Recommendations for marketing strategies to attract investment in industrial park at vsip hai phong
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Recommendations for marketing strategies to attract investment in industrial park at VSIP Hai Phong
PREFACE
In the period of economic transformation in the entire world, the economy of
Vietnam has also witnessed many changes. In fact, developed countries have
tendency to shift from manufacturing economy into service economy, whereas
developing nations are still mainly focusing on manufacturing economy. Therefore,
Vietnam are promoting industrialization and modernization to become an industrial
country in the future. Vietnamese government is tempting to facilitate favorable
conditions for development of industrial zones in the whole country.
However, in fact, some industrial zones already projected, but no investors.
The status of industrial lands enclosed with costly infrastructure investment, poor
investment attraction is prevalent. Slow land clearance or insufficient investment
capital are one of the main justification for this negative situation.
Hence, it requires a throughout and clear marketing strategy to deal with this
warning issue. Enterprises need to figure out their own marketing strategies for
attracting investors from outside unless they want to face to this consequence.
Especially, Trans-Pacific Partnership Agreement (TPP) and Asia Economic
Community (AEC) are considered as a golden opportunity to attract foreign
investors coming to Vietnam. It can be obviously seen that marketing strategy plays
a crucial role in developing industrial zones.
I declare that this report is my own unaided work. It has never been
submitted before.
If violated, I am solely responsible for and bear the punishments of the
Institution and University
Student Name and Signature
Name: Tran Cong Thanh Class: GMA02 Page i
Recommendations for marketing strategies to attract investment in industrial park at VSIP Hai Phong
ACKNOWLEGEMENT
In order to finish my dissertation “Recommendations for marketing strategies
to attract investment in Industrial Park at VSIP Hai Phong”, I received many
support from lecturers of Vietnam Maritime University.
Firstly, I would like to express my sincere gratitude to my supervisor
Mrs. Hoang Thi Lich who directly support and help me during the dissertation time
for her patience, dedication, motivation, and immense knowledge. That brings me a
solid foundation to accomplish this dissertation. Her guidance helped me in all the
time of research and writing of this thesis. I could not have imagined having a better
advisor for my study.
Besides, I also really appreciate all employers and employees of VSIP Hai
Phong Limited Company who facilitate favorable conditions for me to have good
working environment, as well as valuable documents, data to write this dissertation.
Due to limitation of understanding, that is a little double that mistakes are
inevitable, so I really hope to receive feedbacks from the lecturers to accomplish my
dissertation.
Name: Tran Cong Thanh Class: GMA02 Page ii
Recommendations for marketing strategies to attract investment in industrial park at VSIP Hai Phong
TABLE OF CONTENTS
PREFACE...............................................................................................................................i
ACKNOWLEGEMENT........................................................................................................ii
LIST OF ABBREVIATIONS................................................................................................v
LIST OF TABLES................................................................................................................vi
LIST OF FIGURES..............................................................................................................vii
INTRODUCTION..................................................................................................................1
CHAPTER 1: THE LITTERATURE REVIEW OF MARKETING AND
MARKETING STRATEGIES............................................................................................3
1.1 General Understanding about Marketing.............................................................3
1.1.1 Definition of Marketing...........................................................................3
1.1.2 Definition of Marketing Strategy.............................................................3
1.2 Factors Affecting Marketing Strategy.................................................................3
1.2.1 Marketing Environment...........................................................................3
1.2.2 Customer Behaviors.................................................................................6
1.2.3 Competitors..............................................................................................7
1.2.4 Target Markets.........................................................................................8
1.3 Marketing Strategies (4P)....................................................................................9
1.3.1 Product (Service) Strategies.....................................................................9
1.3.2 Price Strategies.......................................................................................10
1.3.3 Place (Distribution) Strategies...............................................................11
1.3.4 Promotion Strategies..............................................................................11
CHAPTER 2: THE MARKETING STRATEGIES TO ATTRACT INVESTMENT
IN INDUSTRIAL PARK AT VSIP HAI PHONG..........................................................13
2.1 Introduction about VSIP Hai Phong..................................................................13
2.1.1 History of Foundation and Development...............................................13
2.1.2 Main Business Activities........................................................................15
2.1.3 Organization Chart.................................................................................17
2.1.4 Operational Business Result from 2012 - 2014......................................18
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Recommendations for marketing strategies to attract investment in industrial park at VSIP Hai Phong
2.1.5 Future Development...............................................................................20
2.2 The Marketing Strategies to Attract Investment in Industrial Park at VSIP Hai
Phong...................................................................................................................... 21
2.2.1 Service Strategies...................................................................................21
2.2.2 Price Strategies.......................................................................................22
2.3.3 Place (Distribution) Strategies...............................................................23
2.3.4 Promotion Strategies..............................................................................24
2.3 Evaluation of Marketing Strategies to Attract Investment in Industrial Park at
VSIP Hai Phong......................................................................................................26
2.3.1 Strengths................................................................................................26
2.3.2 Weaknesses............................................................................................30
CHAPTER 3: RECOMMENDATIONS FOR MARKETING STRATEGIES TO
ATTRACT INVESTMENT IN INDUSTRIAL PARK AT VSIP HAI PHONG..........33
3.1 Factors Affecting Marketing Strategies to Attract Investment in Industrial Park
at VSIP Hai Phong..................................................................................................33
3.1.1 Current Market Environment.................................................................33
3.1.2 Target Customers...................................................................................34
3.1.3 Competitors............................................................................................35
3.2 Recommendations for Marketing Strategies to Attract Investment in Industrial
Park at VSIP Hai Phong..........................................................................................37
3.2.1 Service Strategies...................................................................................37
3.2.2 Price Strategies.......................................................................................39
3.2.3 Place (Distribution) Strategies...............................................................40
3.2.4 Promotion Strategies..............................................................................40
CONCLUSION....................................................................................................................43
REFFERENCES...................................................................................................................44
Name: Tran Cong Thanh Class: GMA02 Page iv
Recommendations for marketing strategies to attract investment in industrial park at VSIP Hai Phong
LIST OF ABBREVIATIONS
AEC Asia Economic Community
FDI Foreign Direct Investment
HEZA Hai Phong Economic Zone Authority
IP Industrial Park
MICE Meetings, Incentives, Conferences, and Events
TPP Trans-Pacific Partnership Agreement
VSIP HP Vietnam – Singapore Industrial Park Hai Phong
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Recommendations for marketing strategies to attract investment in industrial park at VSIP Hai Phong
LIST OF TABLES
Table 1: The investment capital in industrial park in the period from 2012 to
11/2015.................................................................................................................... 18
Table 2: The list of land prices of industrial zones in Hai Phong............................22
Table 3: The promotional situation of VSIP Hai Phong in the period from 2012 –
2014......................................................................................................................... 24
Table 4: The investment capital attraction by country.............................................29
Table 5: The top 5 big investors in Hai Phong........................................................30
Table 6: The tax incentives in VSIP Hai Phong......................................................34
Table 7: The industries benefit from TPP................................................................38
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Recommendations for marketing strategies to attract investment in industrial park at VSIP Hai Phong
LIST OF FIGURES
Figure 1: The marketing environment.......................................................................4
Figure 2: The buying decision making process.........................................................7
Figure 3: The Ansoff Matrix.....................................................................................9
Figure 4: The pricing strategies...............................................................................10
Figure 5: The VSIP Projects....................................................................................13
Figure 6: The strategic location of VSIP Hai Phong................................................15
Figure 7: Ready-built factory in VSIP Hai Phong...................................................16
Figure 8: Organization chart of VSIP Hai Phong Co., Ltd......................................17
Figure 9: The investment capital in industrial park in the period from 2012 to
11/2015.................................................................................................................... 18
Figure 10: The industrial park tenants by country...................................................19
Figure 11: The industrial park tenants by industry..................................................20
Figure 12: The list of land prices of industrial zones in Hai Phong.........................23
Figure 13: The promotional situation of VSIP Hai Phong in the period from 2012 –
2014......................................................................................................................... 25
Figure 14: VSIP Hai Phong IP Land Availability July 2015...................................31
Figure 15: Top 10 foreign investors in Vietnam in 2014.........................................35
Figure 16: The distribution of big industrial zones in Hai Phong and Hai Duong...36
Name: Tran Cong Thanh Class: GMA02 Page vii
Recommendations for marketing strategies to attract investment in industrial park at VSIP Hai Phong
INTRODUCTION
Necessity
The Vietnamese economic crisis in 2010 has led to the increase in interest rate.
It has led many Vietnamese enterprises including VSIP Hai Phong’s potential
customers and current customers decline and impact significantly on attracting
investors for the company. Besides, the year of 2010 also occurred many economic
fluctuations in the world. Meanwhile, VSIP Hai Phong just started conducting
business and competition has growingly become bigger and bigger. In fact, there are
10 per 18 Hai Duong Industrial Zones received government permission are already
operated with occupancy rate 99.25 % for Nam Sach Industrial Zone, 87 % for Dai
An Industrial Zone, 71,67 % for Tan Truong Industrial Zone and 100% for Phuc
Dien. Obviously, the success of these industrial zones and the new establishment of
other industrial zones are undeniable. Apparently, competition is one of the basic
economic laws of market economy and as a tool to promote economic development,
thereby creating strong enterprises to stand firmly on the market. Besides, the
industrial zones in the city is increasing, so the competition becomes tougher,
requiring industrial park management of VSIP Hai Phong should have throughout
marketing strategies to effectively attract investment.
Research Object
In this dissertation, the variety of basis for marketing will be pointed out to
evaluate the situation of marketing activities to attract investment at VSIP Hai
Phong Limited Company. Based on this analysis, the dissertation will give some
recommendations for marketing strategies to attract investment in industrial park at
VSIP Hai Phong. It is not only beneficial for company, but also helps improve Hai
Phong economy. The responsibility of author is answer these questions below:
What is overview of marketing and marketing strategy?
What is the status of marketing activities at VSIP Hai Phong?
What are the recommendations for marketing strategies to attract more
investment in industrial park at VSIP Hai Phong?
Name: Tran Cong Thanh Class: GMA02 Page 1
Recommendations for marketing strategies to attract investment in industrial park at VSIP Hai Phong
Research Scope
The dissertation are researched at VSIP Limited Company, located at Thuy
Nguyen District, Dinh Vu-Cat Hai Economic Zone, Hai Phong City, Vietnam.
Besides, author also focuses to investigate some competitors and current customers
of company. Data was collected in the period of 4 years from 2010 to 2014 and
recommendations for period of 5 years from 2015 to 2020.
Methodology
The research within the paper is basically based on qualitative and quantitative
methods. During the internship period, the marketing strategies to attract investment
into industrial park at VSIP Hai Phong is summarized through real observation and
small talks to get information from company’s directors, officers and employee.
Regarding to quantitative method, the detailed data will be collected from
documents and reports of the company. After that, the data will be calculated,
clarified into different categories and evaluated. The analysis will be supported with
descriptions from bar charts and tables.
Qualitative method is applied to find out the basis of marketing and marketing
strategy, which will be selected from reports, research papers, proposals and articles
in the internet.
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Recommendations for marketing strategies to attract investment in industrial park at VSIP Hai Phong
CHAPTER 1: THE LITTERATURE REVIEW OF
MARKETING AND MARKETING STRATEGIES
1.1 General Understanding about Marketing
1.1.1 Definition of Marketing
Marketing is human activity directed at satisfying needs and wants through
exchange process[ CITATION Kot80 \l 1033 ] .
The aim of marketing is to make selling superfluous. The aim is to know and
understand the customer so well that the product or service fits him and sells
himself [CITATION Dru09 \l 1033 ].
Marketing is the management process responsible for identifying, anticipating
and satisfying customer requirements profitably [CITATION CIM09 \l 1033 ].
1.1.2 Definition of Marketing Strategy
A marketing strategy is a process or model to allow a company or organization to
focus limited resources on the best opportunities to increase sales and thereby achieve a
sustainable competitive advantage[CITATION Kaz14 \l 1033 ].
1.2 Factors Affecting Marketing Strategy
1.2.1 Marketing Environment
The marketing environment of the organization consists of elements which are
uncontrollable or controllable by the management. Firms need to understand their
marketing environment so that they can make the most of positive factors and
manage the impact of negative factors, as well as adjusting their marketing
strategy properly. A firm's marketing environment can be divided into two parts:
micro-environment and macro-environment.
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Recommendations for marketing strategies to attract investment in industrial park at VSIP Hai Phong
Figure 1: The marketing environment
Source: [CITATION Pro \l 1033 ]
1.2.2.1 Micro-environment
Suppliers
Suppliers provide resources needed by the company to produce its goods and
services.. Company can lower their supply costs and increase product quality to
gain competitive advantage in the market. Supply shortages have to be fully
monitored and plans should be made to avoid it.
Customers
As all businesses need customers, they should be centered around customers.
The firm's marketing plan should aim to attract and retain customers through
products that meets their "wants and needs" and excellent customer service.
Competitors
Competitor analysis and monitoring is crucial if a company is to maintain
or improve its position within the market. If a business is unaware of its
competitor's activities, they will find it very difficult to “beat” their competitors.
The market can move very quickly for example through a change in trading
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Recommendations for marketing strategies to attract investment in industrial park at VSIP Hai Phong
conditions, consumer behavior or technological developments. As a business, it
is important to examine competitors' responses to these changes so that
marketers can maximize the impact of their response.
Distributors
Distributors help the company in promoting, selling and distributing the goods
to the customers. They are middlemen, distributing agencies, market service
agencies and financial institutions. They also provide customer feedback and their
own impressions and can drastically affect the marketing as a result.
1.2.2.2 Macro-environment
Economic Factors
The economic environment consists of factors that affect consumers’
purchasing and spending power. The purchasing power depends on current income,
price, saving, debt and ability to borrow money. Therefore, marketers must pay
close attention to major trends and consumers’ spending patterns.
Technological Factors
The development of new technology can dramatically affect customers ‘needs
and wants. Technological environment involves forces that create new technologist
creating new product and marketing opportunities.
Social Factors
Every nation has a set of core cultural beliefs that are passed from generation
to generation. Changes in these core beliefs affect consumer purchases. Social,
religious, cultural and gender-influenced factors interact here, as social standards
vary by race, ethnicity and way of life. If marketers are able to analyze these
features of the potential customers, they will mar be in a better position to tailor the
marketing strategies.
Demographics
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Recommendations for marketing strategies to attract investment in industrial park at VSIP Hai Phong
Demography is the study of human populations in terms of size, destiny,
location, age, gender, race, occupation and other statistics. The demographic
environment is of major interest to marketers because it involves people who create
the market and are the customers.
Political Factors
Marketing decisions are strongly affected by developments in the political
environment. Political environment consists of laws, government agencies,
government itself and pressure groups that influence or limits various organizations
and individuals in a given society.
1.2.2 Customer Behaviors
1.2.2.1 Factors affecting customer behaviors
Cultural Factors
Cultural factors have a significant effect on an individual’s buying decision.
Every individual has different sets of habits, beliefs and principles which he/she
develops from his family status and background. The influence of culture on buying
behavior varies from country to country therefore marketers have to be very careful
in analyzing the culture of different groups, regions or even countries.
Social Factors
Social factors also impact the buying behavior of consumers. The important
social factors are: reference groups, family, role and status.
Personal Factors
Personal factors can also affect the consumer behavior. Some of the important
personal factors that influence the buying behavior are: lifestyle, economic
situation, occupation, age, personality and self-concept.
Psychological Factors
There are four important psychological factors affecting the consumer buying
behavior. These are: perception, motivation, learning, beliefs and attitudes.
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Recommendations for marketing strategies to attract investment in industrial park at VSIP Hai Phong
1.2.2.2 The buying decision making process
When faced with a decision, a consumer goes through a five stage process to
arrive at an optimal choice. This model is important for making marketing
decisions. It forces the marketer to consider the whole buying process rather than
just the purchase decision.
Figure 2: The buying decision making process
Source: [CITATION Ril15 \l 1033 ]
1.2.3 Competitors
1.2.3.1 The objectives and strategies of competitors
By understanding deeply the purpose and strategies of competitors, marketers
can take initiative to stay ahead of the competition. The marketers must know what
competitors are doing and what drives the competitors. Firstly, knowledge of a
competitor’s objectives facilitates a better prediction of the competitors’ reaction to
different competitive moves. Competitor’s objectives may be growth rate, market
share, and technology leadership, etc. Secondly, competitor’s strategies are what the
competitor says and what it does. Thus, marketers must closely monitor and keep
tracking competitors in order to promptly react.
1.2.3.2 The evaluation of strengths and weaknesses of competitors
A competitor’s capabilities can be analyzed according to its strengths and
weaknesses in various functional areas, as is done in a SWOT analysis. A financial
analysis can be performed to reveal its sustainable grow rate. Marketers perhaps can
do survey for competitor’s customers, suppliers, distributor to find out statistics and
evaluate exact rivalry’s capability.
1.2.3.3 The strategy to deal with competitors: avoid or attack
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Recommendations for marketing strategies to attract investment in industrial park at VSIP Hai Phong
Company need to have smart strategies to figure out whether they should
attack the competitors or avoid them. Most companies choose to attack week
competitors, however the result is not impressive. Besides, company also confronts
with strong competitors to catch up with higher levels.
1.2.4 Target Markets
1.2.4.1 Market segmentation
Market segmentation involves grouping your various customers into segments
that have common needs or will respond similarly to a marketing action. Each
segment will respond to a different marketing mix strategy, with each offering
alternate growth and profit opportunities. Some different ways you can segment
your market include the following[ CITATION Sma14 \l 1033 ]:
- Demographics which focuses on the characteristics of the customer. For
example age, gender, income bracket, education, job and cultural background.
- Psychographics which refers to the customer group's lifestyle. For example,
their social class, lifestyle, personality, opinions, and attitudes.
- Behavior which is based on customer behaviors. For example, online shoppers,
shopping center customers, brand preference and prior purchases.
- Geographical location such as continent, country, state, province, city or rural
that the customer group resides.
1.2.4.2 Targeting
After segmenting the market based on the different groups and classes, you
will need to choose your targets. No one strategy will suit all consumer groups, so
being able to develop specific strategies for your target markets is very important.
There are three general strategies for selecting your target markets: undifferentiated
targeting, concentrated targeting, multi-segment targeting.
1.2.4.3 Positioning
Positioning is developing a product and brand image in the minds of
consumers. It can also include improving a customer's perception about the
experience they will have if they choose to purchase your product or service. The
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Recommendations for marketing strategies to attract investment in industrial park at VSIP Hai Phong
business can positively influence the perceptions of its chosen customer base
through strategic promotional activities and by carefully defining your business'
marketing mix
1.3 Marketing Strategies (4P)
1.3.1 Product (Service) Strategies
Regarding to product and service strategy, the Ansoff Matrix analysis is
applied to consider the implications of growing the business through existing or
new products and in existing or new markets.
Figure 3: The Ansoff Matrix
Source: [ CITATION Tea13 \l 1033 ]
- Market Penetration: The marketer focuses on selling their existing products or
services to their existing markets to achieve growth in market share.
- Market Development: The marketer focuses on developing new markets or
market segments for their existing products and services.
- Product Development: Marketer focuses on developing new products and
services for their existing markets.
- Diversification: Marketer focuses on the development of new products to sell
into new markets.
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Recommendations for marketing strategies to attract investment in industrial park at VSIP Hai Phong
1.3.2 Price Strategies
Pricing
strategies
Penetration Optional Value-based/
Premium Competition Cost-based Bundle Skimming Psychological
Pricing Pricing Pricing Pricing Pricing Pricing Pricing
Pricing
Figure 4: The pricing strategies
(Source: learnmarketing.net)
- Penetration Pricing: The company sets a low price to increase sales and
market share. Once market share has been captured the firm may well then
increase their price.
- Optional Pricing: The company sells optional extras along with the product
to maximize its turnover.
- Premium Pricing: The price set is high to reflect the exclusiveness of the
product.
- Competition Pricing: Setting a price in comparison with competitors. Really
a firm has three options and these are to price lower, price the same or price
higher
- Value-based and Cost-based Pricing: The firms takes into account the cost of
production (or value of products) and distribution, they then decide on a
markup which they would like for profit to come to their final pricing
decision.
- Bundle Pricing: The company bundles a group of products at a reduced
price. Common methods are buy one and get one free promotions
- Skimming Pricing: The company sets an initial high price and then slowly
lowers the price to make the product available to a wider market. The
objective is to skim profits of the market layer by layer.
- Psychological Pricing: The seller here will consider the psychology of price
and the positioning of price within the market place. For instance, the seller
will charge 99p instead £1 or $199 instead of $200.
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Recommendations for marketing strategies to attract investment in industrial park at VSIP Hai Phong
1.3.3 Place (Distribution) Strategies
Depending on the type of product being distributed there are three common
distribution strategies available: [ CITATION Lea11 \l 1033 ]
- Intensive distribution: Used commonly to distribute low priced or impulse
purchase products. It uses direct distribution channel that involves distributing
direct from a manufacturer to the consumer.
- Exclusive distribution: Involves limiting distribution to a single outlet. The
product is usually highly priced, and requires the intermediary to place much
detail in its sell. An example of would be the sale of vehicles through exclusive
dealers.
- Selective Distribution: A small number of retail outlets are chosen to distribute
the product. Selective distribution is common with products such as computers,
televisions household appliances, where consumers are willing to shop around
and where manufacturers want a large geographical spread.
1.3.4 Promotion Strategies
There are 4 main types of promotion:
- Advertising: There is any paid non-personal communication: E.g.: Television,
newspapers, magazines, billboard posters, radio, cinema, etc. Advertising is
intended to persuade and to inform.
- Personal selling: Oral communication with potential buyers of a product with
the intention of marketing a sale. The personal selling may focus initially on
developing a ‘relationship with potential buyer, but will always ultimately end
with an attempt to “close the sale”.
- Sales promotion: Providing incentives to customers or to the distribution
channel to stimulate demand for a product.
- Publicity: The communication of a product, brand or business by placing
information about it in the media without paying for the time or media space
directly.
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Recommendations for marketing strategies to attract investment in industrial park at VSIP Hai Phong
CHAPTER 2: THE MARKETING STRATEGIES TO
ATTRACT INVESTMENT IN INDUSTRIAL PARK AT
VSIP HAI PHONG
2.1 Introduction about VSIP Hai Phong
2.1.1 History of Foundation and Development
Vietnam Singapore Industrial Park (VSIP) was established in 1996 on the
basis of cooperation and support between the two governments of Vietnam and
Singapore. The VSIP was first proposed by Prime Minister Vo Van Kiet of Viet
Nam to Prime Minister Goh Chok Tong of Singapore in March 1994. The VSIP
was officially launched on 31 January 1996 in Singapore. On 14 May 1996, the
Prime Ministers of Vietnam and Singapore gathered at the VSIP site to officiate the
ground breaking ceremony.
VSIP Projects:
Figure 5: The VSIP Projects
(Source: Marketing Department, VSIP Hai Phong)
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Recommendations for marketing strategies to attract investment in industrial park at VSIP Hai Phong
Along the way, the VSIP was remodeled from a traditional industrial park to
an integrated township and industrial park, bringing in new urban solutions such as
international master plan, sustainable infrastructure and attracted foreign investors
with higher value-added manufacturing. To date, the VSIP has attracted nearly 500
customers with US$6.4 billion of investments and US$8 billion in export value
while creating more than 140,000 jobs for the Vietnamese people. Forging close
relations with global companies, VSIP tenants come from 23 countries and
territories over the world.
Long-term sustainability is a goal with environmental infrastructure put in
place making the VSIP a clean and green environment. VSIP is the workplace and
living choice for general workers, technicians, engineers, managers and
professionals.
The Vietnam Singapore Industrial Park (VSIP) is a joint venture between a
Singapore consortium led by Sembcorp Industries and Becamex, a Vietnamese
state-owned enterprise. The Integrated Township and Industrial Park at Hai Phong
City (VSIP Haiphong) is being developed in response to the overwhelming success
of previously launched projects. VSIP Hai Phong was established in 2008 with total
area is 1,600ha in which 500ha for Industrial Park, more than 1,000ha for
Commercial and Resident Project.
VSIP Hai Phong is strategically situated in Hai Phong City, one corner of
Northern Vietnam vibrant economic triangle (Hanoi – Hai Phong – Ha Long).
100km away from the capital city Hanoi, VSIP Haiphong is just next to Hai Phong
seaport – the biggest port of Northern Vietnam. From here, it takes only some hours
to join the main international shipping route. Located a half hour from Cat Bi
International airport, one hour from Noi Bai International airport and connected to
other Northern provinces by Hanoi-Hai Phong highway, National road No. 5,
National road No. 10, No. 18 and Ha Long-Hai Phong highway, VSIP Haiphong
has the best advantages due to the easy access to amenities, logistics infrastructure
and port facilities. Additionally, VSIP Haiphong is also in convenient road
connection to Lao Cai, Lang Son and Mong Cai, the border gates with China.
Name: Tran Cong Thanh Class: GMA02 Page 13
PREFACE
In the period of economic transformation in the entire world, the economy of
Vietnam has also witnessed many changes. In fact, developed countries have
tendency to shift from manufacturing economy into service economy, whereas
developing nations are still mainly focusing on manufacturing economy. Therefore,
Vietnam are promoting industrialization and modernization to become an industrial
country in the future. Vietnamese government is tempting to facilitate favorable
conditions for development of industrial zones in the whole country.
However, in fact, some industrial zones already projected, but no investors.
The status of industrial lands enclosed with costly infrastructure investment, poor
investment attraction is prevalent. Slow land clearance or insufficient investment
capital are one of the main justification for this negative situation.
Hence, it requires a throughout and clear marketing strategy to deal with this
warning issue. Enterprises need to figure out their own marketing strategies for
attracting investors from outside unless they want to face to this consequence.
Especially, Trans-Pacific Partnership Agreement (TPP) and Asia Economic
Community (AEC) are considered as a golden opportunity to attract foreign
investors coming to Vietnam. It can be obviously seen that marketing strategy plays
a crucial role in developing industrial zones.
I declare that this report is my own unaided work. It has never been
submitted before.
If violated, I am solely responsible for and bear the punishments of the
Institution and University
Student Name and Signature
Name: Tran Cong Thanh Class: GMA02 Page i
Recommendations for marketing strategies to attract investment in industrial park at VSIP Hai Phong
ACKNOWLEGEMENT
In order to finish my dissertation “Recommendations for marketing strategies
to attract investment in Industrial Park at VSIP Hai Phong”, I received many
support from lecturers of Vietnam Maritime University.
Firstly, I would like to express my sincere gratitude to my supervisor
Mrs. Hoang Thi Lich who directly support and help me during the dissertation time
for her patience, dedication, motivation, and immense knowledge. That brings me a
solid foundation to accomplish this dissertation. Her guidance helped me in all the
time of research and writing of this thesis. I could not have imagined having a better
advisor for my study.
Besides, I also really appreciate all employers and employees of VSIP Hai
Phong Limited Company who facilitate favorable conditions for me to have good
working environment, as well as valuable documents, data to write this dissertation.
Due to limitation of understanding, that is a little double that mistakes are
inevitable, so I really hope to receive feedbacks from the lecturers to accomplish my
dissertation.
Name: Tran Cong Thanh Class: GMA02 Page ii
Recommendations for marketing strategies to attract investment in industrial park at VSIP Hai Phong
TABLE OF CONTENTS
PREFACE...............................................................................................................................i
ACKNOWLEGEMENT........................................................................................................ii
LIST OF ABBREVIATIONS................................................................................................v
LIST OF TABLES................................................................................................................vi
LIST OF FIGURES..............................................................................................................vii
INTRODUCTION..................................................................................................................1
CHAPTER 1: THE LITTERATURE REVIEW OF MARKETING AND
MARKETING STRATEGIES............................................................................................3
1.1 General Understanding about Marketing.............................................................3
1.1.1 Definition of Marketing...........................................................................3
1.1.2 Definition of Marketing Strategy.............................................................3
1.2 Factors Affecting Marketing Strategy.................................................................3
1.2.1 Marketing Environment...........................................................................3
1.2.2 Customer Behaviors.................................................................................6
1.2.3 Competitors..............................................................................................7
1.2.4 Target Markets.........................................................................................8
1.3 Marketing Strategies (4P)....................................................................................9
1.3.1 Product (Service) Strategies.....................................................................9
1.3.2 Price Strategies.......................................................................................10
1.3.3 Place (Distribution) Strategies...............................................................11
1.3.4 Promotion Strategies..............................................................................11
CHAPTER 2: THE MARKETING STRATEGIES TO ATTRACT INVESTMENT
IN INDUSTRIAL PARK AT VSIP HAI PHONG..........................................................13
2.1 Introduction about VSIP Hai Phong..................................................................13
2.1.1 History of Foundation and Development...............................................13
2.1.2 Main Business Activities........................................................................15
2.1.3 Organization Chart.................................................................................17
2.1.4 Operational Business Result from 2012 - 2014......................................18
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2.1.5 Future Development...............................................................................20
2.2 The Marketing Strategies to Attract Investment in Industrial Park at VSIP Hai
Phong...................................................................................................................... 21
2.2.1 Service Strategies...................................................................................21
2.2.2 Price Strategies.......................................................................................22
2.3.3 Place (Distribution) Strategies...............................................................23
2.3.4 Promotion Strategies..............................................................................24
2.3 Evaluation of Marketing Strategies to Attract Investment in Industrial Park at
VSIP Hai Phong......................................................................................................26
2.3.1 Strengths................................................................................................26
2.3.2 Weaknesses............................................................................................30
CHAPTER 3: RECOMMENDATIONS FOR MARKETING STRATEGIES TO
ATTRACT INVESTMENT IN INDUSTRIAL PARK AT VSIP HAI PHONG..........33
3.1 Factors Affecting Marketing Strategies to Attract Investment in Industrial Park
at VSIP Hai Phong..................................................................................................33
3.1.1 Current Market Environment.................................................................33
3.1.2 Target Customers...................................................................................34
3.1.3 Competitors............................................................................................35
3.2 Recommendations for Marketing Strategies to Attract Investment in Industrial
Park at VSIP Hai Phong..........................................................................................37
3.2.1 Service Strategies...................................................................................37
3.2.2 Price Strategies.......................................................................................39
3.2.3 Place (Distribution) Strategies...............................................................40
3.2.4 Promotion Strategies..............................................................................40
CONCLUSION....................................................................................................................43
REFFERENCES...................................................................................................................44
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LIST OF ABBREVIATIONS
AEC Asia Economic Community
FDI Foreign Direct Investment
HEZA Hai Phong Economic Zone Authority
IP Industrial Park
MICE Meetings, Incentives, Conferences, and Events
TPP Trans-Pacific Partnership Agreement
VSIP HP Vietnam – Singapore Industrial Park Hai Phong
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LIST OF TABLES
Table 1: The investment capital in industrial park in the period from 2012 to
11/2015.................................................................................................................... 18
Table 2: The list of land prices of industrial zones in Hai Phong............................22
Table 3: The promotional situation of VSIP Hai Phong in the period from 2012 –
2014......................................................................................................................... 24
Table 4: The investment capital attraction by country.............................................29
Table 5: The top 5 big investors in Hai Phong........................................................30
Table 6: The tax incentives in VSIP Hai Phong......................................................34
Table 7: The industries benefit from TPP................................................................38
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LIST OF FIGURES
Figure 1: The marketing environment.......................................................................4
Figure 2: The buying decision making process.........................................................7
Figure 3: The Ansoff Matrix.....................................................................................9
Figure 4: The pricing strategies...............................................................................10
Figure 5: The VSIP Projects....................................................................................13
Figure 6: The strategic location of VSIP Hai Phong................................................15
Figure 7: Ready-built factory in VSIP Hai Phong...................................................16
Figure 8: Organization chart of VSIP Hai Phong Co., Ltd......................................17
Figure 9: The investment capital in industrial park in the period from 2012 to
11/2015.................................................................................................................... 18
Figure 10: The industrial park tenants by country...................................................19
Figure 11: The industrial park tenants by industry..................................................20
Figure 12: The list of land prices of industrial zones in Hai Phong.........................23
Figure 13: The promotional situation of VSIP Hai Phong in the period from 2012 –
2014......................................................................................................................... 25
Figure 14: VSIP Hai Phong IP Land Availability July 2015...................................31
Figure 15: Top 10 foreign investors in Vietnam in 2014.........................................35
Figure 16: The distribution of big industrial zones in Hai Phong and Hai Duong...36
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INTRODUCTION
Necessity
The Vietnamese economic crisis in 2010 has led to the increase in interest rate.
It has led many Vietnamese enterprises including VSIP Hai Phong’s potential
customers and current customers decline and impact significantly on attracting
investors for the company. Besides, the year of 2010 also occurred many economic
fluctuations in the world. Meanwhile, VSIP Hai Phong just started conducting
business and competition has growingly become bigger and bigger. In fact, there are
10 per 18 Hai Duong Industrial Zones received government permission are already
operated with occupancy rate 99.25 % for Nam Sach Industrial Zone, 87 % for Dai
An Industrial Zone, 71,67 % for Tan Truong Industrial Zone and 100% for Phuc
Dien. Obviously, the success of these industrial zones and the new establishment of
other industrial zones are undeniable. Apparently, competition is one of the basic
economic laws of market economy and as a tool to promote economic development,
thereby creating strong enterprises to stand firmly on the market. Besides, the
industrial zones in the city is increasing, so the competition becomes tougher,
requiring industrial park management of VSIP Hai Phong should have throughout
marketing strategies to effectively attract investment.
Research Object
In this dissertation, the variety of basis for marketing will be pointed out to
evaluate the situation of marketing activities to attract investment at VSIP Hai
Phong Limited Company. Based on this analysis, the dissertation will give some
recommendations for marketing strategies to attract investment in industrial park at
VSIP Hai Phong. It is not only beneficial for company, but also helps improve Hai
Phong economy. The responsibility of author is answer these questions below:
What is overview of marketing and marketing strategy?
What is the status of marketing activities at VSIP Hai Phong?
What are the recommendations for marketing strategies to attract more
investment in industrial park at VSIP Hai Phong?
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Research Scope
The dissertation are researched at VSIP Limited Company, located at Thuy
Nguyen District, Dinh Vu-Cat Hai Economic Zone, Hai Phong City, Vietnam.
Besides, author also focuses to investigate some competitors and current customers
of company. Data was collected in the period of 4 years from 2010 to 2014 and
recommendations for period of 5 years from 2015 to 2020.
Methodology
The research within the paper is basically based on qualitative and quantitative
methods. During the internship period, the marketing strategies to attract investment
into industrial park at VSIP Hai Phong is summarized through real observation and
small talks to get information from company’s directors, officers and employee.
Regarding to quantitative method, the detailed data will be collected from
documents and reports of the company. After that, the data will be calculated,
clarified into different categories and evaluated. The analysis will be supported with
descriptions from bar charts and tables.
Qualitative method is applied to find out the basis of marketing and marketing
strategy, which will be selected from reports, research papers, proposals and articles
in the internet.
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CHAPTER 1: THE LITTERATURE REVIEW OF
MARKETING AND MARKETING STRATEGIES
1.1 General Understanding about Marketing
1.1.1 Definition of Marketing
Marketing is human activity directed at satisfying needs and wants through
exchange process[ CITATION Kot80 \l 1033 ] .
The aim of marketing is to make selling superfluous. The aim is to know and
understand the customer so well that the product or service fits him and sells
himself [CITATION Dru09 \l 1033 ].
Marketing is the management process responsible for identifying, anticipating
and satisfying customer requirements profitably [CITATION CIM09 \l 1033 ].
1.1.2 Definition of Marketing Strategy
A marketing strategy is a process or model to allow a company or organization to
focus limited resources on the best opportunities to increase sales and thereby achieve a
sustainable competitive advantage[CITATION Kaz14 \l 1033 ].
1.2 Factors Affecting Marketing Strategy
1.2.1 Marketing Environment
The marketing environment of the organization consists of elements which are
uncontrollable or controllable by the management. Firms need to understand their
marketing environment so that they can make the most of positive factors and
manage the impact of negative factors, as well as adjusting their marketing
strategy properly. A firm's marketing environment can be divided into two parts:
micro-environment and macro-environment.
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Figure 1: The marketing environment
Source: [CITATION Pro \l 1033 ]
1.2.2.1 Micro-environment
Suppliers
Suppliers provide resources needed by the company to produce its goods and
services.. Company can lower their supply costs and increase product quality to
gain competitive advantage in the market. Supply shortages have to be fully
monitored and plans should be made to avoid it.
Customers
As all businesses need customers, they should be centered around customers.
The firm's marketing plan should aim to attract and retain customers through
products that meets their "wants and needs" and excellent customer service.
Competitors
Competitor analysis and monitoring is crucial if a company is to maintain
or improve its position within the market. If a business is unaware of its
competitor's activities, they will find it very difficult to “beat” their competitors.
The market can move very quickly for example through a change in trading
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conditions, consumer behavior or technological developments. As a business, it
is important to examine competitors' responses to these changes so that
marketers can maximize the impact of their response.
Distributors
Distributors help the company in promoting, selling and distributing the goods
to the customers. They are middlemen, distributing agencies, market service
agencies and financial institutions. They also provide customer feedback and their
own impressions and can drastically affect the marketing as a result.
1.2.2.2 Macro-environment
Economic Factors
The economic environment consists of factors that affect consumers’
purchasing and spending power. The purchasing power depends on current income,
price, saving, debt and ability to borrow money. Therefore, marketers must pay
close attention to major trends and consumers’ spending patterns.
Technological Factors
The development of new technology can dramatically affect customers ‘needs
and wants. Technological environment involves forces that create new technologist
creating new product and marketing opportunities.
Social Factors
Every nation has a set of core cultural beliefs that are passed from generation
to generation. Changes in these core beliefs affect consumer purchases. Social,
religious, cultural and gender-influenced factors interact here, as social standards
vary by race, ethnicity and way of life. If marketers are able to analyze these
features of the potential customers, they will mar be in a better position to tailor the
marketing strategies.
Demographics
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Demography is the study of human populations in terms of size, destiny,
location, age, gender, race, occupation and other statistics. The demographic
environment is of major interest to marketers because it involves people who create
the market and are the customers.
Political Factors
Marketing decisions are strongly affected by developments in the political
environment. Political environment consists of laws, government agencies,
government itself and pressure groups that influence or limits various organizations
and individuals in a given society.
1.2.2 Customer Behaviors
1.2.2.1 Factors affecting customer behaviors
Cultural Factors
Cultural factors have a significant effect on an individual’s buying decision.
Every individual has different sets of habits, beliefs and principles which he/she
develops from his family status and background. The influence of culture on buying
behavior varies from country to country therefore marketers have to be very careful
in analyzing the culture of different groups, regions or even countries.
Social Factors
Social factors also impact the buying behavior of consumers. The important
social factors are: reference groups, family, role and status.
Personal Factors
Personal factors can also affect the consumer behavior. Some of the important
personal factors that influence the buying behavior are: lifestyle, economic
situation, occupation, age, personality and self-concept.
Psychological Factors
There are four important psychological factors affecting the consumer buying
behavior. These are: perception, motivation, learning, beliefs and attitudes.
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1.2.2.2 The buying decision making process
When faced with a decision, a consumer goes through a five stage process to
arrive at an optimal choice. This model is important for making marketing
decisions. It forces the marketer to consider the whole buying process rather than
just the purchase decision.
Figure 2: The buying decision making process
Source: [CITATION Ril15 \l 1033 ]
1.2.3 Competitors
1.2.3.1 The objectives and strategies of competitors
By understanding deeply the purpose and strategies of competitors, marketers
can take initiative to stay ahead of the competition. The marketers must know what
competitors are doing and what drives the competitors. Firstly, knowledge of a
competitor’s objectives facilitates a better prediction of the competitors’ reaction to
different competitive moves. Competitor’s objectives may be growth rate, market
share, and technology leadership, etc. Secondly, competitor’s strategies are what the
competitor says and what it does. Thus, marketers must closely monitor and keep
tracking competitors in order to promptly react.
1.2.3.2 The evaluation of strengths and weaknesses of competitors
A competitor’s capabilities can be analyzed according to its strengths and
weaknesses in various functional areas, as is done in a SWOT analysis. A financial
analysis can be performed to reveal its sustainable grow rate. Marketers perhaps can
do survey for competitor’s customers, suppliers, distributor to find out statistics and
evaluate exact rivalry’s capability.
1.2.3.3 The strategy to deal with competitors: avoid or attack
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Company need to have smart strategies to figure out whether they should
attack the competitors or avoid them. Most companies choose to attack week
competitors, however the result is not impressive. Besides, company also confronts
with strong competitors to catch up with higher levels.
1.2.4 Target Markets
1.2.4.1 Market segmentation
Market segmentation involves grouping your various customers into segments
that have common needs or will respond similarly to a marketing action. Each
segment will respond to a different marketing mix strategy, with each offering
alternate growth and profit opportunities. Some different ways you can segment
your market include the following[ CITATION Sma14 \l 1033 ]:
- Demographics which focuses on the characteristics of the customer. For
example age, gender, income bracket, education, job and cultural background.
- Psychographics which refers to the customer group's lifestyle. For example,
their social class, lifestyle, personality, opinions, and attitudes.
- Behavior which is based on customer behaviors. For example, online shoppers,
shopping center customers, brand preference and prior purchases.
- Geographical location such as continent, country, state, province, city or rural
that the customer group resides.
1.2.4.2 Targeting
After segmenting the market based on the different groups and classes, you
will need to choose your targets. No one strategy will suit all consumer groups, so
being able to develop specific strategies for your target markets is very important.
There are three general strategies for selecting your target markets: undifferentiated
targeting, concentrated targeting, multi-segment targeting.
1.2.4.3 Positioning
Positioning is developing a product and brand image in the minds of
consumers. It can also include improving a customer's perception about the
experience they will have if they choose to purchase your product or service. The
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business can positively influence the perceptions of its chosen customer base
through strategic promotional activities and by carefully defining your business'
marketing mix
1.3 Marketing Strategies (4P)
1.3.1 Product (Service) Strategies
Regarding to product and service strategy, the Ansoff Matrix analysis is
applied to consider the implications of growing the business through existing or
new products and in existing or new markets.
Figure 3: The Ansoff Matrix
Source: [ CITATION Tea13 \l 1033 ]
- Market Penetration: The marketer focuses on selling their existing products or
services to their existing markets to achieve growth in market share.
- Market Development: The marketer focuses on developing new markets or
market segments for their existing products and services.
- Product Development: Marketer focuses on developing new products and
services for their existing markets.
- Diversification: Marketer focuses on the development of new products to sell
into new markets.
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1.3.2 Price Strategies
Pricing
strategies
Penetration Optional Value-based/
Premium Competition Cost-based Bundle Skimming Psychological
Pricing Pricing Pricing Pricing Pricing Pricing Pricing
Pricing
Figure 4: The pricing strategies
(Source: learnmarketing.net)
- Penetration Pricing: The company sets a low price to increase sales and
market share. Once market share has been captured the firm may well then
increase their price.
- Optional Pricing: The company sells optional extras along with the product
to maximize its turnover.
- Premium Pricing: The price set is high to reflect the exclusiveness of the
product.
- Competition Pricing: Setting a price in comparison with competitors. Really
a firm has three options and these are to price lower, price the same or price
higher
- Value-based and Cost-based Pricing: The firms takes into account the cost of
production (or value of products) and distribution, they then decide on a
markup which they would like for profit to come to their final pricing
decision.
- Bundle Pricing: The company bundles a group of products at a reduced
price. Common methods are buy one and get one free promotions
- Skimming Pricing: The company sets an initial high price and then slowly
lowers the price to make the product available to a wider market. The
objective is to skim profits of the market layer by layer.
- Psychological Pricing: The seller here will consider the psychology of price
and the positioning of price within the market place. For instance, the seller
will charge 99p instead £1 or $199 instead of $200.
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1.3.3 Place (Distribution) Strategies
Depending on the type of product being distributed there are three common
distribution strategies available: [ CITATION Lea11 \l 1033 ]
- Intensive distribution: Used commonly to distribute low priced or impulse
purchase products. It uses direct distribution channel that involves distributing
direct from a manufacturer to the consumer.
- Exclusive distribution: Involves limiting distribution to a single outlet. The
product is usually highly priced, and requires the intermediary to place much
detail in its sell. An example of would be the sale of vehicles through exclusive
dealers.
- Selective Distribution: A small number of retail outlets are chosen to distribute
the product. Selective distribution is common with products such as computers,
televisions household appliances, where consumers are willing to shop around
and where manufacturers want a large geographical spread.
1.3.4 Promotion Strategies
There are 4 main types of promotion:
- Advertising: There is any paid non-personal communication: E.g.: Television,
newspapers, magazines, billboard posters, radio, cinema, etc. Advertising is
intended to persuade and to inform.
- Personal selling: Oral communication with potential buyers of a product with
the intention of marketing a sale. The personal selling may focus initially on
developing a ‘relationship with potential buyer, but will always ultimately end
with an attempt to “close the sale”.
- Sales promotion: Providing incentives to customers or to the distribution
channel to stimulate demand for a product.
- Publicity: The communication of a product, brand or business by placing
information about it in the media without paying for the time or media space
directly.
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CHAPTER 2: THE MARKETING STRATEGIES TO
ATTRACT INVESTMENT IN INDUSTRIAL PARK AT
VSIP HAI PHONG
2.1 Introduction about VSIP Hai Phong
2.1.1 History of Foundation and Development
Vietnam Singapore Industrial Park (VSIP) was established in 1996 on the
basis of cooperation and support between the two governments of Vietnam and
Singapore. The VSIP was first proposed by Prime Minister Vo Van Kiet of Viet
Nam to Prime Minister Goh Chok Tong of Singapore in March 1994. The VSIP
was officially launched on 31 January 1996 in Singapore. On 14 May 1996, the
Prime Ministers of Vietnam and Singapore gathered at the VSIP site to officiate the
ground breaking ceremony.
VSIP Projects:
Figure 5: The VSIP Projects
(Source: Marketing Department, VSIP Hai Phong)
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Along the way, the VSIP was remodeled from a traditional industrial park to
an integrated township and industrial park, bringing in new urban solutions such as
international master plan, sustainable infrastructure and attracted foreign investors
with higher value-added manufacturing. To date, the VSIP has attracted nearly 500
customers with US$6.4 billion of investments and US$8 billion in export value
while creating more than 140,000 jobs for the Vietnamese people. Forging close
relations with global companies, VSIP tenants come from 23 countries and
territories over the world.
Long-term sustainability is a goal with environmental infrastructure put in
place making the VSIP a clean and green environment. VSIP is the workplace and
living choice for general workers, technicians, engineers, managers and
professionals.
The Vietnam Singapore Industrial Park (VSIP) is a joint venture between a
Singapore consortium led by Sembcorp Industries and Becamex, a Vietnamese
state-owned enterprise. The Integrated Township and Industrial Park at Hai Phong
City (VSIP Haiphong) is being developed in response to the overwhelming success
of previously launched projects. VSIP Hai Phong was established in 2008 with total
area is 1,600ha in which 500ha for Industrial Park, more than 1,000ha for
Commercial and Resident Project.
VSIP Hai Phong is strategically situated in Hai Phong City, one corner of
Northern Vietnam vibrant economic triangle (Hanoi – Hai Phong – Ha Long).
100km away from the capital city Hanoi, VSIP Haiphong is just next to Hai Phong
seaport – the biggest port of Northern Vietnam. From here, it takes only some hours
to join the main international shipping route. Located a half hour from Cat Bi
International airport, one hour from Noi Bai International airport and connected to
other Northern provinces by Hanoi-Hai Phong highway, National road No. 5,
National road No. 10, No. 18 and Ha Long-Hai Phong highway, VSIP Haiphong
has the best advantages due to the easy access to amenities, logistics infrastructure
and port facilities. Additionally, VSIP Haiphong is also in convenient road
connection to Lao Cai, Lang Son and Mong Cai, the border gates with China.
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