Le-Quang-Lan S3891787 Marketing-Principles-1 PDF

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RMIT University SGS 2021A MKTG1205B Marketing PrinciplesAssignment 3Individual Final MarketingProjectLecturer: Nguyen Hoang ThuanStudent Name : Le Quang LanStudent number : SDate of Submission: May 31, 2021Word count: 2114Individual Final Marketing Project I. Instruction: Contents Company overview:....

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RMIT University SGS 2021A MKTG1205B Marketing Principles

Assignment 3 Individual Final Marketing Project

Lecturer: Nguyen Hoang Thuan Student Name: Le Quang Lan Student number: S3891787 Date of Submission: May 31, 2021 Word count: 2114

Marketing Principles Individual Final Marketing Project

Contents Instruction:............................................................................................................... 3

I. 1.

Company overview:................................................................................................. 3

2.

Product overview:.................................................................................................... 3

II.

SWOT Analysis:........................................................................................................ 3

1.

Marketing Environment:........................................................................................... 3 Competitor:.............................................................................................................. 3 Marketing Intermediaries:..................................................................................... 3 Economic:.................................................................................................................. 4

1.

SWOT Table:............................................................................................................. 4

2.

SO Strategy:............................................................................................................ 5

III. Target customer:..................................................................................................... 5 Differentiation:..................................................................................................... 6

IV. 1.

Product differentiation:............................................................................................ 6

2.

Image differentiation:.............................................................................................. 6 Positioning:.............................................................................................................. 6

V. 1.

Positioning map:...................................................................................................... 6

2.

value proposition..................................................................................................... 7

VI.

Current Marketing Mix performance.................................................................7 Product:................................................................................................................. 7

1.

1.1.

Product Classification:....................................................................................... 7

1.2.

Three Levels of Product:................................................................................... 8

1.3.

Product Decisions:............................................................................................ 8

1.4.

Product line decisions:...................................................................................... 8

1.5.

Product life cycle:............................................................................................. 8

1.6.

Branding Strategy:............................................................................................ 8

1.7.

Evaluation:........................................................................................................ 8

Promotion:............................................................................................................. 9

2.

2.1.

Advertising:...................................................................................................... 9

2.2.

Sales Promotion:............................................................................................... 9

2.3.

Public Relations:................................................................................................ 9

2.4.

Evaluation:........................................................................................................ 9

VII.

Marketing Plan Objective..................................................................................10

VIII.

Marketing Recommendations...........................................................................10

1.

Product:............................................................................................................... 10

2.

Promotion:........................................................................................................... 10

IX. Conclusion:............................................................................................................. 10

Page | 2

Marketing Principles Individual Final Marketing Project X.

Reference:.............................................................................................................. 11

XI. Appendices:............................................................................................................ 14

I.

Instruction:

1. Company overview: Mr. Vu Tien Dung started Uniben Company in 1992, specializing in the manufacture and marketing of instant noodles for both domestic and international markets. Uniben has supplied Vietnamese customers with delicious, economical, and convenient meals that fulfill high safety and health requirements since entering the Vietnamese instant noodle industry. According to Euromonitor International (2021), instant noodles have had the highest value rise of 17%, reaching 4.1 trillion VND in 2020, and likely to continue to grow in the following years due to customers' demand for food storage during Covid 19 pandemic (Appendix 1). Despite the impact of the covid 19 epidemics, Uniben is outperforming Acecook and Masan in terms of the increasing retail selling price (Appendix 2). In reality, Uniben is having a great opportunity to raise revenue and market share since the increasingly high demand for food security during the unpredictable Covid-19 outbreak in Vietnam (Appendix 3). 2. Product overview: In 2004, Uniben launched the 3 Mien instant noodle brand, distinguished by its distinctive taste reminiscent of traditional Vietnamese cuisine with reasonable prices for rural consumers. Since 2016, the 3 Mien brand has captured a 26.5% market share in the Vietnamese instant noodle industry, becoming the most popular instant noodle brand in rural areas (Minh M 2016). According to Uniben (2018), the 3 Mien brand has become a leading instant food with diversification and traditional taste in line with the preferences of Vietnamese consumers.

II.

SWOT Analysis: 1. Marketing Environment:

Competitor: Page | 3

Marketing Principles Individual Final Marketing Project 3 Mien confronted with many strong domestic and foreign competitors (Appendix 2). Marketing Intermediaries: Reseller: Uniben cooperated with more than 500 supermarkets, 100,000 stores, and 1000 sellers (Uniben 2021) Physical distribution: 150 distributors, including Lotte and Family Mart, distribute 3 Mien noodles throughout Vietnam. Besides, Uniben has exported these instant noodles to other international markets (Uniben 2020).

Economic: Due to the Covid-19 pandemic, consumers tend to hoard essential foods, including instant noodles, which has significantly increased Uniben's total sales (Euromonitor 2021). Technology: Cooperation in implementing DMS project with FPT software (FPT 2016) and build 2 more modern factories (Uniben 2015). 1. SWOT Table:

Strengths

Weakness

Uniben Company was officially co-operated

The 3 Mien noodles

with FPT Software to operate a Distribution

are selling thanks to

Management System (DMS) project including 5

the prohibitively lower

applications as eMobiz Map, eMobiz

prices than other low-

Merchandising, eMobiz Insight, and eMobiz

priced instant noodle

Sales to have advantages in the industrial

brands. Hence,

revolution 4.0. Mr. Nguyen The Anh Deputy

increasing the price

General Director of Uniben stated that this vital

for 3 Mien noodles is

project of the company to expand market share

considered a

and increase accessibility to potential

challenge when the

customers in many countries. (FPT 2016).

market value increases. Page | 4

Marketing Principles Individual Final Marketing Project Uniben aims to produce healthy foods with European standard production technology.

In addition, Uniben's

Therefore, Uniben has invested more than

marketing channels

2,000 billion VND in building 2 more modern

are not diversified,

factories designed according to European

and marketing

standards with a self-contained production line,

campaigns are not

fully automated, imported from the US,

really effective in

Germany, and Japan with an environmentally

catching up with new

friendly wastewater treatment system. As a

trends and attracting

result, the 3 Mien brand is one of the instant

the majority of the

noodle brands that trusty Vietnamese

public.

consumers choose to purchase continuously from 2015 to now, with a market share of over 27.5% (Uniben 2015).

Opportunity

Threats:

Uniben not only distributes its products

Since the Covid-19

throughout Vietnam, especially in rural, but

pandemic, many

also concentrates on exporting to many

exported food

markets including Russia, Eastern, Ethiopia,

products in Vietnam

China, Cambodia, and the EU, (Uniben n.d.), led

have been interrupted

to the opportunity for 3 Mien to develop their

(Huong T & Manh P

brands and expand their market share

2021). Consequently,

worldwide.

this situation is unfavorable for 3 Mien

According to Research and Market (2021),

noodles when the

owing to the hectic pace of life, consumers

company is focusing

prefer quick meals at affordable costs that need

on export activities.

less cooking. Additionally, due to the Covid-19 pandemic, demand for local consuming instant noodles has increased by 67% in only 6 days compared to the previous year (Dat Nguyen 2020). (Appendix 4). Therefore, 3 Mien noodles stand a good chance of maintaining their Page | 5

Marketing Principles Individual Final Marketing Project Vietnamese instant noodle market dominance. 2. SO Strategy: Uniben can effectively satisfy customers' online shopping demands by using technology strengths in the distribution system when collaborating with FPT Software and fulfilling the market supply of instant noodles during the epidemic time. Especially when Vietnam has applied for social distancing, the demand for stockpiling essentials and online shopping will increase in the coming time, leading to a huge chance for Uniben to gain more profit.

III.

Target customer:

In the instant noodle sector, rural regions accounted for almost 80% of consumption (Nguyen G 2016). Recognizing this potential market and a vast demand for instant noodles, Uniben created the 3 Mien noodles with affordable prices to dominate in the rural market for consecutive years from 2015 (Uniben 2018). Housewives belong to an important segment of Uniben's targeted marketing strategy that has the most influence on their family's purchasing behavior. Since family seems to be the main factor directly influencing the purchasing decisions of housewives, they place higher demands on nutrition, hygiene, and taste (Obeidat et al. 2018, p.110). However, by applying modern technology with European standards, 3 Mien noodle packages offer the highest quality food safety and hygiene. Additionally, spice packs are produced according to a strict process from raw materials to packaging (Duc T 2021). Hence,3 Mien noodles can successfully fulfill all of the customer's requirements.

IV.

Differentiation:

1. Product differentiation: Since instant noodles are considered a convenience goods category, purchasers would make decisions based on prior experiences (the taste in this case) with the product (G. Feichtinger, A. Luhmer and G. Sorger). Uniben's noodle is distinguished by its own unique broth sauce, made up of a high synthesis of numerous local zests and spices, giving it a distinct Page | 6

Marketing Principles Individual Final Marketing Project flavor that only 3 Mien possesses (Ky T 2020). In addition, B vitamins are added to 3 Mien noodles, becoming the pioneer instant noodle product in Vietnam that provides nutrition to customers. (Khanh D 2015). 2. Image differentiation: Uniben donated 150,000 nutritious meals to the frontline medical team during the COVID-19 outbreak in 2020 to demonstrate the brand's commitment to social responsibility (Uniben 2020). These actions enable UNIBEN to closely connect with customers and build a strong brand image in the hearts of Vietnamese customers.

V.

Positioning:

1. Positioning map: Instant noodles have long been popular in Asia, particularly in Vietnam. Since 2019, Vietnam has ranked among the top five world consumers of instant noodles (Trung N 2020) (Appendix 5). This high demand paves the way for brands like 3 Mien with affordable prices and vast nutrition that appeal directly to Vietnamese consumers. As instant noodles are typically purchased in large quantities, pricing is a major factor in selecting between brands. With the current trend of healthy living, consumers not only pay attention to the price but also focus on the nutritional value of each noodle package.

Page | 7

Marketing Principles Individual Final Marketing Project

Uniben's "3 Mien" brand has surpassed competitors such as “Omachi”, “Gau Do”, and “Hao Hao” in the low- to middle-income market segment when constantly supplementing nutrients for consumers with nutrients in the form of vitamins whilst maintaining low prices. 2. value proposition As previously stated in the product differentiation, Uniben emphasizes placing product quality and customer health first while the Vietnamese market is saturated with unbranded and unknown origin instant noodles products; Uniben is the pioneer Vietnamese instant noodle brand to delivers higher quality noodles (incorporates essential nutrients into its noodles) at the same price as noted in the product distinction above. Thus, the 3 Mien brand would attract more attention and favor among health-conscious clients, particularly among the targeted housewives.

VI.

Current Marketing Mix performance.

1. Product: I.1.

Product Classification:

Mien instant noodles as tangible products are rapidly prepared by boiling or adding hot water in a few minutes, categorized as convenience goods. Page | 8

Marketing Principles Individual Final Marketing Project

I.2.

Three Levels of Product:

Augmented Products: The hotline number for customer service and customer consulting is printed on the packaging (Appendix 6). Actual Product: Branding: The 3 Mien brand has been presented since 2004.The 3 Mien brand has been presented since 2004 (Uniben 2011). Design: Uniben has retained its brand logo design for many years, with the words "3 Mien" in white standing out at the top of the noodle packaging. Core Customer Value: Mien satisfies a quick meal easy-cook with high nutrition yet affordable price. I.3.

Product Decisions:

Product Attribute: Quality: nutritious and tasty noodle (Uniben 2015) Features: Including dried noodle block, dried vegetable package, soup package, oil package and paprika package (Appendix 7). I.4.

Product line decisions:

Line Filling: 3 Mien expands its product line by adding various flavors at the same price (Appendix 8). E.g.: According to Bach Hoa Xanh (2021), 3 Mien Gold Noodles line products are sold at 3.500 VND. I.5.

Product life cycle:

The 3 Mien noodles are in the growth stage of the product life cycle since considering to top instant food selection of Vietnamese customers; nevertheless, growth has slowed significantly in recent years (Appendix 9) I.6.

Branding Strategy:

Brand name selection: The word "3 Mien" is easy to pronounce and remember, helping customers recognize products with traditional Vietnamese taste immediately. Page | 9

Marketing Principles Individual Final Marketing Project Brand development: Line extension: The 3 Mien Noodle is available in a wide range of flavors (Appendix 8). I.7.

Evaluation:

Advantages: 3 Mien noodles, a Vietnam local brand with high brand awareness, are received a high level of preference by rural customers. Due to various flavors relevant to Vietnamese traditional cuisine, the 3 Mien noodles become more specific with their unique distinction. Moreover, another factor that makes the highest nutrition from its finest products is what makes enormous popularity highly pay attention to. Disadvantages: Uniben, like other instant noodle producers, all of their noodle instant products have been packed in a plastic bag that might contaminate the environment. Since Uniben concentrates primarily on innovating new flavors, 3 Mien noodles packaging remains simple and unappealing compared to other goods such as Hao Hao or Omachi. 2. Promotion: 2.1.

Advertising:

3 Mien noodles take advantage of many media channels to advertise their products. Broadcast: Advertisement on afternoon television programs (Appendix 10). Internet: Including Facebook and YouTube (Appendix 11). Billboard: Advertisement at Retail store boards (Appendix 12). 2.2.

Sales Promotion:

3 Mien offers short-term incentives to encourage the purchase or sale of their product. Discount: Applying bundle discount (Appendix 13) Coupons: Entering the code to get free shipping or a discount (Appendix 14). Page | 10

Marketing Principles Individual Final Marketing Project 2.3.

Public Relations:

3 Mien organized many Public service activities: Public service activities: In 2020, Uniben carried out volunteer activities that has named “Tiệm tạp hóa Ngược - Xuôi” in the Mu Cang Chai region (Trang L 2021). Sponsor: In2021, 3 Mien Noodles awarded more than 800 million to honor the Vietnamese Super Intelligence (Duong A 2021). 2.4.

Evaluation:

Advantages: 3 Mien has developed a positive brand image, increased brand recognition, and attracted potential consumers by effectively committing to social responsibility through social and charity activities as mentioned above. Disadvantages: When it comes to advertising, customers tend to feel monotonous and...