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TH True Milk marketing strategies 2022 competior analysis, positioning strategies, PODs and POS Identify and analyze strategy for positioning brand of TH true milk for launching new product lines based on theoretical background.
Table of Contents List of figures1 List of tables1 Executive summary2 Introduction2 Assumption3 Positioning strategy4 Targeted market4 Competitor analysis6 Vinamilk7 Dutch Lady7 POPs and PODs8 Brand equity10 Brand awareness10 Brand loyalty11 Perceived quality12 Brand association12 Measure brand equity12 Recommendations13 Conclusion14 References14 List of figures Figure 1: The logo and packages of TH true milk product11 List of tables Table 1: Market share of Vietnamese milk industry from 2004 to 20086 Table 2: Indicator measurement of brand equity according to Pappu et al 200512 1 Executive summary With a developing economy, rising incomes and a better understanding of the benefits of milk have led to an increasing need for milk products in Vietnam Hence, Vietnam dairy market is among the fastest growing ones with various domestic businesses and global companies Nevertheless, the entire domestic milk production can only meet about 20% to 25.5% of the growing need, the other part must be bought from abroad It is the fact that the launch of the TH True Milk company has made another spotlight for Vietnam's dairy industry, when a large-scale fresh milk processing manner meets global standards in Vietnam The strategy to launch more product lines of the company should be prepared and implemented carefully in the context of fluctuating milk market Therefore, this report paper aims to identify and analyze strategy for positioning brand of TH true milk for launching new product lines based on theoretical background Introduction TH Milk Food Joint Stock Company used to be founded on February 24, 2009, as the earliest institution of TH Group to make investments in manufactured dairy farm, high-tech milk processing innovation together with the distribution system TH Group used to be based with the consultation of North Asia Commercial Joint Stock Bank Besides the help collectively with societal protection initiatives, Bac A Commercial Joint Stock Bank’s focal points are milk and food manufacturing industry TH True Milk’s operation is mainly in processing and buying and selling pasteurized clean milk TH True Milk milk merchandise are generally existed in Vietnamese market Thanks to its relentless effort, 4 years after establishment, the company gained consumer trust and was named in the top 100 trusted brands in 2012 (Brand Vietnam, 2012) This accomplishment is in large part due to the right strategy implementation TH Group's product traces now also have TH authentic pasteurized milk products: pure sterilized fresh milk made from 100% sparkling cow milk, low-sugar pasteurized milk, pasteurized clean milk with sugar, and milk Fresh pasteurized strawberry flavored, clean milk flavored chocolate Besides the dairy product line, TH also has many distinctive product categories:TH true veg, TH genuine yogurt, TH true ice cream, TH authentic cheese and TH genuine butter as well According to a report by the United Nations Food and Agriculture Organization, the demand for dairy products in Vietnam is increasing dramatically (EVBN, 2017) This report also showed that the consumption of 2 dairy products of Vietnamese people is 14.81 liters per person annually, which is low in comparison to Thailand (23 liters per person in Vietnam) and China (25 liters a person a year) (Euromonitor International, 2016) Babies and teenagers in metropolitan areas consume 78% of dairy products, promising a potential market in Vietnam (Euromonitor International, 2016) Milk production will only meet about 30% of domestic demand if the target is reached by the end of 2011 (EVBN, 2017) In recent years, it has been witnessed an increasing demand for liquid milk The potential for development in the market of milk products in Vietnam is nevertheless great (Euromonitor International, 2016) This is due to the fact that Vietnam is a populous country, with a young populace structure with an excessive populace boom charge of about 1.2% per year, GDP increase rate of 6-8% per year, average income head growing with the aid of 14.2% per year These factors mixed with the trend of improving the health and stature of the Vietnamese make the demand for dairy merchandise continually preserve growing high Although, according to the report of EVBN Vietnam, in 2010 Vietnam's milk market, overseas milk nevertheless dominates, in which domestic milk accounted for 15%, imported 20%, Dutch girls accounted for 25% and milk True 40% TH (EVBN, 2010) Currently, TH True milk organisation owns a giant market share in essential purchaser market segments such as condensed milk (80% market share); yogurt (90%) and liquid milk (50%) (EVBN, 2010) Capital is acknowledged by means of clients as a manufacturer of natural milk for organic health Meanwhile, customers are increasingly paying attention in healthful products In addition, brands are steadily launching healthier products to market with TH True Milk Therefore, TH True Milk has launched a program which is called TH School Clean Milk, which provides fresh milk with innovative formula method to enhance the bodily and intellectual fitness of school-aged teenagers (children from 6-12 years old) Targeting younger teenagers will help consumers, particularly these with youngsters of development age, to center of attention on this product line In Vietnam, there are a wide range of dairy companies from national to international ones Moreover, foreign milk lines are often preferred by Vietnamese people with the idea of favoring imports from international brands But home dairy corporations regularly comply with the normal clean milk line, and there have not been any campaigns related to the improvement of young children that are simply commercial factors TH True Milk launched this product with a pioneering role to create a boost in the market before competitors, concerned about 3 the "stature" of Vietnamese children Assumption For this report, the following assumptions will be correct and applied over a 12-month period The reporting duration refers to: ● The market will be stable except new opponents becoming a member of the market ● The Vietnamese economy system remains stable ● The budget for launching new product is unlimited ● Before new condensed product line is launched and distributed, market research already has been carried out Positioning strategy In the complex context of modern market competition, more and more diverse items make customers overwhelmed with information Identifying and distinguishing between manufacturers of the same product is more or less difficult for many customers (Janiszewska, 2012) In this situation, corporations need to create a unique impression and unique personality for their manufacturers (Blankson, 2016) Since then, manufacturers' positioning strategies have been born According to P Kotler's definition, brand positioning is a set of activities that aim to give the product brand and product a certain position (compared to competitors) in the minds of the guests "(Kotler & Keller, 2003) According to Marc Filser," brand positioning is an attempt to give the product a unique image that is easily accessible to customers' awareness (Filser & Roederer, 2011) Or more specifically, what the business wants customers to think about when facing their brand In short, just as men and women require a role in society to be considered and asserted in an excellent way, manufacturers want to be in the right place to confirm goods and producers of companies and to strengthen their companies have an impact on customers (Phu & Ezute, 2014) TH true MILK liquid milk has successfully positioned the word "clean" in the minds of customers by the phrase: "Truly natural", "The essence of nature in every drop of clean milk" These elements are in line with the fundamental qualifications of a "clean" beverage for everyday use, with natural origin as the trend of the target group Targeted market Target market is defined as the market that includes customers with the same needs or 4 desires that the company is able to meet (Aghdaie & Alimardani, 2015) When the company has profound understanding about targeted market, it can gain an advantage over competitors, and achieve the goals that the marketing strategy has confirmed (Lu, 2003) TH true milk’s strategy is to bring customers the most nutritious and delicious products for their health Customers will not have to worry about using TH true milk products All ages are suitable for TH true milk TH true milk product lines are developed for children and youngsters as they show the highest demand for milk production and dairy products intake TH true milk categorize target customers into two groups: ● Individual customer group: is a consumer who needs to purchase and is inclined to pay for TH true milk food and beverages, specifically parents with baby from 0 to 6 years old This consumer group has considerably a wide range of needs (excellent quality, dietary value of products, practical prices, packing process ), which account for a relatively large percentage ● Organized customer categories: are distributors, wholesale agents, retailers, shops, supermarkets… wishing and ready to distribute the company's products This category needs discounts, incentives for purchases, on-time orders Applied to the distribution of goods Besides the two mentioned target categories, TH true milk's other product lines are also suitable for all ages: yogurt, pasteurized milk With a variety of items, TH true milk is selected by segmentation with the selected criteria as: ● Geographic criteria: Based on the density of population and product consumption capacity, the market is divided into two segments, urban and rural ● Demographic criteria: Based on age group to divide into different market segments which are children, adults and the elderly Besides, there is a classification of milk for household and personal use ● Criteria of purchasing actions of customers: Based on the state of health and heart benefits to classify into normal, undernourished and overweight, diabetic individuals Overall, children make up for 25% of the country’s populace and are the largest consumer group of liquid milk, so this is the vital group Children are often excited to be active and prefer products with colorful packages as well as sweet tastes with different flavors especially chocolate (Phuong, Mergenthaler, & Cuong, 2014) 5 Adolescents (15-59 years old) account for 66% of the population of the nation, a considerable percentage This is an income earner and spending holder should be the object of buying decisions often interested in product quality and brand (Phuong, Mergenthaler, & Cuong, 2014) ● Elderly people: only 9% of the population is a relatively small percentage, and the elderly often use formula milk less with liquid milk so this is the object that needs to be manipulated to change their consumption trends, accounting for 29.6% of the nation's market and continue to grow High density of urban population makes it easier for the distribution of products As people have a higher income, they become more health-conscious and often utilize the household They tend to trust the widely- recognized milk-related food and beverages, especially for fresh milk as in Hanoi and Ho Chi Minh City, 80% of milk is consumed here (Phuong, Mergenthaler, & Cuong, 2014) ● Rural people make up a high percentage of 70.4% of the population of the whole country but the living standards of the people are very low, they rarely drink milk The population density here is low compared to urban areas (Khoi & Dung, 2014) ● Ordinary people account for a large proportion and their needs are plentiful enough to drink many types of milk, especially children who like sweet drinks (Khoi & Dung, 2014) ● People with obesity and diabetes: the percentage of people with obesity is increasing, this rate is very large, especially children For children under 15 years of age, this proportion accounts for 21% and tends to increase, for adolescents, the percentage is also quite high and tends to increase The elderly with overweight problems account for 18% (Khoi & Dung, 2014) ● Individuals with rickets malnutrition: is a commonplace in babies and teenagers, especially in mountainous and remote parts, the subject accounts for a considerable percentage of 13% but rare can buy milk (Khoi & Dung, 2014) Competitor analysis Table 1: Market share of Vietnamese milk industry from 2004 to 2008 6 Currently, Vietnam market has more than 300 products of more than 70 different dairy companies such as VinaMilk, Dutch, Lady, Nutifood, Abbott, The dairy market share is mainly belonged to two big companies, Dutch Lady and Vinamilk Vinamilk VinaMilk is the main enterprise in Vietnam in processing milk and milk-related food and beverage In 2011, Vinamilk also has remarkable achievements of more than US $ 1 billion (VND 22,279 billion), increase 37%, contributing VND 2,400 billion to the state budget, up 45% over the year 2010 (EVBN, 2017) * Strengths and weaknesses of Vinamilk Strength Weakness ● Production technology meets ● Due to diversification of products, international standards Vinamilk will also allocate its ● Occupying about 39% of the efforts in many areas, therefore it’s not focused strategy on any specific marketplace nationwide areas ● Continuously enhance the brand ● Extensive distribution and wholesale and retails network Strategy of TH True Milk Recognizing Vinamilk is a strong opponent, knowing its advantages TH true milk has created business plans based on its strong points as follows: 7 ● TH True Milk Group implements a closed and synchronous process-based production and distribution strategy ● Use raw materials from TH true milk farm ● The steps of planting and harvesting are conducted strictly in compliance with international standards ● Use advanced manufacturing and packaging techniques to preserve each product's natural essence ● Use strict safety distribution process according to international standards to ensure product quality to consumers Dutch Lady Dutch lady first entered Vietnam in 1924 and has an extensive market throughout the country Dutch Lady segments the market by all ages: babies, teenagers and grown-ups along with segments the market by milk products which are pasteurized milk, choke milk, condensed milk (EVBN, 2017) Dutch Lady includes many segments so they choose "ready for life" for milk and "grow up with babies" to maintain the product diversity for all age groups and to make themselves stand out from the IQ-related messages selected by many brands of milk * Strengths and weaknesses of Dutch Lady Weakness ● In addition to liquid milk, Dutch Strength ● High technology level Lady also sells powdered milk, so it ● Accounting for approximately 35% will allocate to these two segments of the marketplace of milk in Vietnam(EVBN, 2017) ● Constantly improving the product, competitive milk prices ● Extensive distribution network ● Have a strong brand position POPs and PODs Point of Difference (PODs) is one of the elements that makes a company's goods or offerings different from its competitors With a successful manufacturer differentiation strategy, earnings and loyal clients will make bigger extensively (Cristea, 2014) However, excessive 8 differentiation can lead to the loss of standards of goods or services in a given industry, resulting in a decline in the number of customers Therefore, how to achieve a balance between differences and similarities (Point of Parity or POPs) is essential, it helps maintain and enhance the competitiveness of the company (Claudiu, 2014) Points of Difference (PODs) are attributes or benefits that are strongly associated with the brand, are positively valued by customers and cannot find any similarities from other competing brands (Kapferer, 2008) These are the preeminent or unique characteristics of the product to other products of the same type Points of Parity (POPs) are brand values that are not too unique and are also found in other brands (Iyer & Muncy, 2005) While POPs are often not the main reason for choosing a brand, their absence is definitely a reason buyers say no to the brand (Iyer & Muncy, 2005) Although it's important to build PODs, it's important to combine them with POP and break the competitive position of your competitors in the market When entering a historic market, many brands seek to take advantage of competitors' PODs and turn them into POPs, and thereby give themselves a lead by creating an entirely new POD POP is the same in the features of the product when compared with competitors in the same industry (Kapferer, 2008) It is also known as the mandatory criteria for a "competitive product" in a certain industry Excessive difference will cause the goods or services themselves to lose standards, confusing potential customers and not considering such a product, but if there is no difference, it will not be beneficial leap (Keller, 2008) Therefore, to avoid excessive differences, the application of similarities (POPs) would be a good solution To have similarities (POPs), businesses should consider and take advantage of the benefits and positive features of competing products At the same time, businesses can improve the limitations and promotion - positive aspects of products to make a difference Therefore, finding the balance between differences and similarities is an important factor to help businesses succeed Often, brand positioning people make a difference to escape tough competition But focusing on the difference is not enough to maintain a brand Managers should also consider the competitive environment between brands and the features of other products (Keller, 2008) Introduced to the market since December 2010, though it was born later than Vinamilk and is now the tycoon dominating the Vietnamese milk market at that time, because the pressure came after TH True Milk had to find a way to collect attracted the attention of 9 customers at that time, of course, it was not that day 1 day 2 but a long-term strategy for that direction In the race to take the leading position in Vietnam's dairy industry, at that time, many brands positioned themselves as "the best product, better" because so many chorus kept repeating themselves Consumers do not care much, or too boring, but the enterprises that come later with eloquent statements of "better, the best" cannot survive with the tycoon at that time when Vinamilk had financial resources strong and almost unique market share in the market thus, it is necessary to have a completely differentiated product from the previous products, which is the latecomer on the market, identifying the vital factor, with modern equipment and input materials with strict control With a PR promotion program emphasizing the factor of "clean milk", TH True Milk has somewhat differentiated itself from other brands in the market and attached its name to the brand The concept of "clean" TH true milk has correctly positioned the "clean milk" factor at that time, when food safety and hygiene was a top concern for customers The success of TH True Milk when it can put into the minds of customers "clean milk source" so that every customer who thinks of clean milk, can immediately remember TH true milk is not an easy one easy To this day, when TH True Milk products are present in all supermarkets, markets, convenience stores have shown the success of the brand positioning strategy, and more than half TH true milk will always be a product loved by consumers From the lesson of positioning differentiated products of TH true milk, it is clear that in order to compete with the same products in the same time, we have to create a unique feature for our products on the market, and that particular one must be big enough for the customer to distinguish and accept payment to get the product At the same time, it is necessary to pay attention on one of the strongest positioning of the product so that targeted customers will remember and TH true milk also have the time and effort to advance its marketing activities, so it should not focus on the confusion of many locators making it hard for customers to remember and easy to get information about the product Brand equity The concept of brand equity appeared in the 1980s and there are many different definitions of brand equity (Keller, 1993) Aaker (1996) claimed that brand equity is the value added by a brand (Aaker, 1996); Blackston (1992) thinks that brand equity is the opinion of the 10 customers about the brand (Berry, 1992) Keller (1993) argued that a brand's assets are its customers' knowledge of the brand This customer knowledge has two main elements: (i) Brand awareness, (ii) Brand impression (Keller, 1993) Thus, according to Keller, a brand has a high value when customers are aware of the brand and have a good impression of the attributes that the brand provides benefits to them; Simon & Sullivan (1993) argued that brand equity is an added benefit (Simon & Sullivan, 1993); Park & Srinivasan (1994) argued that brand equity is the disparity between overall brand preference and product choice hinge on different attributes in particular (Park & Srinivasan, 1994) All definitions of scientists claim brand equity as the value of the increased benefit of a product due to its name (Srivastav & Shocker, 1991) (Srivastav & Shocker, 1991) Brand awareness Aaker (1996) defined: Brand awareness as the ability of potential buyers to recognize and recall that a brand is an integral part of a product (Aaker, 1996) Thus, brand awareness reflects the strength of a product in consumers' minds (Claudiu, 2014) At the same time, brand awareness also speaks about customers' ability to recognize and recall a brand in a variety of brands on the market (Kotler & Keller, 2003) The first thing they need to learn when a customer wants to buy a product is that brand Thus, brand awareness is the first factor to identify a brand into a number of competing brands for consumers (Kotler & Keller, 2003) TH True Milk has extensive and continuing coverage of external ads, tv commercials, creating a coordinated brand across retail outlets, marketing and sales in large supermarkets However, after a short period of time (from three to four months), a lot of people learn, use the products and have an interest in TH True Milk Regarding the packaging, TH uses the packaging from Tetra Pak, a Swedish group specializing in carton packaging production (currently Nestlé, Coca-Cola, Vinamilk all use the package of Tetra Pak for products in Vietnam), TH has put much effort into making a very nice and professional label design The outlook of the product is simple and does not have trace like milk styles, and it must have a picture of cows on the box The design is very harmonious with TH's brand identity and has a high degree of unity: the main theme is the light blue of the clear and pure sky throughout from the label to the package, from the website’s interface to the decoration store All of these to make customers feel organic, clean and enjoyable 11 Figure 1: The logo and packages of TH true milk product Brand loyalty Brand loyalty is a strong and consistent dedication to the future purchase of a favorite product or service (Oliver, 1997).There are often two ways of approaching brand loyalty: action and attitude If "loyal conduct" is expressed in future purchases; "loyalty attitude" is considered in the intention of buying, recommending to others or giving positive reviews about the goods and services (Oliver, 1999) For the retail industry, brand loyalty should be viewed from both an attitude and an attitude perspective (Keller, 1998) Brand loyalty can prevent consumers from moving to other competing brands, thus raising brand equity(Yoo et al., 2000) Perceived quality Perceived quality is defined as a subjective assessment of the perfection or superiority of a product (Zeithaml, 1988) The perceived high-quality does not healthy the proper excellent of the product Perceived first-class based totally on purchaser reviews; meanwhile, the proper high-quality of the product is determined on the basis of product orientation or production (Garvin, 1983) As perceived fine increases, so does company fairness (Yoo et al., 2000) 12 Brand association Brand association is defined as anything that is connected in the customer's memory of a brand (Aaker, 1991) Brand associations in the retail industry are divided into two groups: products and organizations (Musekiwa & ctg, 2013) In particular, the product associations related to price, quality, usage And the organizational associations are related to the capacity and social responsibility of the business Chen (2001) and Yoo et al (2000, 2006) both believe that brand associations are one of the core elements of branding for retail stores Measure brand equity Research “Developing and validating a multidimensional consumer-based brand equity scale ” by Yoo & Donthu in 2001, these research methods of Yoo & Donthu are based on a combination of previous measurement works of Park & Srinivasan 1994, Simon & Sullivan 1993, David Aaker, Keller Empirical results of the study show that the brand equity scale has only three factors, brand awareness and brand association are combined into one In particular, the brand-oriented brand asset measurement scale includes 10 observed variables and the overall brand equity measurement includes 4 observed variables as follows Similar to Yoo and Donthu, Pappu et al (2005) also conducted to build a brand equity scale from four components in Aaker's model The results are as follows: Table 2: Indicator measurement of brand equity according to Pappu et al 2005 Factors of brand equity Indicators Brand loyalty ● I have a loyalty to the brand Brand awareness ● Brand is my first choice Perceived quality ● Do you know about this brand? ● Brand of good quality Brand association ● Quality brand consistent with the wishes of customers ● The brand has long durability ● Trusted brand ● The brand has excellent properties ● Market leader ● Durable ● Trust the company 13 ● Trust when buying ● Goodwill to the company The indicators of brand equity in the research by Pappu et al (2005) should be applied in the marketing campaign of TH true milk to measure and evaluate the impact of campaigns on its brand equity Recommendations Although the business is ready for the launch of a new product to the market, it is inevitable that subjective and subjective reasons affect the effectiveness of TH true milk's new product launch strategy The following are the risks and remedies that the report paper has learned and researched in recent years: ● Not gaining market share as set out in the objective TH true milk ought to devise a persistent strategic plan on price, so the prices for consumers will be more reasonable than the first phase of the completed project The long-term planning of prices will help TH to market its goods and have appropriate marketing strategies ● To make a long-term and practical business plan, prices need to be in line with label design, delivery and advertising With prices higher than their rivals, TH true milk has focused on product positioning, made good impression to customers by modern production technology and highly trustable hygiene ● The market penetration is not as high as predicted, perhaps it is not sponsored by retail channels TH true milk could boost the exposure of the true mark store chain while moving products to major retail networks such as coop mart, Big C, maximart… ● The competitors will continue to increase the media exposure rate TH true milk may not build the desired impression and echo TH true milk's approach is to schedule TH true milk ad right after the vinamilk milk ad to attract the TV audience ● TH true milk factory cannot fully exploit its capacity due to incomplete in the first phase of product launch Management is speeding up the plan and concentrating more human resources to complete the factory project so that the factory can exploit the most effectively, obtain a quality and safe milk source Conclusion The efficient use of accessible retail channels and the enlargement of distribution agents can 14 assist TH True Milk to expand its share of the market, along with build a foundation for more dairy companies to enter the Vietnamese market It is not easy to enter local distribution outlets and change the drinking habits of people For agents, fee, discount or attractive reward plan may be recommended immediately In addition, to raise the market's TH True Milk demand, it must be combined with the promotion strategy TH True Milk has been succeeded with promotional initiatives, PR via classic milk ads, drawing consumers sponsoring social activities As a result, it is necessary to promote those successes With a long-term and adaptable business plan, with more transitions and adjustments, TH True Milk 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