Faculty of economics & administration specialized marketing | Product Management Final Report

lOMoAR cPSD| 47206071
MINISTRY OF EDUCATION & TRAINING
HOA SEN UNIVERSITY
FACULTYOFECONOMICS&ADMINISTRATION SPECIALIZEDMARKETING SUBJECTS lOMoAR cPSD| 47206071
Subject: Product Management
Instructor: Phan Minh Tuan Nguyễn Trâm Anh 2195776 100%
Nguyễn Trương Ngọc Bích 2195574 100% Lê Trần Ngọc Hạnh 2194046 100% Ninh Thị Thu Hiền 2195541 100% Nguyễn Thị Ngọc Trâm 2190255 100% lOMoAR cPSD| 47206071
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· To complete this final report, we would like to express our deep gratitude to Mr.
Phan Minh Tuan for his guidance throughout the process of writing the report.
We sincerely thank you for your dedication to imparting knowledge during my
years of study. The knowledge acquired in the process of studying, it is the
foundation for the process of making this final report and valuable baggage for
us to enter life firmly and confidently.
Because of our limited knowledge, in doing this final project, we cannot avoid
making mistakes. We look forward to receiving the contributions of the sorcerer like our classmates.
Finally, we wish you good health and good success in your work. lOMoAR cPSD| 47206071
LIST PICTURE...................................................................................................3
LIST TABLE....................................................................................................... 4
CONTENT...........................................................................................................1
PART 1: NEW PRODUCT CREATION.........................................................1 I/ Idea
generation...................................................................................................1 II/
Evaluating the ideas......................................................................................... 2 1.
Idea formation process......................................................................................2
2. Choosing and ranking factors........................................................................... 3
3. Type of new product:........................................................................................ 5
PART 2: PRODUCT INNOVATION CHAPTER..........................................5
1. Background....................................................................................................... 5
2. Focus................................................................................................................. 6 3. Goals and
objective...........................................................................................7
4. Guidelines..........................................................................................................7
1.1. Degree of innovativeness: First to market.....................................................7
1.2. Timing............................................................................................................ 7
1.3. Copyright protector........................................................................................7
PART 3: NEW PRODUCT PROCESS ...........................................................8
I/ Phase 1: Opportunity identification and selection............................................ 8
1. Situations...........................................................................................................8
2. DIY trend...........................................................................................................8
3. The change in shopping generation.................................................................. 8
II/ Phase 2: Concept generation............................................................................ 8
1. Concepts information process...........................................................................8
2. Marketing research..........................................................................................10
Research question:.............................................................................................. 10
3. Rate the factors by choosing one of the following levels.............................. 11
1: Very unimportant............................................................................................ 11
2: It doesn't matter much.....................................................................................11
3: Normal.............................................................................................................11
4: Important......................................................................................................... 11
5: Very important Research results.....................................................................11
4. Perceptual map................................................................................................12 III/ Phase 3: Concept
evaluation.........................................................................15 1. ATAR
model...................................................................................................15 lOMoAR cPSD| 47206071
2. Total cost to produce one unit.........................................................................17
3. NPV (Net Present Value)................................................................................18
4. House of quality.............................................................................................. 22 VI/ Phase 4:
Development.................................................................................. 24 1.
Benefit............................................................................................................. 24 2. Chunks and
functions......................................................................................24
3. The detail of the Fleursvertes..........................................................................25
4. Components.....................................................................................................26
5. Packaging form............................................................................................... 27
6. Logo of Fleursvertes....................................................................................... 28 V/ Phase 5: Launching the
product.....................................................................28 A. Situation
analysis........................................................................................... 28
1. Industry background....................................................................................... 28
2. Company background..................................................................................... 29 3. SWOT
analysis................................................................................................30 B.
Marketing Objectives..................................................................................... 30 C. Marketing
Strategy:........................................................................................30
1. General Marketing Strategy............................................................................30
1.1. Target Marketing Segment.......................................................................... 30
1.2. Brand differentiation strategy...................................................................... 32 1.3 Brand positioning
strategy............................................................................32 2. Specific target
market strategy....................................................................... 32
2.1 The Product strategy..................................................................................... 32
2.2 Pricing Strategy.............................................................................................33 2.3 Distribution
strategy......................................................................................33 2.4
Communication strategy............................................................................... 33 D.
Action Program (Tactics)...............................................................................34 1.
Communication plan (IMC Plan)................................................................... 34
1.1 Media Objectives.......................................................................................... 34
1.2 Media Plan.....................................................................................................35
2. TimeLine......................................................................................................... 40
IV/ INTELLECTUAL PROPERTY REGISTRATION.................................... 42
CONCLUSION..................................................................................................43
REFERENCES..................................................................................................44 lOMoAR cPSD| 47206071
Picture 1 : Fleursvertes in the market (Source: Student synthesis) .................... 13
Picture 2 : Perceptual map (Source: Student synthesis) ..................................... 24
Picture 3 : Packaging of Product (Source: Student synthesis) ........................... 37
Picture 4 : Logo of Product (Source: Student synthesis) .................................... 38
Picture 5 : Percent of handmade sellers (Source: Student synthesis) ................. 39
Picture 6 : Product (Source: Student synthesis).................................................. 50
Picture 7 : Overview of Media plan (Source: Student synthesis) ....................... 50
Picture 8 : Insight (Source: Student synthesis) ................................................... 51
Picture 9 : Budget of Awareness and Conversion (Source: Student synthesis) 42 lOMoAR cPSD| 47206071
Table 1 : VRIN Model (Source: Student synthesis)..............................................3
Table 2 : Ranking Factors (Source: Student synthesis).......................................4
Table 3 : Concepts Generation (Source: Student synthesis)................................8
Table 4 : Marker share result (Source: Student synthesis)................................11
Table 5 : Compare 4 important factors among our products and other
companies (Source: Student synthesis)...............................................................12
Table 6 : Comparison of our products and competitors (Source: Student
synthesis).............................................................................................................14
Table 7 : Result of the survey 1 (Source: Student synthesis)............................. 16
Table 8 : Physical Value Product 1 (Source: Student synthesis).......................17
Table 9 : Data for NPV of Concept 4 (Million VND) (Source: Student synthesis)
.............................................................................................................................19
Table 10 Data for NPV of Concept 5 (Million VND) (Source: Student
synthesis).............................................................................................................20
Table 11 : Data for NPV of Concept 2 (Million VND)...................................... 21
Table 12 : House of quality (Source: Student synthesis)................................... 22
Table 13 : Chunks and functions of produc (Source: Student synthesis).......... 25
Table 14 : Details of Product (Source: Student synthesis)................................ 26
Table 15 : Components of product (Source: Student synthesis)........................26
Table 16 : SWOT of Product (Source: Student synthesis)................................. 30
Table 17 : Media tools which to use for product (Source: Student synthesis)..34
Table 18 : Digital Marketing activities for catch attention............................... 36
Table 19 : Media tools activities for launching (Source: Student synthesis).... 37
Table 20 : Media tools activities for pre-campaign (Source: Student synthesis)38
Table 21 : Digital Marketing activities for catch attention............................... 39 lOMoAR cPSD| 47206071
Idea 1 : Canned food
Product : Processed and canned foods such as meat, fish, vegetables, rice.
Context: Canned food products attract workers who do not have much time to
prepare meals, students, students,.. Most of all, canned products with low cost,
suitable for all people, full of nutrients, bring a meal with full protein, starch, fiber and good for health.
In addition, we also use porcelain instead of plastic boxes to make product
packaging to protect the environment.
Payment : Pay cash, bank card, e-wallet after buying products at stores.
Formality: Separate counters displayed at convenience stores, supermarkets,
grocery stores, and agents. Idea 2 : Clothes flat spray
Product : Spray to smooth clothes
Context : Launching a product that can help busy people and housewives not
spend too much time preparing clothes for the family before going out. Besides,
with its small and compact design, it can help customers easily carry it when traveling or working.
Payment : Card payment, cash, e-wallet
Formality : Supermarkets, e-commerce platforms.
Idea 3 : Handmade wool accessories
Product : Wool bags, wool and knitting tools.
Context : Customers can order their own custom knitted bags and they can also
buy handmade knitted bags available at the store. There are also tools that they can make at home.
Payment : Card payment, cash, e-wallet Formality: At the store, on the shop's social networking sites, on the e-commerce platform.
Idea 4 : Self-designed nail app
Product : Design nails on mobile apps lOMoAR cPSD| 47206071
Context : Use the app on the phone to design nails with the unique creativity of
each customer. Customers can create unique and strange nails according to their personality.
Payment : Payment of bank cards, e-wallets Formality : Directly on the phone app.
Idea 5 : Sun protection Jacket
Product : High-grade UV protection shirt
Context : Sunscreen products with thin and light fabric to help customers not get
hot when it's sunny. Especially with the high UV index in Vietnam, this product
also helps consumers avoid the harmful effects of UV rays.
Payment : Cash payment, bank card
Formality: At the brand's store, e-commerce platform and on the brand's social networking sites.
To help businesses filter and select good information and ideas, step 1 we choose
to use the VRIN model. VRIN stands for Valuable, Rare, Imitationable and Irreplaceable. -
Valuable: Create resources, competitive advantage or sustainable
competitive advantage for the business. To improve business performance and
efficiency, exploit opportunities or neutralize threats in your operating environment -
Rare: Resources must be scarce and hard to find in competitors, otherwise
the advantage created from that resource will quickly be imitated by competitors. -
In-imitable: This will make your products less likely to be copied and replaced by competitors. -
Non-substitutable: Creating proven irreplaceable characteristics can
ensure a sustainable competitive advantage of enterprises. lOMoAR cPSD| 47206071
Table 1: VRIN Model (Source: Student synthesis) Canned food x _ _ _ Clothes flat spray x x _ x Handmade wool x x _ x accessories Self-designed nail x x _ x app Sun protection x - x _ Jacket
Meet demand (25%)
According to the customer-centric concept of businesses, customer needs, wants
and trends should be the starting point for all decision making in the organization.
Customer-centricity focuses on finding and researching customer needs to satisfy
that need. Because unless we create value for customers, customers will not
spend money, time and effort to buy products. Therefore, meeting the needs of
customers is the first thing that businesses need to do.
Differences (25%)
Product differentiation in English is Product Differentiation.
Product differentiation is creating and portraying the differences of an
enterprise's products or services compared to the products or services of other
competitors. The process of differentiating one product or service from another,
in order to make it more attractive to a particular target market, otherwise
creating a distinctive mark on the consumer. users, with a certain characteristic
will make them immediately think of the product that the business creates. lOMoAR cPSD| 47206071 Price (20%)
In addition to product quality, price is also one of the factors that have a significant
influence on consumers' purchasing decisions. And it is obvious that, when a
product has the same quality, the place with more competitive prices will attract
customers and capture a higher market share.
Convenience (15%)
Convenience is not simply a solution that is suitable for all industries and
services. They all differ based on how people shop, where they are on their
buying journey, and what they are buying. The fact that a product has a
convenient feature will help consumers be more satisfied with their experience,
they will be comfortable and do not need to go through too many stages to use the product. Satisfied (15%)
Customer satisfaction is a product or service evaluation after purchase. A
traditional definition of satisfaction according to the consumer
satisfaction/dissatisfaction model suggests that satisfaction/dissatisfaction is the
result of the interaction between pre-purchase expectations and evaluation. after
purchase. A product that makes consumers happy with it will help businesses
create more loyal customers. This group of customers will be willing to
recommend products to those they know and willing to ignore other products to
decide to buy goods of the business.
Table 2: Ranking Factors (Source: Student synthesis) Handmade Self-designed Sun protection wool nail app Jacket accessories Rank
Mark Rank Mark Rank Mark Items Ratio Meet 25 4 75 4 80 5 100 demand lOMoAR cPSD| 47206071 Differences 25 4 100 5 80 3 50 Price 20 4 80 3 75 3 70 Convenience 15 5 80 4 70 4 90 Satisfied 15 5 100 3 80 5 60 Total 100 435 385 370
Picture 1: Fleursvertes in the market (Source: Student synthesis)
The world trend in the coming years will be towards creating a healthy,
minimalist lifestyle from the smallest items and expressing personality. Vietnam lOMoAR cPSD| 47206071
has also caught up with the world to launch products that match the new needs
of customers. DIY accessories are also one of the sought-after products both for
use and as gifts for friends and family. Because this product is homemade, each
item is meticulously and skillfully made and can be customized to the customer's liking. 2.1 Target custormer
The product is aimed at customers aged 16-25 who have a passion for homemade
products. Have a nostalgic, light-hearted style and take time for yourself. 2.2 POP, POD
Points of Parity
With a price that is not too different from other industrial accessories, customers
will own a variety of products such as earrings, rings, necklaces, bags,... by hand
Points of Diference
The unique point of the product is to customize the product according to the
user's personality. Customers will choose the model, color or
be consulted. To choose the most special designs to express your personality or give to the ones you love. Technology
The technology to create the product is completely handmade. Each product will
be meticulously and skillfully crafted for that customer. And no two products
will be exactly alike. The downside of this is that there is no product available,
it takes time to craft different items. But there is still a solution that is to make
the main stages ready, when needed, put them in will speed up the process of completing the product. lOMoAR cPSD| 47206071
Our ambition is to become one of the most well-known handmade accessory
manufacturers, with hand bag and bracelets as our core goods. Woolen hand bag
are a popular trend among gen z, and many fashionistas are looking for them. On
social media, the brand's image will be promoted. Within two months, the goal is
to boost awareness in the target customer's thinking by 30%.
After that, we'll establish a store where clients may try on bags and bracelets and finish them if they wish.
1.1. Degree of innovativeness: First to market
Today's accessories and jewelry come in a wide range of styles and designs.
However, because each buyer can customize their own item, our products are
personalized for them. Each product has its own backstory and feelings attached to it.
Our staff has done extensive study in order to create vintage-inspired items.
Completely significant and incredibly aesthetic, particularly for Generation Z,
who are constantly updating their attire.
It does not generate ruffles, fluffiness, or is difficult to wash because it is made of well selected wool material. 1.2. Timing
The product will be released one week before March 8, on March 1, 2021. This
is the time of year when children, students, and men plan gifts for the people they
care about. When individuals, particularly our target clients, are looking for thoughtful gifts.
1.3. Copyright protector
The new product will be legally protected by patent register and trademarks. lOMoAR cPSD| 47206071
By 2020, brands that demonstrate environmental responsibility and recycle are being
trusted by customers. Markets such as second hand, rental and repair all saw high
growth for the sake of reducing fashion waste. By 2024, it is forecasted that the second-
hand clothing market value will reach 64 billion USD. According to the Vietnam Insight
2022 report of Kantar (a market research company), currently in Vietnam, the market
for environmentally friendly products such as made from natural materials and highly
recycled products is becoming a trend. big direction.
People who like handcrafted pieces with a personal touch, as well as those who
appreciate vintage style. Love the limited and personal products. A product carries the
spiritual meaning and meaning of the product.
Homemade accessories products have been and are the trend of Generation Y and Z.
Since the explosion of printed canvas bags and 2016 years, Generation Y customers
have been aware and interested in natural products. express their own personality
through the images printed on the bags and the future trend of recycling and protecting
the environment. Generation Z is a dynamic generation that always responds strongly
to products from the environmental protection campaign. This product also presents the
required features such as convenience, youthfulness, nature and vintage colors suitable for both Generation Y and Z.
Table 3: Concepts Generation (Source: Student synthesis) Technology Form Benefit lOMoAR cPSD| 47206071 - Handmade by knitting, - Using NAKO - Not
crocheting. High value. - Suitable ELIT BABY wool yarn harmful to for all weather conditions: that has been treated in users. insulation, waterproof, .. combination with beads, - It may - Diverse items such as by the knitting technique be used in
necklaces, rings, rings, bags,... of skilled workers. - any weather. - Easy to match with many Structure: includes a - Easy to fashion styles. knitted bag with wool, a clean. - detachable strap High (beads/wool) that can be temperature easily combined with resistant. different outfits and - Bring styles. high - Size: compact, aesthetic. light wool yarn. - Can be cleaned by washing machine. Technology Form Benefit
The same as concept 1, but this Flowers has launched - The
product is softer and more resistant products in the form of same like to ruffles, when using wool
100% handmade handmade concept 1
products, the thing that consumers bags, 90% made of NAKO -
are most worried about is probably ELIT BABY wool with Customers
that when using for a while, the 100% will
product will be ruffled. Realizing Premium Anti-Pill Arcylic experience
that concern, we use anti-ruffle composition, outstanding a better
wool yarn, soft form to meet the anti-wrinkle. product needs of customers. with more durability . Technology Form Benefit lOMoAR cPSD| 47206071
-NAKO ELIT BABY wool is known - Same as concept 1 except - Similar to to be a poor conductor material. concept 1.. of electricity - High reusability lOMoAR cPSD| 47206071 Technology Form Benefit
- Products have high reusability - The same as concept 1 - Same as and product durability concept 1. - Contributing to reducing waste and protecting the environment. Technology Form Benefit - Many color - Same as concept - Similar to combinations and designs. 1. - Diverse items such concept 1. - -
Each processed bag will as necklaces, rings, Products can be contain a different story. In
rings, bags, ... with many customized addition, with the Handmade color combinations and according to
bag: the story of the material, different designs. customer the story of the production - We have a requirements. - process showroom where you Personalize the - We don't just stop at may see customer
selling the bags, we also bring materials like beads, experience
you values, we personalize the ropes, and accessories....
products by letting the customer participate in the bag making process. Handmade with us is for customers to hear, understand and implement our products even in the simplest
stages. The created product will bring its own meaning and value in the way that they perceive the product.
Research question: lOMoAR cPSD| 47206071
Rate the importance of the factors below when choosing which Handmade Flowers product to use. 1: Very unimportant 2: It doesn't matter much 3: Normal 4: Important
5: Very important Research results
Low cost, Eye-catching style and design, environmental protection material, Easy to clean.
Table 4: Marker share result (Source: Student synthesis) Color 3 0 12 48 42 4.24 Design 1 2 17 36 48 4.28 Material 1 1 8 50 47 4.33
Capable of insulating 5 8 28 36 31 3.75 Eco-friendly 1 0 17 40 50 4.36 Exclusively 4 5 25 38 36 3.94 Anti-ruffle 1 2 12 51 41 4.22 Easy to clean 1 3 15 43 45 4.19 Convenient 1 1 10 45 43 4.27 Easy to use 2 0 11 49 46 4.14 Durable 1 2 15 48 42 4.20 Cheap 1 3 22 39 43 4.29
From the above results, it is shown that, Environmental protection", "Cheap cost",
"Convenience" and "Material" are the factors that account for a high percentage in the
top and it is also the important factors in the process. our Fleurs Vertes bag product selection process.