Core value........................................................................................................................................................................... 1 5. Product................................................................................................................................................................................. 1 CHAPTER II. REVIEW OF MARKETING PLAN .......................................................................................2 1. Review of Marketing Plan............................................................................................................................................. 2 2. Analysis of promotional program situation and the communication process ............................................... 2 2.1. Advertising................................................................................................................................................................. 2 2.2. Digital Marketing..................................................................................................................................................... 2 2.3. Sales Promotion........................................................................................................................................................ 2 2.4. Sponsorship ............................................................................................................................................................... 3 2.5. Public Relations (PR) ............................................................................................................................................. 3 CHAPTER III: CURNON MARKET SITUATION .......................................................................................4 1. Industry Overview and Curnon market share ........................................................................................................ 4 2. SWOT analysis ................................................................................................................................................................. 4 3. Target customers .............................................................................................................................................................. 5 4. Competitors ........................................................................................................................................................................ 5 CHAPTER IV: BUDGET DETERMINATION..............................................................................................6 1. Factors when establishing budget: .............................................................................................................................. 6 1.1. Ad objective............................................................................................................................................................... 6 1.2. Competitor's advertising ........................................................................................................................................ 6 1.3. Fund available........................................................................................................................................................... 6 2. Methods of determining the budget............................................................................................................................ 7 CHAPTER V: INTEGRATED MARKETING COMMUNICATIONS STRATEGIES .......................7 1. The positioning strategy of the Curnon watch brand ............................................................................................ 7 1.1. Unique points ............................................................................................................................................................ 7 1.2. Reason to believe ..................................................................................................................................................... 7 2. Integrated Marketing Communication Plan ............................................................................................................. 8 2.1. Objectives of the plan ............................................................................................................................................. 8 2.2. Idea ............................................................................................................................................................................... 8 2.3. Integrated marketing communication tools ..................................................................................................... 9

CHAPTER VI: MONITOR, EVALUATE, AND CONTROL IMC PROGRAM ................................ 10 APPENDIX 1.......................................................................................................................................................... 12 APPENDIX 2.......................................................................................................................................................... 13 APPENDIX 3.......................................................................................................................................................... 14 REFERENCES8 .................................................................................................................................................... 17

CHAPTER I. OVERVIEW ABOUT CURNON WATCH 1. History: Curnon is a fashion watch brand created by Quang Thai and two associates since the beginning of 2016. In December 2017, the first watches carrying the Vietnamese breath of Curnon officially launched to the market. In 2018, successfully called for 5 billion capital money on reality TV show Shark Tank Vietnam. Now Curnon has nationwide coverage with 5 stores in two major cities (3 in Hanoi and 1 in Ho Chi Minh City) as well as an online distribution system with high traffic and purchases. 2. Mission: The customer file that Curnon aims for is the young generation Millennials & Gen Z, they respect brand values. With belief in the strength of Vietnamese youth, we bring products, refined symbols. Inspirational god to help them express themselves, to confidently explore the potentials and values of themselves. 3. Vision: Shaping a new lifestyle and becoming an ideal choice for young customers with a market size of 4.4 billion USD and 11 million people in Vietnam. 4. Core value: We believe the best way to convey the message "Why not?" we must first start with Curnon's community: - Beginning and ending with customers: With the spirit of warriors, we always fight with ourselves every day to bring the best “WOW” experiences to young Vietnamese. - Dare to think, dare to do: With the desire to become your companion, we believe that we must have the courage to overcome the challenges, dare to think, dare to lead and be different. - Inspiration: The future for us is the world-class products, the young Vietnamese generation full of confidence to pursue their passion, "Why not?" become everyone's philosophy. 5. Product: Curnon watches are designed by a team of Vietnamese, Japanese clockwork, assembled in China. With product lines for both sexes, most Curnon watches come equipped with quality Quartz movements from the manufacturer Miyota (Citizen). Protecting the movement is a luxurious Sapphire glass screen with good scratch resistance, while helping the dial details appear more vivid and eye- catching. Possessing 1

a dial with a general form design, the product largely focuses on the variety of wire materials, band colors and dial background colors. CHAPTER II. REVIEW OF MARKETING PLAN 1. Review of Marketing Plan: Curnon has a young talented team in operating and developing product strategy, focusing on marketing online and offline. From the first time launched, Curnon has sold approximately 2000 watches and got 4.2 billion VND in revenue (70% from ecommerce sites and 30% from flagship stores). 1 year after the appearance in Shark Tank Vietnam (2018), the brand continued to push up its youth lifestyle-oriented marketing activities. In particular, social networking sites and websites become the main marketing channels. Thanks to marketing efforts, at the end of 2019, Curnon raised the revenue up to 8 times (34.5 billion VND) and got 20.000 loyal customers. The brand now has 5 flagship stores in Ha Noi and Ho Chi Minh City. After the opening of these stores, the conversion rate raised up to 30% but online is still the mainstream in the marketing strategy of Curnon. 2. Analysis of promotional program situation and the communication process: Within 4 years from launching, Curnon implemented a variety of marketing campaigns using the following IMC tools: 2.1. Advertising: The brand only focuses on Youtube channel by posting TVC about the products. The bright point is that Curnon makes short story video on some special occasions such as Valentine or Mother’s Day. 2.2. Digital Marketing: The brand is now active on Facebook, Instagram, Youtube and Tik Tok. Its fanpage “Curnon” has more than 150.000 followers, and new posts are posted everyday. The three other platforms are not as popular as fanpage but still attract a large number of potential customers (Instagram - more than 64.000 followers, Youtube - more than 800 subscribers, Tik Tok - more than 40.000 likes). In addition, from the first day launched, Curnon has already had its own website (curnonwatch.com) so that their customers can directly buy the products when they need. 2.3. Sales Promotion: Throughout the year, Curnon offers many sales promotion activities to its customers such as the Halloween Dark Sale (sale off 20% all items), 200.000 VND discount for all items in The Young Collection in the Back-to-school day and many other sale off on 2

SHOPEE, SENDO, etc. Besides, the company also has a sale-off-15% day every Tuesday for people who are under 22 called “The Youngster Day”. 2.4. Sponsorship: From October of 2018, Curnon has started to sponsor for Long&Short project, which specialize in sharing stories or interviews of influential people (Vlogger Hiep Do, Tun Phạm, Trang, Hana Giang Anh,...) to inspire, bring multidimensional perspectives and positive lifestyles to young Vietnamese. Moreover, Curnon also cooperates with TIKI in the project “TIKI goes with Vietnamese stars” to sponsor for their MV, “Vi yeu cu dam dau” of Min x Đen x Justatee is an example. 2.5. Public Relations (PR): In parallel with promoting activities on social network sites, Curnon pushes up the cooperation with other brands and pays more attention to micro influencers such as Mai, MCK, Gonzo, Tage, Wxrdie, Vu., Khanh Vy,... WEEHOURS - glasses, TWIN SKIN cosmetics, MAKE MY HOME - furniture, etc. are some of the brands that have collabed with Curnon in some projects. WEEHOURS even has its products displayed at Curnon’s stores. In particular, Curnon also has other projects using influencers to promote their new products. The participant of Duy Khang (Chillies), Bartender & Dancer Fuji Pop, CEO Quang Thai, badminton player Pham Hong Nam in the launching of Jackson collection: UNBREAKABLE WATCHES FOR UNBREAKABLE MEN is an example. Similarly, the #Whynotgirls campaign which was runned in the International Women’s Day, used the same way of promoting with the join of CHANGMAKEUP, stylist I-chang, photographer Do Vy, model Ha Vy, etc. * Conclusion: Curnon has been quite successful when gradually asserting its brand in Vietnam, sales increase along with spreading a positive lifestyle to young people. However, they should have been better, there are still many shortcomings in the way of using the tools. With the aim of rebranding, we will continue to promote the great ways that Curnon did before, with modifications to deliver outstanding results in this Integrated Marketing Communications campaign.

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CHAPTER III: CURNON MARKET SITUATION 1. Industry Overview and Curnon market share: In 2018, the watch market in Vietnam reached nearly 750 million USD / year, equivalent to 17,000 billion VND. There are more than 20 stores of famous foreign watch brands in Vietnam. The profit margin of the watch retail industry even reached 60-70%. In fact, up to now, there are very few retail chains of wristwatches in Vietnam that have absolute trust from consumers. Curnon market share: 2.7% (2019) 2. SWOT analysis:

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3. Target customers:

4. Competitors: Curnon is a watch company in the mid-range segment with prices from 2 million pouring up, so direct competitors will be mid-range product lines of famous brands (product line with the same concept design and target customer).

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CHAPTER IV: BUDGET DETERMINATION 1. Factors when establishing budget: 1.1. Ad objective: Up to now, as analyzed above, Vietnamese watch brand Curnon has occupied a decent position in the Vietnamese market and in the minds of Vietnamese consumers. However, for its direct competitor - DW, Curnon is somewhat inferior, plus Curnon is caught up in a controversy that users are mistaken when questioning why the watch is assembled abroad, but commercially. Therefore, in the upcoming media phase, Curnon's marketing goal is to Reposition the brand. And the specific communication objectives are: The first is to Increase brand awarenes - awareness of Curnon is a Vietnamese watch brand designed by Vietnamese people, with a minimalist product at a mid-range price, the second is to Provide information to customers who already know Curnon but are in the process of learning about the product - making Curnon stand out, reinforce trust in customers. The two activities above are aimed at an important purpose is the Call to action - create a feeling of wanting to own and experience the feeling when using, thereby boosting sales and increasing profits. 1.2. Competitor's advertising: With the direct competitor is DW - they have extremely effective strategies such as: + Focus on social media: Targeting potential customers is the younger generation with a modern style - acquaintances who are constantly in contact with smartphones and most have Facebook, Instagram, Twitter accounts, ... + The perfect combination between influencer marketing and social media: Influencer will post a photo of a Daniel Wellington watch on their profile page and run Ad on Instagram and Facebook. + Personalize promotion campaigns for influencers : Offer the influencer followers an exclusive promo code 10 - 20% off on purchases. 1.3. Fund available: Curnon's age is still too young to create a solid position in the mind of consumers, so Curnon's market share in the Vietnam watch market is still very small, revenue has increased dramatically each year but is not stable, so funds for marketing and communication in particular are still limited.

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2. Methods of determining the budget: Analysis of previous situations shows that Curnon has used a method of determining media budgets based on goals and the cross-cutting task of increasing sales the fastest. It is demonstrated by Curnon spending the money to use the main media tool, strong and continuous promotions. The problem here is that sales are on the rise, but customer perception of the Curnon brand remains ambiguous. That is why the target set in this media campaign with the focus is "Brand repositioning" - an extremely practical target for Curnon's precarious position in the watch market in Vietnam. Currently, with the source of revenue and finance is not really stable to spend most of its resources in the media segment, the method of determining the media budget based on goals and tasks continues to be appropriate for Curnon however targets need to be added.

CHAPTER V: INTEGRATED MARKETING COMMUNICATIONS STRATEGIES 1. The positioning strategy of the Curnon watch brand: Curnon positions its products as jewelry for fashion enthusiasts, especially young people aged 18 to 28. Curnon with the desire to create a perfect product line in terms of technology, functions, and features, besides, fashion design is one of the important factors that is always put on top by the company. 1.1. Unique points: + The first Vietnamese watch brand. + Minimalistic, modern style suitable for today's young people. + The mid-range market segment is not too high compared to the average income urban youth is 7.7 million VND. 1.2. Reason to believe: + Functional: Genuine products, reputable purchasing sources, widely known on television and newspapers. (successfully raised capital on Shark Tank) + Emotional: Curnon's design is very eye-catching and trendy, not inferior to other famous watch brands, and especially this is a watch created by Vietnamese. This will make young people proud to wear a Vietnamese watch brand.

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2. Integrated Marketing Communication Plan: 2.1. Objectives of the plan: As mentioned above, our communication goal this time is brand repositioning which includes increasing brand awareness and providing information about the brand, besides boosting sales. With existing unique selling points plus integrated media tools, we wanted Curnon to be a youth-friendly watch brand, giving customers the urge to own and experience the feeling of using Curnon products. - Communication objectives:

- Revenue objectives: (compared to the previous period)

2.2. Idea: - Insight: Many Vietnam consumers with higher demand and self-expression but cannot afford premium reputable international branded products. They are looking for an affordable reliable brand of watch. The fact is that the price is too expensive for them to buy. Example: DW => Consumers may choose to buy fake or replica watches with incomplete acceptance. - Big idea: 8

+ Local brand with good quality and reasonable price is a better option. + Using an authentic watch at a reasonable price to satisfy the young generations demand to express themself. - Key message: Be unique - Be you (Be yourself, enhance your self-worth and make differences) 2.3. Integrated marketing communication tools: 2.3.1. Timeline of IMC plan: In order to deliver the most clear and effective message to achieve the original communication goal, we will divide the integrated communication campaign into 3 phases and specific timeline is shown in the appendix 1. Phase 1: Love yourself first + Purpose: Create curiosity, Push sales + Time: 1 January - 28 February Phase 2: Be unique + Purpose: Brand repositioning, Providing information + Time: 1 March - 30 April Phase 3: Be you - Be real + Purpose: Change in attitude and thinking => change in behavior (call to action) + Time: 1 May - 30 June 2.3.2. Backup plan: In the process of implementing the marketing plan, risks from external and internal influences will not be avoided. Here are the risks that we have considered: In case the marketing budget is limited: Cut the cost or time of some expensive strategies such as banner ads on online newspapers, sponsorship,... In case competitors come up with new strategies similar to Curnon's mark...