MINISTRY OF EDUCATION AND TRAINING HOA SEN UNIVERSITY
FACULTY OF ECONOMICS & MANAGEMENT FINAL REPORT
THE INTERNATIONAL MARKETING PLAN OF VIACOL IN KOREA Group 02 Course Code 0100 Course Name International Marketing Lecturer Ms. Dang Truong Thuy Anh
Ho Chi Minh City, November 2023
Hoa Sen University International Marketing Table of Contents
COMMITMENT.............................................................................................................. 6
ACKNOWLEDGEMENT............................................................................................... 7
LECTURER’S COMMENTS......................................................................................... 8
List of Group Member..................................................................................................... 9
WORK CONTRIBUTION RECORD TABLE............................................................10
INTRODUCE................................................................................................................. 11
A. Introduce company:................................................................................................ 12 1.
Introduction to Viacol:............................................................................................ 12
1.1. Company background:........................................................................................12
1.1.1. Company history:..........................................................................................12
1.1.2. Mission statement & vision:..........................................................................12
1.1.3. Product line – Vietnat:.................................................................................. 12
B. Macro Environment of Kora..................................................................................14
1.2. Political climate.................................................................................................... 15
1.3. Political stability................................................................................................... 15
1.4. Assessment............................................................................................................ 16
2. LEGAL....................................................................................................................... 17
2.1. Constitution of country........................................................................................17
2.2. Components of business laws..............................................................................18
2.3. International Trade Agreement.......................................................................... 20
2.4. Assessment............................................................................................................ 21
3. Economic..................................................................................................................... 23
3.1 GDP Growth.......................................................................................................... 23
3.2 Trading Statistics.................................................................................................. 24
3.2.1 Export condition............................................................................................. 25
3.2.2 Import condition............................................................................................. 26
3.2.3 Trade deficit.................................................................................................... 27
3.3 Labor force and unemployment in country........................................................28
3.4 Inflation rate.......................................................................................................... 29 1
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3.5 Assessment............................................................................................................. 30
4. Culture environment.................................................................................................. 31
4.1 Aesthetics............................................................................................................... 31
4.2 Music, drama, dance............................................................................................. 31
4.3 Religion.................................................................................................................. 31
4.4 Language............................................................................................................... 32
4.5 Smoke Culture......................................................................................................32
4.6 Sumary................................................................................................................... 32
5. Geographical Setting.................................................................................................. 33
5.1 Topography...........................................................................................................33
5.2 Transportation......................................................................................................33
5.3 Weather................................................................................................................. 33
5.4 Summary............................................................................................................... 34
6. Social Enviroment...................................................................................................... 35
6.1 Family.................................................................................................................... 35
6.2 Education............................................................................................................... 35
6.3 Demographics........................................................................................................ 35
6.4 Social Classes......................................................................................................... 35
6.5 Living standards and leisure................................................................................36
6.6 Sumary................................................................................................................... 36
7. Technogical................................................................................................................. 37
8. Tranding Infrastucture.............................................................................................. 39
8.1 Retailer.................................................................................................................. 39
8.2. Method of operation............................................................................................39
8.3. Scale of operation................................................................................................. 39
8.4 Middlemen availability.........................................................................................41
8.5 Facilities................................................................................................................. 42
8.6. Summary.............................................................................................................. 43
9. The market:................................................................................................................ 44
9.1 Customers:............................................................................................................. 44
9.1.1. Characteristics of consumer target groups:.................................................44 2
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9.1.2. Consumer preferences and buying habits:..................................................44
9.2 Competition:.......................................................................................................... 45
9.3. Market size and sales estimates...........................................................................48
C. Marketing plan........................................................................................................49
10. Statement of problems and opportunities..............................................................49
10.1 PESTEL analysis:............................................................................................... 49
10.2 PESTEL analysis summary :............................................................................51
10.3 SWOT analysis of the company:........................................................................53
10.4 SWOT summary:................................................................................................55
11. International marketing objectives.........................................................................57
11.1 Financial objective:.............................................................................................57
11.2 Market share objective :.....................................................................................58
12. International marketing program...........................................................................58
12.1. Market Segmentation and target market.........................................................58
12.1.1. Demographic segmentation variables........................................................58
12.1.2. Psychographics segmentation variables.....................................................59
12.1.3. Geographic Segmentation Variables........................................................59
12.1.4. Behavioral segmentation variables...........................................................59
12.1.5. Evaluating Market segment........................................................................61
12.1.4. Summary...................................................................................................... 68
12.2. Marketing mix.................................................................................................... 69
12.2.1. Product adaptation and modification, based on........................................69
12.2.2. Price.............................................................................................................. 71
12.2.3. Placement/ Distribution...............................................................................73
12.2.4. Promotion..................................................................................................... 78
13. Evaluation and control.............................................................................................84
14. Conclusion:............................................................................................................... 85 3
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Hoa Sen University International Marketing Image Categories
Figure 1: Product..............................................................................................................45
Figure 2: Product..............................................................................................................46
Figure 3: Product..............................................................................................................47
Figure 4: Promotion detail................................................................................................80
Figure 5: Detailed IMC plan............................................................................................81
Figure 6: Scorecard..........................................................................................................84 5
Hoa Sen University International Marketing Table Categories
Table 1: GDP Growth......................................................................................................23
Table 2: Trading Statistics................................................................................................24
Table 3: Export Condition................................................................................................25
Table 4: Import Condition................................................................................................26
Table 5: Trade Deficit......................................................................................................27
Table 6: The data of labor force and unemployment........................................................28
Table 7: Inflation rate.......................................................................................................29
Table 8: PESTEL analysis................................................................................................52
Table 9: SWOT Matrix....................................................................................................56
Table 10: Table of market size.........................................................................................68 6
Hoa Sen University International Marketing COMMITMENT
"We pledge in our own honor that this is a report our team made on our own and does not
violate academic integrity. We take full responsibility to the university and faculty for this commitment." 7
Hoa Sen University International Marketing ACKNOWLEDGEMENT
"Our team would like to express our sincere thanks to Ms. Dang Truong Thuy Anh, who
has accompanied my team this semester and did not hesitate to answer our questions in
the most thoughtful and dedicated way." 8
Hoa Sen University International Marketing LECTURER’S COMMENTS
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Ho Chi Minh City, November 2023 LECTURER'S SIGNATURE 9
Hoa Sen University International Marketing List of Group Member STT Name ID STUDENT 1 Le Thi Truc Phuong 22114729 2 Tran Thanh Vy 22113206 3 Vo Truc Quynh 22111130 4 Truong Tran Minh Nhat 22112868 5 Nguyen Phuoc Thuong 22015150
WORK CONTRIBUTION RECORD TABLE No. Full Name Student ID Tasks Evaluate 10
Hoa Sen University International Marketing 1 Le Thi Truc Phuong 22114729  Leader 100%  Research content  Check content  Present 2 Tran Thanh Vy 22113206  Research 100%  Design powerpoint  Present 3 Vo Truc Quynh 22111130  Research 100%  Design powerpoint  Present 4 Truong Tran Minh 22112868  Research 100% Nhat  Present 5 Nguyen Phuoc 22015150  Research 100% Thuong  Present INTRODUCE
Rising healthcare costs, employers and consumers in developed economies to consider
medical services or health products in foreign countries, which have much lower costs,
yet can provide comparable quality of care. 11
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The smoking rate in South Korea is quite high. South Korea the second-highest country
in terms of smoking rates among OECD countries. Smoking is also a cause of throat
diseases, so it is also a potential market for throat lozenges.
The prevalence of climate change in Korea, especially in the winter has frequently led to
instances of human health, which in turn has been identified as a significant factor
contributing to persistent coughing among the population.
Moreover, the Korean people's conscientiousness regarding their consumption habits is
often demonstrated through the common practice of preparing numerous dietary
supplement products. Nevertheless, after these meetings, most of us cannot avoid the side
effects of dietary supplements, such as digestive issues, nutrient imbalance, blood sugar fluctuations, and so on.
Due to the aforementioned issues, many people when they get sick, especially prolonged
cough, choose to utilize some of the soaked candy dietary supplements as a reliever.
Indeed, to understand the customer behavior, the thoughts of Korean consumers, our
team decided to choose the Viacol - soaked candy dietary supplement product of Vietnam
for the Korean market with the desire to expand the experience and towards comprehensive health. A. Introduce company: 12
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1. Introduction to Viacol:
1.1. Company background: 1.1.1. Company history:
Vietnat Pharmaceutical Company Limited is a member of Viet Nature Joint Stock
Company, in charge of distributing all products of Vietnat factory nationwide and
exporting to other countries. Currently, the company's products are distributed evenly
across the country through provincial distribution agents, wholesale centers and
pharmacies. Vietnat's products have gradually asserted a solid position and contribute a
large part to market demand in the line of respiratory antiseptic products such as Viacol, ginger candy, collgen,...
1.1.2. Mission statement & vision:
"Live happily, live healthily, in harmony with nature"
The mission is to research health-protecting foods to improve health and reduce the risk
of disease. Not only does Vietnat research and learn about natural medicines to help
improve health, it also always listens to customer feedback and provides thoughtful care
services. The business always maintains relationships with distributors and retail
channels and always has a commission policy for related parties.
1.1.3. Product line – Vietnat: Lozenges  Vietnat ginger candy
 Viatux extra cough lozenges  Viaol lemon balm lozenges  Viacol lozenges Syrup  Viatux clogged syrup 13
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A. Macro Environment of Kora 1. POLITIC 1.1. Political structure
South Korea's politics take place within the framework of a presidential parliamentary
democratic republic, in which the President is the head of state, and a two-party
system. Executive power is exercised by the government. Legislative power is given
to both the government and the National Assembly. The current Korean state
apparatus includes: the President, the executive branch, the legislature, the judiciary,
and other enforcement and administrative agencies. from central to local. (Wikiwand, 2017)
The President in Korea is the head of state, elected directly by the people for a 5-year
term and cannot stand for re-election. The President's important roles include
representing the nation, running the government, commanding the military, and
managing foreign policy. The President also has a role in proposing and promoting
the implementation of laws, but cannot dissolve Congress. often plays an important
role in proposing and signing international agreements. (Wikiwand, 2017)
The National Assembly in South Korea is a legislative body, consisting of 299
members serving a 4-year term. The main function of the National Assembly is to
legislate, and for a decision of the National Assembly to take effect, it requires the
attendance of more than half of the total number of delegates and the affirmative vote
of more than half of the members attending the session. . The National Assembly also
has the power to approve the national budget and perform a variety of functions,
including the power to decide on foreign policy, declare war, and control national
affairs, ratifying treaties. international trade, Members of Congress are often involved
in legislating and deciding on the ratification of these trade agreements.
In South Korea, executive power belongs to the President, who performs executive
functions through the Government State Council consisting of 15 to 30 members,
including the Prime Minister and ministers. The Prime Minister is appointed by the 15
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President and approved by the National Assembly. The Government usually carries
out the negotiations and negotiates the details of trade agreements. In Korea, the
judicial system includes the Supreme Court and regional and local courts. (Wikiwand, 2017) 1.2. Political climate
International analysts say that, in nearly 7 decades of confrontation, 2017 was the year
relations between the US, South Korea and the Democratic People's Republic of
Korea were at their worst, with the risk of conflict and war increasing. could erupt at
any time. However, entering 2018, the relationship between the Democratic People's
Republic of Korea and South Korea suddenly warmed, which analysts considered a
"change of direction" from confrontation to dialogue. Leaders of both regions have
signaled their policy of peaceful dialogue to denuclearize and end the conflict.
Regularly organize high-level exchanges to continue discussing measures to reduce
tensions and enhance cooperation in the fields of defense and military; Expand
people-to-people diplomacy activities and organize sports and cultural exchange
events. The import-export trade industry is no longer affected but continues to
develop. In 2018, when the trade conflict took place, the Korean Government always
strived to improve public policy as well as complete regulations on technical trade
barriers to facilitate trade development. After the economic crisis, Korea changed its
trade policy and tax reform to contribute to growth and attract trade and investment.
Korea has had new strategies in trade policy. With the "Southern trade policy", along
with the export of new technology products, the Korean state continues to create a
prosperous country in Northeast Asia. (Han Quoc va Trieu Tien ky Hiep dinh dinh
chien , 2023) (My - Han: Cung co quan he dong minh, 2018) 1.3. Political stability
South Korea's export-oriented policy is one of the most important factors leading to
the country's success: In trade, South Korea's export turnover recorded an average
annual growth of 16%. from 1961 to 2019. In 2010, Korea became the 7th largest 16
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exporting country in the world. In 2019, Korea's export turnover reached 542.2 billion
USD, in 2020 it was 512.8 billion USD. In 2019, Korea's foreign currency reserves
amounted to 408.8 billion USD. As of the end of December 2020, Korea's foreign
exchange reserves reached 443.1 billion USD; By the end of November 2021, it
reached 463.91 billion USD. Accordingly, the living standard of Korean people is
considered to be quite high. Always paying attention to improving the business
environment, policies that encourage investment and innovation are factors leading to
economic success. South Korea has devoted more attention to technological
development and innovation to promote growth. Innovation and technology are key
factors that help strengthen Korea's import and export competitiveness. However, due
to South Korea's relatively limited geographical size, natural resources, and
population size, an aging population adds to the threat that the South Korean economy
could fall behind its peers. other developed countries. ( Thuc tien trien khai FTA cua
Viet Nam voi Han Quoc va Nhat Ban , 2022)
Korea, a country that has a lot of economic trade with Vietnam. Vietnam and Korea
have also signed and implemented FTAs including the ASEAN-Korea Trade in
Goods Agreement (AKFTA), the ASEAN Trade Agreement Vietnam-Korea free
trade (VKFTA), (RCEP). ( Thuc tien trien khai FTA cua Viet Nam voi Han Quoc va Nhat Ban , 2022)
Korea is Vietnam's comprehensive strategic partner by 2022, the third largest trade
partner (after China and the United States), and the third largest export market (after
the United States and China). Vietnam's second largest import market (after China). (Yonhap), 2019) 1.4. Assessment
In terms of political stability, in general, Korea is considered to be the focus of
competing interests among large countries, such as China, Japan, Russia and the
United States. Korea is always considered an important factor in competition. The
competition for regional influence among major countries is largely due to the 17
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country's strong economic growth, which has helped improve living standards for the
majority of the population. The government has also been successful in managing
ethnic tensions, which have caused instability in other countries in the region. The
country has a young and growing population, a low-cost workforce, and a strategic
location from which companies can benefit from starting business here. With the right
policies, Korea can become a major economy in the region. 18
Hoa Sen University International Marketing 2. LEGAL
2.1. Constitution of country
The development and revision of the Korean Constitution has gone through many
different stages, including important events such as coups, presidential assassinations,
and changes in political power. The Restoration Order was ended after the assassination
of the president, and a new Constitution was adopted in 1980, creating the current
Republic of Korea. This constitution limited presidential terms and prohibited
constitutional amendments for expanded governing powers. While the new Constitution
eliminates some undesirable provisions in the previous Constitution, it still grants great
power to the president and imposes restrictions on freedom of speech and political
activity. (Constitutional history of Republic of Korea, 2018)
The Korean Constitution was amended in 1987 to strengthen democracy and express the
aspirations of the people. This amendment restored presidential election by direct popular
vote, limited presidential terms to five years, and increased the power of the legislature to
check the executive branch. Despite the increase in legislative power, the president's
broad powers were maintained. The Korean Constitution has not been amended since
1987. The 1987 Korean Constitution established the principles of democracy and the rule
of law in Korea. It recognizes fundamental democratic and legal principles, including
those relating to the national economy.
Below are some key points regarding the relationship between Korea's 1987 Constitution
and the national economy: Respect for economic freedom: The Constitution recognizes
the importance of economic freedom for individuals. individuals and businesses. It
recognizes the right of individuals and businesses to engage in economic activity freely
and emphasizes the role of innovation and individual initiative in economic endeavor. 19