Product Management Final Report - Tài liệu tham khảo | Đại học Hoa Sen

HOA SEN UNIVERSITY
FALCUTY OF ECONOMICS AND BUSINESS PRODUCT MANAGEMENT FINAL SEMESTER REPORT TH TRUE MILK NEW PRODUCT PLAN GROUP MEMBER: 1.
Nguyễn Hoàng Thanh Mai – 21109075 2.
Đỗ Thị Kim Liên – 22013744 3.
Nguyễn Hương Thịnh – 22001136 4.
Lê Trần Nhã Uyên – 22000134 5.
Huỳnh Thế Vinh – 2193643 6.
Trần Văn Thành – 2191065
Lecturer: Duong Dinh Quoc Class: 0200 – 1296 Semester: 2233
Ho Chi Minh City, June 20, 2023 CONTRIBUTION PROPORTION Full Name Student ID No. % of contribution Đỗ Thị Kim Liên 22013744 100% Nguyễn Hoàng Thanh Mai 22109075 100% Trần Văn Thành 2191065 25% Nguyễn Hương Thịnh 22001136 100% Lê Trần Nhã Uyên 22000134 100% Huỳnh Thế Vinh 2193643 100% ACKNOWLEDGMENT
We would like to express our heartfelt appreciation to Mr. Duong Dinh Quoc, our
wonderful lecturer in the Product Management class. We are truly grateful for his continuous
support, guidance, and wealth of knowledge throughout the course. His approachable nature and
passion for teaching made the learning experience enjoyable and engaging. We would also like to
extend our thanks to our classmates for their valuable contributions, collaborative spirit, and
insightful discussions that helped shape our paper. This work wouldn't have been possible without
the collective efforts and support of everyone involved. Thank you all for making this learning
journey memorable and rewarding. TABLE OF CONTENTS
PHASE 1. OPPORTUNITY IDENTIFICATION .......................................................... 7
1.1. Business Overview ................................................................................................. 7
1.2. SWOT Analysis ...................................................................................................... 7
1.2.1. Strengths ........................................................................................................... 7
1.2.2. Weaknesses ....................................................................................................... 7
1.2.3. Opportunities ..................................................................................................... 8
1.2.4. Threats ............................................................................................................... 8
1.3. Reasons to develop new product ........................................................................... 9
1.4. Advantages and disadvantages of each type of product development ............ 10
1.4.1. New-to-the-world products ............................................................................. 10
1.4.2. New-to-the-firm product ................................................................................. 10
1.4.3. Additions to existing product lines ................................................................. 10
PHASE 2. CONCEPT GENERATION .......................................................................... 11
2.1. New-to-the-world product .................................................................................... 11
Milk tablets ............................................................................................................... 11
2.2. New-to-the-firm product ...................................................................................... 11
2.2.1. Roasted coffee ................................................................................................. 1 1
2.2.2. Condensed milk .............................................................................................. 12
2.3. Additions to existing product lines ..................................................................... 13
2.3.1. Greek yogurt ................................................................................................... 13
2.3.2. Formula milk for babies aged 1 to 2 years ...................................................... 13
2.3.3. Triangle foil packaging of processed cheese .................................................. 14
PHASE 3. CONCEPT EVALUATION ......................................................................... 15
3.1. Overview Evaluation ........................................................................................... 15
3.2. Scoring Model ....................................................................................................... 16
PHASE 4. PRODUCT DEVELOPMENT ........................................................................ 19
4.1. Difficulties and risks in manufacturing the new product ................................. 19
4.2. Product testing ..................................................................................................... 19
4.2.1. Alpha test ........................................................................................................ 19
4.2.2. Beta Test .......................................................................................................... 20
PHASE 5. PRODUCT LAUNCHING ............................................................................. 21
5.1. Detailed description of the new product ............................................................ 21
5.2. Product Strategy .................................................................................................. 21
5.2.1. Product positioning strategy ........................................................................... 21
5.2.2. Product Differentiation Strategy ..................................................................... 22
5.2.3. Pricing Strategy ............................................................................................... 22
5.2.4. Distribution Strategy ....................................................................................... 23
5.3. Marketing Strategy .............................................................................................. 23
5.3.1. Target audience ............................................................................................... 23
5.3.2. Marketing Plan ................................................................................................ 24
REFERENCES ................................................................................................................ 26 TABLE OF FIGURES
Figure 2-1 Demonstration of milk tablets ......................................................................... 1 1
Figure 2-2 Demonstration of roasted coffee ..................................................................... 12
Figure 2-3 Demonstration of condensed milk .................................................................. 12
Figure 2-4 Demonstration of Greek yogurt ...................................................................... 13
Figure 2-5 Demonstration of formula milk for babies aged 1-2 years ............................. 14
Figure 2-6 Demonstration of triangle foil packaging of processed cheese ....................... 14
Figure 3-1 Overview evaluation table ............................................................................... 16
Figure 3-2 Scoring model table ......................................................................................... 18
Figure 5-1 Packaging of new TH True Milk Greek yogurt .............................................. 21
Figure 5-2 Comparison table of regular yogurt and Greek yogurt ................................... 22
Figure 5-3 Distribution Strategy Hierarchy ...................................................................... 23
Figure 5-4 Mareting plan .................................................................................................. 25 PHASE 1. OPPOR TUNITY IDENTIFICATION 1.1. Business Overview
TH Group maintains its pioneering position in the fresh milk industry in the Vietnamese
market and achieves impressive growth numbers in 2022. TH true MILK is accounting for nearly
45% of the market share in the fresh milk segment in the mature market. At the same time, TH
Dairy Joint Stock Company affirms its position in the dairy industry with the evidence of ranking
2nd in the Top 10 prestigious food companies in 2020, the dairy and dairy products industry group. 1.2. SWOT Analysis
Using the SWOT analysis tool (Strengths, Weaknesses, Opportunities, Threats) to analyze
and evaluate TH True Milk dairy company will help us have a more general view. 1.2.1. Strengths
Aided brand awareness: TH True Milk, one of the leading dairy brands in Vietnam, has
built customers’ trust in the product's quality and reputation information.
Innovative and sustainable supply of dairy ingredients: TH True Milk owns a large dairy
farm system, equipped with advanced technology and strict management. This ensures a supply of
fresh milk and high-quality dairy ingredients for the company.
Product diversification: TH True Milk has expanded dairy product lines such as fresh milk,
powdered milk, yogurt, and ice cream, helping to meet the diverse needs of customers. 1.2.2. Weaknesses
High operating costs: Due to the requirement of high-quality input materials and modern
technology, high operating costs lead to the product’s price being relatively pricey, which makes
it difficult to attract low-income customers.
Limited distribution channels: The company mainly focuses on traditional distribution
channels such as supermarkets and convenience stores, which may limit the company's ability to reach potential customers.
Lack of product differentiation: In a fiercely competitive market, TH True Milk faces a
regime that has to differentiate its product from its competitors. Although the company offers a
wide range of dairy and dairy products, it may need to strengthen its exclusive selling points or
create innovative products to stand out. Lacking a strong distinction, customers may view TH True
Milk as just one option among many, making it difficult to build brand loyalty. 1.2.3. Opportunitie s
Growth of export industry: Favorable trade agreements have opened up new markets,
reduced trade barriers, and provided preferential access to a wide range of countries, offering
significant opportunities for domestic companies. The company can take advantage of this
opportunity to expand export markets to increase sales and enhance its brand in the international market.
The increase of online media: TH True Milk can take advantage of the popularity of the
Internet and social media channels to increase product promotion and reach customers online through sales channels.
The great demand for organic dairy products: With the trend of health-conscious consumers
and organic products, TH True Milk has the opportunity to expand its line of organic milk and
yogurt products to meet the growing demand. 1.2.4. Threats
Intense competition: TH True Milk faces competition from other major dairy companies in
the industry, as well as internationally renowned dairy brands.
Changes in dairy regulations: Any change in new regulations related to milk and dairy
ingredients may affect the company's production and business. Changes in labeling regulations,
health claims, or food safety standards could require adjustments in production processes or
product formulations, potentially impacting TH True Milk's operations and profitability.
Consumer Requirements: Changes in consumer needs and preferences can impact the reach
and marketing of TH True Milk products. TH True Milk needs to stay attentive to evolving
consumer preferences, such as the rise of plant-based alternatives or changing health and wellness
trends, to ensure its products remain relevant and appealing to its target customers.
1.3. Reasons to develop new product
Despite having achieved great success in the Vietnamese dairy market, the company still
recognizes the need for continued development of new products. There are several reasons for this decision.
First, customers need to change constantly. Customers are increasingly interested in
product quality, nutritional value, and added elements such as lactose-free milk, reduced-fat milk,
or milk with natural ingredients. To meet this demand, TH True Milk needs to develop new
products that meet customer requirements.
Second, the development of new products expands markets and reaches new customers.
By focusing on baby milk, functional milk for the elderly, or high-quality milk for export markets,
TH True Milk can diversify its product portfolio and create new business opportunities.
Third, technology and production processes are continuously advancing in the dairy
industry. New product development means adopting more modern technology and manufacturing
processes, improving quality, and improving efficiency. TH True Milk can leverage these advances
to provide higher-quality milk and strengthen its competitiveness.
Fourth, the dairy industry is full of competition. To maintain its position and compete, TH
True Milk needs to constantly develop new products to attract and retain customers in a fiercely competitive environment.
Finally, technical developments and market trends are constantly advancing. By
developing new products, TH True Milk is able to take advantage of technological advances and
meet new regulatory requirements for food safety, from using organic ingredients to responding to trends. latest consumer.
In summary, despite its success, new product development remains an important factor for
TH True Milk to stay competitive in the dairy industry. Meeting customer needs, expanding
markets, improving production technology, and taking advantage of technical advancements and
new market trends are the main reasons why the company is constantly developing new products.
1.4. Advantages and disadvantages of each type of product development
1.4.1. New-to-the-world products
Introducing a new-to-the-world product has advantages such as market pioneering and
accessing untapped customers. Being the first in the market provides a competitive edge without
direct competitors, while the novelty generates curiosity and interest. By addressing unmet needs,
companies create fresh customer value and protect their intellectual property rights. However,
there are drawbacks to consider. Developing a new product incurs high costs for research and
testing, which can strain financial resources. Furthermore, the absence of predecessors or direct
competitors makes it challenging to gauge market acceptance, raising uncertainty regarding
consumer adoption. In summary, launching a new-to-the-world product brings advantages like
market pioneering, accessing new customers, and generating curiosity, but businesses must
navigate the high costs and uncertain market acceptance associated with such ventures.
1.4.2. New-to-the-firm product
Introducing new products brings advantages like an expanded product portfolio, leveraging
existing infrastructure, and creating a competitive edge. However, there are drawbacks to consider.
Market risk arises as the new products must compete with established predecessors. Additionally,
the development time tends to be long as adjustments are needed to meet customer expectations.
In summary, while new products offer benefits, such as portfolio expansion and leveraging
resources, businesses must be cautious of market challenges and extended development timelines.
1.4.3. Additions to existing product lines
Introducing new products into the market brings advantages such as the opportunity to
diversify product lines and utilize existing distribution systems, which can help reduce costs.
However, there are potential disadvantages to consider. One risk is associated with brand image,
as a new product that fails to meet desired quality standards may negatively impact the perception
of the previous products. Additionally, there can be internal competition among the existing and
new products for advertising and marketing resources. Careful consideration of these factors is
necessary to ensure successful product launches and mitigate potential challenges.