analysis of the current 4ps marketing strategy acecook vietnam joint stock company

Acecook Vietnam has establisheda strong market position by providing instant processedproducts of high quality and nutritional value.With the goal of becoming a leading food manufacturer

GROUP ASSIGNMENT _Group 1 _

Lecturer: Tran Tuyet Minh

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MEMBER OF

Đặng Văn SiêuHS160891

Trần Công HoanHS163215

Nguyễn Thị Ánh HồngHS163350

Ma Thị Linh NgaHS163061GRO UP 1

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III Analysis about the consumer behavior

3.1: Psychological characteristics of consumers.

3.2: Social and external factors influencing consumer behavior.3.3: The role of sub-culture and culture

3.4: Consumer decision- making process

Table of Content

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Bring consumers satisfaction, happiness, and peace ofmind through convenient, delicious, high-quality, andsafe products based on "Japanese Technology,Vietnamese Taste."

Focus on developing long-term human resources bycreating a favorable working environment withappealing benefits so that employees can feel confidentin their ability to work and devote in the long term.Commit to following the law, maintaining food safetystandards, and being environmentally conscious.Actively work to improve people's lives, bring themhappiness and smiles, and contribute to socialdevelopment.

Acecook Vietnam Joint Stock Company has beenconstantly developing and becoming a leadingmanufacturer of foodstuffs in Vietnam since itsestablishment on December 15th, 1993 and officialinauguration in 1995 Acecook Vietnam has establisheda strong market position by providing instant processedproducts of high quality and nutritional value.

With the goal of becoming a leading food manufacturernot only in Vietnam but also in the world, AcecookVietnam commits to continue conducting research andbring to the market diverse products with higher qualityand better taste, create a rich culinary culture to meet theincreasing demand of food from customers as well ascontribute to the development of food industry inVietnam.

I Introduction

1.1 Short profile of that product

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In order for Hao Hao noodles' marketing plan to besuccessful, a focused campaign with a definedtarget audience must be developed Because of this,many individuals will be able to use Hao Haonoodles.

Students make up the majority of Hao Hao's targetmarket, while consumers in rural areas make up ahigher share of the market than those in urbanareas Acecook must therefore offer a pricing thatmeets the target customer's budget in order to gainmarket share and make significant profits.

More than 90% of people in Vietnam currentlyconsume instant noodles, however at varied rates:50% of students, 30% of households, and 20% ofrestaurants and eateries Additionally, due to theirlimited financial resources and propensity forselecting foods with simple flavors that may easilyreplace the main course, students are Hao Hao'smajor target market In addition, because peoplefrequently eat breakfast at home before leaving forwork, family consumption is also extremelyconcentrated The brand has continuously evolvedand improved to introduce numerous Hao Haonoodle product lines with various flavors, ideal foreach user's preference, in order to fulfill these clientgroups

Target customer

Target market1.2 Target

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1.3: Aims, do research and analyze the current marketing strategy and some suggestions (LinhNga)

With the goal of becoming a leading food corporation not only in Vietnam but also reaching out to theworld, Acecook Vietnam is committed to continuing to research and bring to the market diversifiedproducts with high quality in the future, higher, more delicious, creating a rich culinary culture to meetthe increasing culinary needs of customers and contribute to the development of the food industry inVietnam To achieve the above successes, Acecook has built and implemented effective 4Ps MarketingMix strategies This is also the reason why the team carried out research and analysis of Acecook'scurrent marketing strategy and from there came up with some new recommendations for the company inthe future.

1.3 Aims

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So far, Acecook's product line includes more than just instant noodlesPho - noodle soup - vermicelli

The Vietnam Record Organization has set the record of "The most consumed instant noodle product inVietnam for 18 years" (2000-2018) for Hao Hao noodles with nearly 20 billion packages of noodles.Also according to the statistics of Kantar Worldpanel in 2019, Hao Hao is one of four instant noodlebrands in the top 10 most voted food brands by consumers in rural areas, and is the only instant noodlebrand that is recognized by consumers Use the city to vote.

Applying Hofstede's consumerism, all Acecook products undergo an international standard controlprocess to ensure quality Each product is tested according to global standards for cleanliness and foodsafety before being packaged for consumers.

In 2020, Acecook introduces a product of Good Grade salt in addition to ready-to-eat goods to meet theneeds of consumers In addition, the company is more focused on attracting young consumers andlaunching products for them, such as Doraemon noodles, convenient mini Hao Hao or Na Ni noodles.According to Maslow's hierarchy of needs, people can be found to be busier and move more often dueto the pace of modern life Especially people with moderate to low income, they will not have muchtime to enjoy food So with these convenient products that consumers can now enjoy their mealswhenever they want, Acecook launched items with the moniker of "instant food" right away processedinto bowls, cups and trays Anywhere, under any circumstances.

II Analysis of the current 4Psmarketing strategy

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2.2: Place

Vietnam is one of the feudal countries and has a part of Confucian ideology, so it is the women'sresponsibility to do the housework and the men do not have to do anything but cook However, today thatregime has ended and gender equality in Vietnam is also very focused Therefore, Vietnam is one of thecountries with many major changes in lifestyle, including the way Vietnamese people live and work.Outside of working hours, many Vietnamese women also participate in social activities and sports activitiesto improve their health Therefore, the time for them to cook for the family in daily life tends to decrease.Therefore, the product can be used as quickly as instant noodles, which is favored by many Vietnamesewomen.

According to Hofstede's Cultural Dimensions, we can see Vietnam in villages or in ancient times,Vietnamese people often had the habit of buying in bulk and buying the same product Therefore, Hao Haonoodle products have served consumer behavior and habits by widely distributing to the nationwide market.Acecook has built a system that can provide services and products to meet the needs of more places such asretail supermarkets, hypermarkets, wholesalers, wholesalers, retailers, etc However, Nowadays, thepersonality and the family have been promoted and popularized, so the traditional retail stores, or atwholesale markets, in the past were the most suitable places to supply products Hao Hao's products,currently, there are kiosks or convenient supermarkets or in the building, which are more popular.

Based on the long-standing shopping habits of Vietnamese people in rural areas without many modernsupermarkets, they often visit grocery stores as well as market stalls Hao Hao has selected manywholesalers (level 1 agents) and the duty of these wholesalers is to distribute to lower level wholesalers andthen to retail stores Also distribution channel: Manufacturer => retailer => consumer Also Acecookcompany focuses on selling Hao Hao noodles Due to today's general consumption trend of Vietnamesepeople, they are getting closer and closer to modern distribution channels such as supermarkets and buffetstores.

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Hao Hao is a large noodle brand with a long-standing market share It has been associated with many users'childhoods and until now there are many other noodle products on the market, but Hao Hao has always leftits mark in the minds of customers Although it is positioned in the popular segment, Hao Hao has beencriticized for having banned substances in the noodles When this happens, consumers are affected by massconsumerism and it creates distance from the product According to the theory of mass consumerism, it hasbeen widely criticized by both individuals who choose to avoid and choose a different noodle product otherthan Hao Hao With this incident, Hao Hao was almost boycotted at the time of the incident public opinionat that time At that time everyone seemed to follow consumer collectivism In recognition of all comments,Hao Hao has corrected the incident so that customers can understand the problem and not be confusedabout the product.

This is a step to solve the problem that occurred because at that time, the problem of substances containedin the product was of greater concern to customers than ever because it affected consumers' health It wouldeliminate the indications previously quoted, while showing concern for society and consumer healthGRO UP 1

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2.4 Price

According to McKinsey, just a 1% price change will increase revenue by 6% To be able to competedirectly with competitors In addition to maintaining its No 1 market, Acecook has adopted a PenetrationPricing Strategy 80% of Hao Hao noodle customers belong to middle-income class such as students,workers, living in rural areas, so the price of Hao Hao noodles is 3500VND, a very reasonable price for allconsumers There are some opinions that Hao Hao noodles will increase in price in the near future becausein the past, this brand has repeatedly used market penetration pricing strategy to measure customerfeedback row Customers and gradually raise the ceiling price of the product from 1500 VND / pack to3500 VND / pack

According to the theory of consumer confidence, an increase in the price will lead to a decrease inconsumer demand, so if the price of Hao Hao noodles increases again, the customer's reaction will be muchmore negative because consumers always think that the goods are good the goods are cheap They mayeven switch to another product in the same segment and skip the perfect product.

But if Hao Hao could use the absolute threshold theory to increase the price difference but only to athreshold that users may not realize, to be able to increase the price of its product little by little combinedwith Increasing the value of products received back to customers such as flavors or increasing the amountof noodles will prevent customers from having a negative reaction when increasing the product price of theproducts.

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3.1.Psychological characteristics ofconsumers.

Students, workers and others in the popular segment consume the majority of instant noodles According tothe social class structure, people with low incomes and have to pay for a variety of goods make price anunavoidable factor for regular consumers when making purchasing decisions.

Most casual shoppers choose to buy things in modest quantities, enough for a week or a few days Ordinaryconsumers tend to stick with well-known brands and free samples to reduce the risk and cost of buying newproducts The best option is almost always one Prices in our country are increasing day by day due to thecurrent economic situation All we need is 1 pack of noodles to make dinner, this is the most economicaldish for students Also based on Maslow's hierarchy of needs: the first tier of the hierarchy of needs, themore people do not have time to cook, however, the need to eat is necessary But most people are busy anddo not have time to cook because the economy is expanding, people's incomes are increasing, the time isless and less every day, so a quick dish like noodles Shrimp is indispensable Instant noodles are a great andsatisfying staple for busy people because of their affordable price and quick, easy preparation Instantnoodles can be consumed anywhere, and the preparation step is also quite quick You can prepare adelicious and healthy bowl of noodles in just three minutes.

Therefore, applying the perception process, businesses must carefully study the culinary traditions of eachcountry before choosing to launch in Vietnam or other countries This project seeks to produce suitablegoods from imported raw materials The construction of the material, the presentation of the design and thetaste of the advertisement must all reflect the customer's awareness of the culinary culture Consumersconsider many factors when choosing a product, including design, convenience, and nutritional content.In addition, there will be many different tastes depending on the region, such as: In terms of taste, people inthe North often use traditional instant noodles The South likes to use a lot of sour and spicy spices.Besides, in Vietnam, it is noted that using instant noodles has become an indispensable habit of people withthe consumption of 1-3 packs/person/week.

III Analysis about the consumer behavior

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Age, occupation, economic status, lifestyle, personality are factors that affect the buying behavior ofcustomers Different age groups will have different preferences, young customers prefer products with eye-catching colors and like to try new things, while older customers do not like to be picky about colors Onthe contrary, they like simplicity, so they are less persuaded to buy by pictures Promotion formula soproduct packaging color design, as well as product taste will be affected by different age The income levelvaries by industry which will affect the price of the product High-income customers do not care aboutprice, only product quality and convenience, while low-income customers, price is very important Basedon that, companies offer many products with many attractive prices or marketing programs In the currenteconomic situation, prices are constantly increasing, which makes customers interested and hesitant inmaking decisions buy product.

According to Hofstede, based on mass consumerism, when the brand is trusted by many people,Vietnamese people will be less worried about the product The number of consumers interested in brandsbecause they believe that a strong brand will ensure outstanding quality as well as products that meet theirdesires However, the stronger the brand, the more expensive the product, so the purchase decision shouldalso consider the safety of the product Therefore, customers often prefer products with well-known, well-proven brands.

Finally, based on conscientious consumerism, health is also a factor that is always emphasized Even today,many people are still quite concerned that instant noodles can increase body temperature, have manyharmful substances and are not enough Mean while, instant noodles are attracting more and more users dueto the increasing demands of life Most consumers think that eating instant noodles often is not good forhealth, so when choosing items, they always consider health and nutrition first.

3.2 Social and external factors influencingconsumer behavior

Subculture: Each culture has smaller subcultures that create unique characteristics and integrate withthe level of society for its members Sub-cultures each have very different distinct market segments.and marketers often design products to fit their needs Personal shopping behavior will be influenced bythe subcultures of each individual.

Because of such understanding, Hao Hao noodles have designed products as well as product flavors tosuit the taste and outlook of each Vietnamese people so that they can buy more suitable for daily life.There are three main influencing factors: cultural, social, and personal factors.

Cultural factors group

Culture is thought to be the most fundamental factor in determining a person's behavioral preferences whenutilizing a certain product Through his or her family and primary motivations, a child develops a variety ofvalues, identities, interests, and behaviors as they get older Hao Hao noodles are a staple of Vietnamesedaily life.

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