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RECOMMENDATIONS FOR BUILDING, MANAGING AND PROTECTING THE BRAND EQUITY IN VIASIA JOINT STOCK COMPANY
NATIONAL ECONOMICS UNIVERSITY FACULTY OF FOREIGN LANGAUGES ENGLISH FOR BUSINESS DEPARTMENT ~~~~~~*~~~~~~ TRUONG THUY CHI RECOMMENDATIONS FOR BUILDING, MANAGING AND PROTECTING THE BRAND EQUITY IN VIASIA JOINT STOCK COMPANY Hanoi, May, 2012 NATIONAL ECONOMICS UNIVERSITY FACULTY OF FOREIGN LANGAUGES ENGLISH FOR BUSINESS DEPARTMENT ~~~~~~*~~~~~~ TRUONG THUY CHI RECOMMENDATIONS FOR BUILDING, MANAGING AND PROTECTING THE BRAND EQUITY IN VIASIA JOINT STOCK COMPANY Supervisor: Tran Thi Thu Giang, M.A Hanoi, May, 2012 Trương Thuỳ Chi- CQ503891- Business English 50A ACKNOWLEDGEMENT I would like to express my gratitude to all those who gave me the possibility to complete this research I want to thank the Viet A Plastic Joint Stock Company for giving me an opportunity to practice and learn at there, and also give me permission to commence this study in the first instance, to do the necessary research work and to use department data I have furthermore to thank the bosses, Mrs Tran Bich Thuy, the Financial Director and Mr Tran Trung Duong, the General Director who gave and confirmed this permission and encouraged me to go ahead with my research I am deeply indebted to my supervisor M.A Tran Thi Thu Giang from the Faculty of Foreign Languages, English for Business Department whose help, stimulating suggestions and encouragement helped me in all the time of research for and writing of this report My colleagues from Viet A Joint Stock Company supported me in my research work I want to thank them for all their help, support, interest and valuable hints I also want to thank many students from Nguyen Phong Sac Secondary School, National Economics University, and employees from Hung Thuan Plastic Company, Huu Nghi Plastic Company and Lac Viet Media Company who support me to answer my questions and many Viet A Company’s consumers who help me to complete my survey Especially, I would like to give my special thanks to my family and my friends who give me many conditions to complete this study i Trương Thuỳ Chi- CQ503891- Business English 50A TABLE OF CONTENTS ACKNOWLEDGEMENT i EXECUTIVE SUMMARY iv INTRODUCTION 1 1 Research topic .1 2 Rational 2 3 Research question 2 4 Scope of the research 2 5 Methodology 2 CHAPTER I: INTRODUCTION OF THE VIET A PLASTIC JOINT STOCK COMPANY AND THEIR PROBLEMS ABOUT BRAND EQUITY 4 1 Viet A Plastic Joint Stock Company .4 2 Problems about brand equity in Viet A Plastic Joint Stock Company 5 CHAPTER II: OVERVIEW OF BUILDING AND MANAGING BRAND EQUITY FOR A BUSINESS 6 1 Brand equity 6 1.1 Definition 6 1.2 Elements of brand equity 7 1.3 Brand Awareness 7 1.4 Perceived quality 8 1.5 Sources of brand equity 9 2 The concept of Customer- Based Brand Equity 9 2.1 Definition 9 2.2 How to create strong brand based on Customer- based brand equity 10 3 The Benefits of Brand Equity 10 4 Protecting and Managing Brand Equity 12 4.1 Managing Brand Equity 12 ii Trương Thuỳ Chi- CQ503891- Business English 50A 4.2 Protecting Brand Equity 13 CHAPTER III: ANALYSIS AND FINDINGS 14 1 Viet A Brand Equity 14 1.1 Customer’s awareness of plastic doors 14 1.2 Brand recognition 16 1.3 Viet A brand awareness 17 2 The ways that Viet A build the brand equity and its results 18 2.1 Customer’s reaction to promotion 18 2.2 Customer’s satisfaction 18 3 Problems in brand equity of Viet A Plastic Joint Stock Company 21 3.1 Problems in product’s criteria .21 3.2 Problems in Viet A slogan 22 4 Common evaluation 22 4.1 Advantages of Viet A Plastic Joint Stock Company .22 4.2 Difficulties of Viet A Plastic Joint Stock Company 23 CHAPTER IV: RECOMMENDATIONS 24 1 Building and Managing Brand Equity 24 1.1 Building Customer- Based Brand Equity 24 1.2 Building Brand Awareness 25 1.3 Building Perceived Quality 27 2 Managing Brand Equity 27 3 Protecting brand equity .28 CONCLUSION 31 APPENDIX 32 REFERENCES 39 iii Trương Thuỳ Chi- CQ503891- Business English 50A TABLE OF FIGURES Figure 1: Customer's knowledge of plastic doors 14 Figure 2: Customer's usage of plastic doors 15 Figure 3: Percentage of brand recognition .16 Figure 4: Viet A Brand Awareness 17 Figure 5: Customer's reaction to promotion .18 Figure 6: Customer's satisfaction of Viet A product quality and service 19 Figure 7: Customer' satisfaction of Viet A product price 19 Figure 8: Customer's evaluation criteria about Viet A plastic door products 21 Figure 9: Customer's evaluation about Viet A slogan 22 iv Trương Thuỳ Chi- CQ503891- Business English 50A EXECUTIVE SUMMARY The study was researched at the Viet A Plastic Joint Stock Company about the problems of building, managing and protecting brand equity The research was carried on from March 5th to March 30th with multiple objects of different ages (from 15 to 50 years old) and different careers After the researching process, the researcher can point out several problems about brand equity in Viet A Company and also suggest some solutions to deal with these problems Findings: The brand awareness of Viet A Company is low Although the price is lower than other competitors, the company cannot attract a lot of customers The slogan is not impressed with customers and they cannot remember it The company does not have financial support for the advertising Recommendations: Building customer- based brand equity to gain the customer’s confidence Building brand awareness: through improve customer service and advertising activities Building perceived quality: depends on the customer’s evaluation criteria Protecting brand equity: through the marketing mix elements v Trương Thuỳ Chi- CQ503891- Business English 50A INTRODUCTION 1 Research topic Building brand equity is a long process and requires a huge expenditure According to researchers, the strong corporations and companies in the world spend about 10% of its revenue on advertising to building brands However, the number of studies to enhance brand equity is not much in Vietnam The ignorance about building and managing brand equity in some small and medium enterprises in Vietnam put them to a difficult situation to compete to larger companies, specially, from abroad At the international trade fair about brands which was held in 2004 in Vietnam, the Deputy Minister of Science and Technology, Mr Le Dinh Tien said that: “Brand equity of a business is the reputation Building brand equity is one of the ways to compete in the market” (2009) Mr Thomas B Shepard- the Executive Vice President of Marketing and International funding in Visa International also completely agree that the brand equity will survive as a part of the most important assets of the company (2009) Therefore, a business which wants to operate in a long – term and sustainable development, needs to pay more attention to building and managing its brand equity, because that is the key measurement to evaluate business’ development Brand equity is not only a symbol, but also an effective tool to maintain and develop in the domestic and aboard market in the future That is the reason why some people said that brand equity is the money, the profit of enterprises According to the report about “The situation of building brand equity in Vietnam” (MA Dang Ngoc Su, 2012), the result of a consumer surveys which was launched in Ho Chi Minh City pointed out that 89% of consumers used brand as a main factor to selecting products That means consumers will be loyal to the brand if they trust the brand-name products To create the customer’s confidence, one of the main factors is to create the long- term relationship The business needs to reflect and express simultaneously in all three aspects: reliability, honesty and sustainability Therefore, understanding about the brand equity, the business would provide the explanation of problems which occur in the market and bring out the suitable solution at right time and right place to strengthen its brand equity 1 Trương Thuỳ Chi- CQ503891- Business English 50A 2 Rational Recently, the rapid growth in manufacturing and trading plastic door leads to many problems in competition between enterprises One of them is the brand equity, which plays an important role in increasing awareness and improving engagement of customers in the Vietnamese market The Viet A Plastic Joint Stock Company was also faced with that problem Without the difference in products’ quality and customers’ service, it is very difficult to gain the customer’s confidence for Viet A Company than other big enterprises (such as Euro window) Therefore, the purpose of this study is to determine the Viet A Plastic Joint Stock Company’s brand equity in Vietnamese plastic door like name awareness, perceived quality and so on Moreover, this research also applies these lessons to offer suggestions and solutions in improving and strengthening the brand equity for Viet A Plastic Joint Stock Company 3 Research question This study was designed to analyze the customers’ views about Viet A Plastic Joint Stock Company’s products and services to get the conclusion about its brand equity Specifically, the study seeks the answers to three questions: 1 What is Viet A brand equity? 2 What are the ways that Viet A build their brand equity? 3 What are the problems in brand equity of Viet A Plastic Joint Stock Company? 4 Scope of the research The research is carried out from March 5th to April 10th, through the data launched by Viet A Plastic Joint Stock Company, the reports and information from the internet At the same time, the survey and interviews also will be conducted through the Internet and social network 5 Methodology The research will follow this methodology: Survey: from March 5th to March 25th, there are 200 surveys were sent and 188 surveys were received The age of people surveyed from 14 to 50 years old Most of them are the officers, who pay much attention to the products There is 2 Trương Thuỳ Chi- CQ503891- Business English 50A a survey for the Viet A Company’s customers and a survey for the Vietnamese customers Interview: from March 20th to March 30th, there are 30 people were interviewed They are pupils at Nguyen Phong Sac High School, students at National Economics University, employees at Hung Thuan Plastic Company, Huu Nghi Plastic Company and Lac Viet Media Company The researcher also interview … 3 ... Business English 50A CHAPTER II: OVERVIEW OF BUILDING, MANAGING AND PROTECTING BRAND EQUITY FOR A BUSINESS Brand equity 1.1 Definition Brands vary in the amount of power and value they... OF THE VIET A PLASTIC JOINT STOCK COMPANY AND THEIR PROBLEMS ABOUT BRAND EQUITY Viet A Plastic Joint Stock Company .4 Problems about brand equity in Viet A Plastic Joint Stock Company. .. brand is influenced to a great degree by the quality of the product it sponsors Protecting and Managing Brand Equity 4.1 Managing Brand Equity In his 1989 paper, ? ?Managing Brand Equity? ??,