MINISTRY OF EDUCATION AND TRAINING HOA SEN UNIVERSITY
FACULTY OF ECONOMICS AND MANAGEMENT
New Product Management Course Project Topic:
TH TRUE YOGHURT - BOBA YOGHURT LINE EXTENSION Course Name : New Product Management Course Code : MK307DE01 - 0300 Lecture :
Mrs. Hien, Tran Thi Thu (Lucie) Group : The Poorhouse 1. Anh, Nguyen Thuy Quynh - 2180729 2. Hoa, Truong Thi Ngoc - 2181539 3. Long, Dam Phan Quan - 2181620 4. Long, Phan Ngoc - 2181855 5. Nguyen, Nguyen Trung - 2183895 Ho Chi Minh city, 2021, June
MINISTRY OF EDUCATION AND TRAINING HOA SEN UNIVERSITY
FACULTY OF ECONOMICS AND MANAGEMENT
New Product Management Course Project Topic:
TH TRUE YOGHURT - BOBA YOGHURT LINE EXTENSION Course Name : New Product Management Course Code : MK307DE01 - 0300 Lecture :
Mrs. Hien, Tran Thi Thu (Lucie) Group : The Poorhouse Name Students ID Contribution Percentage Anh, Nguyen Thuy Quynh 2180729 100% Hoa, Truong Thi Ngoc 2181539 100% Long, Dam Phan Quang 2181620 100% Long, Phan Ngoc 2181855 100% Nguyen, Trung Nguyen 2183895 100% Ho Chi Minh city, 2021, June FOREWORDS
We honestly send a huge of appriciation and love to Mrs. Lucy Tran – Mentor and
Lecture of New Product Management course. Mrs Lucy Tran plays her role well in
education and direction for whole course. Beside that we highly thank to Hoa Sen
University for providing preciseous knowledges to ehance academic quality of every single student. i AGREEMENT
“We have read and understood the violations of academic integrity. We undertake with
personal honor that this report was prepared by us and not violate academic integrity.”
Ho Chi Minh City, 2021, June 14 (Name and sign) ii TABLE OF CONTENT
FOREWORDS(.........................................................................................................................(I!
AGREEMENT(........................................................................................................................(II!
TABLE(OF(CONTENT(........................................................................................................(III!
LIST(OF(FIGURE,(TABLE(&(PICTURE(............................................................................(VI! 1.!
FIGURE:!.......................................................................................................................................!VI! 2.!
TABLE:!........................................................................................................................................!VI! 3.!
PICTURE:!...................................................................................................................................!VII!
LIST(OF(ACRONYMS(.......................................................................................................(VIII!
ABSTRACT(...........................................................................................................................(IX!
INTRODUCTION(..................................................................................................................(1!
IDEA(GATHERING(...............................................................................................................(2! 1.! IDEA 1
- :!.........................................................................................................................................!2! 2.! IDEA 2
- :!.........................................................................................................................................!2! 3.! IDEA 3
- :!.........................................................................................................................................!3! 4.! IDEA 4
- :!.........................................................................................................................................!3! 5.! IDEA 5
- :!.........................................................................................................................................!4!
PRODUCT(INNOVATION(CHARTER(...............................................................................(5! 1.!
BACKGROUND:!............................................................................................................................!5! 2.!
FOCUS:!.........................................................................................................................................!5! 2.1.!
Market*perspective:*........................................................................................................*5! 2.2.!
Technology*perspective*.................................................................................................*6! 3.!
GOALS-–-OBJECTIVES:!................................................................................................................!6! iii 4.!
GUIDELINES:!...............................................................................................................................!6! 4.1.!
Duals:*....................................................................................................................................*6! 4.2.!
Dose:*......................................................................................................................................*7! 4.3.!
Timing:*.................................................................................................................................*7!
PHASE(1(–(OPPORTUNITY(IDENTIFICATION(AND(SELECTION(............................(8! 1.!
SITUATIONS!.................................................................................................................................!8! 2.!
HEALTHY-ISSUE!..........................................................................................................................!8! 3.!
THE-CHANGE-IN-SHOPPING-GENERATION!...............................................................................!9!
PHASE(2(–(CONCEPT(GENERATION(............................................................................(11! 1.!
CONCEPTS-INFORMATION-PROCESS!.......................................................................................!11! 2.!
MARKETING-RESEARCH!...........................................................................................................!13! 3.!
PERCEPTUAL-MAP!....................................................................................................................!14! 4.!
JUDGEMENT!...............................................................................................................................!21!
PHASE(3(–(CONCEPT(EVALUATION(.............................................................................(22! 1.!
A-T-A-R-MODEL!......................................................................................................................!22! 2.!
THE-TOTAL-COST-TO-PRODUCE-A-UNIT!..................................................................................!23!
PHASE(4(–(DEVELOPMENT(............................................................................................(24! 1.!
BENEFIT!.....................................................................................................................................!24! 2.!
CHUNKS-AND-FUNCTIONS!........................................................................................................!24! 3.!
THE-NUTRITIONAL-INGREDIENTS-OF-TH-TRUE-PEARL-YOGURT!......................................!26! 4.!
PACKAGINGS!..............................................................................................................................!27! 4.1.!
Packaging*form*.............................................................................................................*28! 4.2.!
Logo*of*TH*True*Yogurt*.............................................................................................*29! 4.3.!
Design*................................................................................................................................*29! iv
PHASE(5(–(LAUNCHING(THE(PRODUCT(-(MARKETING(PLAN(.............................(30! 1.!
SITUATION-ANALYSIS!..................................................!ERROR!#BOOKMARK#NOT#DEFINED.! 1.1.!
Industry*background*......................................*Error!%Bookmark%not%defined.! 1.2.!
Company*background*....................................*Error!%Bookmark%not%defined.! 1.3.!
Mission*statement*............................................*Error!%Bookmark%not%defined.! 2.!
SWOT-ANALYSIS!.........................................................!ERROR!#BOOKMARK#NOT#DEFINED.! 2.1.!
Strengths*.............................................................*Error!%Bookmark%not%defined.! 2.2.!
Weeknesses*.........................................................*Error!%Bookmark%not%defined.! 2.3.!
Opportunities*.....................................................*Error!%Bookmark%not%defined.! 2.4.!
Threats*.................................................................*Error!%Bookmark%not%defined.! 3.!
MARKETING-OBJECTIVES!............................................!ERROR!#BOOKMARK#NOT#DEFINED.! 4.!
MARKETING-STRATEGY!..............................................!ERROR!#BOOKMARK#NOT#DEFINED.! 4.1.!
General*marketing*strategy*........................*Error!%Bookmark%not%defined.! 4.2.!
Brand*differentiation*strategy*...................*Error!%Bookmark%not%defined.! 4.3.!
Brand*positioning*strategy*..........................*Error!%Bookmark%not%defined.! 4.4.!
Specific*target*market*strategies*..............*Error!%Bookmark%not%defined.! 5.!
ACTION-PROGRAMS---COMMUNICATION-PLAN-(IMC-PLAN)!...!ERROR!#BOOKMARK#NOT# DEFINED.! 5.1.!
Media*Objectives*..............................................*Error!%Bookmark%not%defined.! 5.2.!
Media*plan*from*1/5/2021*to*31/7/2021*...............*Error!%Bookmark%not% defined.! 5.3.!
Timeline*...............................................................*Error!%Bookmark%not%defined.! 5.4.!
Media*Tools*........................................................*Error!%Bookmark%not%defined.! 5.5.!
Budget*...................................................................*Error!%Bookmark%not%defined.! v
CONCLUSION(......................................................................................................................(30!
REFERENCES(......................................................................................................................(42!
LIST OF FIGURE, TABLE & PICTURE 1. Figure:
Figure 1. Perceptual Map 01 ........................................................................................ 18
Figure 2. Perceptual Map 02 ........................................................................................ 18
Figure 3. Perceptual Map 03 ........................................................................................ 19
Figure 4. Perceptual Map 04 ........................................................................................ 19
Figure 5. Perceptual Map 05 ........................................................................................ 20
Figure 6. Perceptual Map 06 ........................................................................................ 20 2. Table:
Table 1. Concepts Generation ..................................................................................... 11!
Table 2. Market share result ......................................................................................... 13!
Table 3. Compare 4 important factors among our products and other companies ....... 14!
Table 4. Ranking our products with other competitors ................................................ 17!
Table 5. Cost-plus pricing ............................................................................................ 23!
Table 6. Chunks & Functions of TH True Pearl Yogurt .............................................. 24!
Table 7. TH True Pearl Yogurt’s nutritional ingredients ............................................. 26!
Table 8. The packaging details ..................................................................................... 27!
Table 9. Media tools ..................................................... Error! Bookmark not defined.!
Table 10. Details tool for phase 1 ................................ Error! Bookmark not defined.! vi
Table 11. Details social media for phase 2 ................... Error! Bookmark not defined.!
Table 12. Timeline ....................................................... Error! Bookmark not defined.!
Table 13. Budget .......................................................... Error! Bookmark not defined.! 3. Picture:
Picture 1. Packaging form ............................................................................................ 28!
Picture 2. TH True Yogurt’s logo ................................................................................ 29!
Picture 3. Packaging design ......................................................................................... 29! vii LIST OF ACRONYMS
PIC: Product Innovation Charter viii ABSTRACT
In the spirit of applying knowledge of Product Management, the report presents the
process including steps to learn and analyze activities on new product creation and
market demand. Through that, the group analyzes the factors both internal and external
factors affect the process of creating new products in general and TH Milk brand in
particular. From there, the team built a program to create a product to expand the TH
True Yoghurt product line for TH Milk. This activity helps the team discover
combinations between the company's products and the tastes of its customers. From
there, a new step was formed, businesses understood which help them to get a clearly
vision. Furthermore, the firm can relize the task needing to be done to have their mission
possible not only in the immediate future, but also in the future. ix INTRODUCTION
In the context, looking for new competitive advantages, businesses always want to own
competitive advantages that are difficult for competitors to imitate. To be able to build
a sustainable competitive advantage, businesses are constantly updating their internal
and external strategies. Product development of the enterprise is also considered as one
of the strategies which businesses always consider. Product development is the need of
the business as well as the market. Signals from the market always give businesses
opportunities to move forward, but also bring challenges. The development of new
products for businesses needs parallelism between departments and customers. Product
development needs to be done in detail and meticulousness. This helps businesses have
an overview as well as imagine the next steps to always be able to compete in the market,
especially building a long-term competitive advantage. This case shows the workflow
of line extension of TH Milk – TH True Yoghurt. 1 IDEA GATHERING 1. Idea 1: Product: TH True Milk Tea
Background: Nowadays, not only young people but even adults also love milk tea.
However, on the market there are many types of milk tea of unknown origin that are
widely sold, which can be dangerous for consumers if used for a long time.
Understanding that need, TH True Milk develops a milk tea product line derived from
100% milk obtained at TH farm combined with premium Thai Nguyen tea. As a famous
brand of all-natural fresh milk and very trusted by Vietnamese people, TH True Milk's
mission is to bring a drink that is both delicious and safe for Vietnamese people's health. Payment: Cash, credit card Formality: bottle
Sale point: TH True Milk shop, TH True Milk retailers, e-commerce channels 2. Idea 2:
Product: TH True Milk - Boba Yoghurt
Background: TH True Milk has had its reputation for dairy products since 2010. One of
the best consumption products is yoghurt. Due to the blooming of milk tea culture, boba
is a partner in crime with milk tea to bomb every corner of food & beverage. Especially,
recently in Vietnam, a brand called “Sữa chua trân châu Hạ Long” has launched which
has made a peak in food & beverage sector. A vast of “Sữa chua trân châu Hạ Long”
branches has opened along Vietnam, now the brand hits to almost 250 branches all over
the country, the brand runs the bottom up by their famous dish “yogurt and boba” . As
can be seen, consumers are highly fancy in this mix of yoghurt and boba. However,
people are able to enjoy this dish in-store or takeaway. This shows the inconvenience
in purchasing, storing and saving time. So TH True Milk is sought after to solve these 2
problems by extending their existing yogurt line through introducing “TH True Milk - Boba yogurt”. Formality: bowl
Sale point: TH True Milk shop, TH True Milk retailers 3. Idea 3: Product: TH True milk coffee
Background: TH True milk is famous for its clean milk brand. With a variety of products
such as milk, yogurt, juice. Currently, TH True milk wants to develop more coffee
product lines because Vietnam is a country with a famous coffee growing tradition.
Coffee is a drink that everyone loves and trusts. Therefore, TH true milk is expected to
launch a new product line with a combination of milk and coffee. Formality: Box,can
Payment: Cash, credit card or order on delivery apps. 4. Idea 4:
Product: TH True Walnut Yogurt
Background: TH True Milk's products are always aimed at high nutritional value for
customers. Walnuts add many nutrients to the body, eating walnuts can improve brain
health and prevent heart disease and cancer. It is for that reason that adding walnut
ingredients to the pasteurized yogurt line of TH True Milk makes perfect sense because
it is both a clean product line but also a healthy product. Formality: Recycle bottle
Sale point: convenience store, supermarket, wholesaler 3 5. Idea 5 : Product : TH true cheese
Background : TH have a large cow farm to create number of milk very much every year.
Depending on that , there are many kind of products related of TH’s milk have born.
And this time , they decided to create cheese line which from organic milk and
ingredients 100%. As a position one of the most prestigious milk brand of Vietnam ,
TH have to make sure the quality of each product they hit in the market and cheese line
is not exception to bring customers not only the delicous products but also good for their health.
Sale point: TH True Milk shop, TH True Milk retailers, supermarket , online market , ...
Formality : in the box Payment: Cash, credit card 4
PRODUCT INNOVATION CHARTER 1. Background:
TH True Yoghurt should be deemed as one of the aces of TH True Milk Company so
the owner is sought after its consolidation. Furthermore, the owner is in the mood for
the extension of the yoghurt line to win the market share of dairy generally, ferment
section especially. However, the invasion of the “Sua chua tran chau Ha Long” which
originates from outside of the industry and upcoming products from other fielders are
in visibility status of the head. The decision of giving birth to boba yoghurt meets the
demand of the market and strategy of the company alike. The Gen Z always keep up
with chewy drink such as Boba milk tea or dishes combined with boba,… etc. The strategy of company. 2. Focus:
The line extension period must fulfil dual dimension.
2.1. Market perspective:
A range of TH True Milk product lines come along with the word “True” meaning that
the brand proposition in the perception of their customers about the truth in every single
product. Due to the fact that, Boba yoghurt must be complied with the perception.
Mentioning the truth, firstly this product must deliver the true taste of boba and TH
yoghurt alike which means the mix mutates the least in recently flavor of ferment
product line. Secondly, the recipe must be mostly nature-driven (80% of organic
ingredients and 20% artificial ingredients allowed). Thirdly, the packaging must be
familiar with the theme of yoghurt line suits gen Z. Lastly, the product launching must
reduce the inverse proportion of the products which stay in the same roof. Additionally,
the product must be covered most to ease the way customers reach especially gen Z. 5
Products are revealed in digital and physical platforms such as Shopee, convinced store, etc …
2.2. Technology perspective
Boba yoghurt must be in manufacturing compared to another former. Boba is followed
Chun Sai Tang charter to have the best result. Boba may be customized in ingredient to
be the best in serving and storing alike. Packaging implies the newest technology in
dairy packaging from TH ‘s alliance – Tetra Pak.
3. Goals – Objectives:
Starting an entrance in a chewy game may be fierce for TH. To due with the challenges
we address triple goals for TH True Milk Boba yoghurt. Firstly, Boba yoghurt
nominates the precise prize for solving current issues in enjoying boba yoghurt which
are mentioned above. TH True Boba Yoghurt completes the mission of purchasing,
storing and consuming. This yoghurt mix with boba furthermore wants to win the heart
of the customer. Secondly becoming a good wheel to stay in the lane of market share.
Lastly, this product joins in hands to boost profit margin for TH. 4. Guidelines: 4.1. Duals: 4.1.1. Revision
The promising opportunities of boba yoghurt also is in hand with risks to the firm. To
TH True Milk, Boba Yoghurt is the new product in the firm’s ferment product line so
the process of comparison and contrast should be added clearly. This stage will be the
partner in crime for tracking product line. To the market boba yoghurt is not too new,
TH should carefully improve and modify alike. Customer-driven should be deemed as
key direction for this product and the whole line. Boba yoghurt can afford to be the
choice of gen Z but TH must take a look to improve and modify this product if necessary, 6
to be adaptive so far. A/B testing is known as a suggestion to measure reaction from the
market. The post – hoc research should be considered to gain a deeper comprehension
in target audience. Social listener should keep up with the feedbacks of target audiences
to have real time response to the firm and universe alike. 4.1.2. License
The name “TH True Milk Boba Yoghurt” is under the rights of TH True Milk which is
registered to the national Ministry of Industry and Trade. The recipe is registered to IP Vietnam. 4.2. Dose:
TH is about to produce 100,000 product launching to product (50% for sale, 50$ for promotion). 4.3. Timing:
TH True Milk Boba Yoghurt is first introduced to the universe in mid June, 2021.
During the best time of summer, the heat drives people crazy, people can cool down
with Boba yoghurt. The feeling of tasting yoghurt truly hypothermia, chewing some boba makes people happier. 7
PHASE 1 – OPPORTUNITY IDENTIFICATION AND SELECTION 1. Situations:
The report of EMR market research company titled “Global Dairy Market Report and
Outlook in 2019-2024” forecasts that the global milk and dairy products market will
grow 2 .5% per year. Milk is an important part of the food chain that people use every
day. With a wide presence in various food items, milk is considered as a microcosm of
the food industry, as the dietary trends of dairy users largely also affect the food products. other products.
The demand for milk, especially dairy products such as butter, yogurt, cheese, etc., tends
to "revive" in developed countries because many people have changed their eating
habits and have "good" habits. more sensitive” to full-fat dairy products in recent years.
In developing countries, consumption of dairy products is also expected to increase
thanks to higher incomes, population growth and increasingly globalized diets. Asia is
the main dairy market and this region also determines the evolution of the global dairy market. 2. Healthy issue:
Currently, almost two-thirds of the world's population is suffering from digestive
health-related problems. And women are twice as likely to experience digestive
problems each week than men. Therefore, self-care for the health of the digestive system,
if more people pay attention and act, will help the world's population to be healthier and mentally happier.
In Vietnam, the number of patients coming to the clinic for digestive diseases increases
by 20% per year, of which digestive disorders (especially diarrhea) in children and
stomach pain in adults are two problems most common gastrointestinal tract.In adults,
work pressure and an irregular diet and lifestyle are the causes of high levels of acid in 8
the stomach, causing stomach pain, which seriously affects health. In many cases,
stomach pain can be a warning sign for more serious health conditions including
stomach cancer - the disease with the third highest mortality rate in our country and a
growing trend. rejuvenation when patients are mostly under 40 years old.
An unhealthy digestive system will directly affect people's quality of life because they
are interrelated with overall health. Stomach pains make you unable to relax, enjoy life,
eat difficult food and distract you from work and study.
Therefore, the importance of foods that are beneficial to the digestive system is
gradually being appreciated by people. Pay more attention to digestive health. People
also need to create a healthy lifestyle for themselves as well as strengthen the protection
of the intestinal microflora. (Trang, 2020)
3. The change in shopping generation:
From Baby Boomers to Generation Z, each generation has its own defining cultural and
political ethos, as well as their shopping habits that set them apart.
As of now, there are four main demographic generations that economists have
recognized as distinct markets: Baby Boomers, Gen X, Gen Y (Millennials), and Gen
Z. Each generation Each customer has different shopping attitudes and for each
customer segment, we will have different marketing tactics to suit purchasing preferences.
If retailers want to deliver their products to each generation in the best possible way,
they need to tailor their brand experience in a way that is consistent with all the choices
these groups rely on. . That's why we collect all the data you need to know what each generation is looking for.
Boomers are just too stressed out for shopping trips, as Colloquy reports that with a 27%
response rate, Boomers are the least likely to agree with the statement "I think shopping
is a great way to relax." dilated" when compared with all other generational groups.
They also score lower than Millennials on browsers with only 37% 9