Pom Assigment Full (1)
Transcript of Pom Assigment Full (1)
ContentsI. INTRODUCTION....................................................................................................................3
1. Company analysis........................................................................................................................3
a. Mission statement.................................................................................................................3
b. Company objectives..............................................................................................................3
II. ENVIRONMENT ANALYSIS...................................................................................................4
1. Economic analysis....................................................................................................................4
2. Policy analysis..........................................................................................................................5
3. Demographic analysis..............................................................................................................6
4. Cultural and Social...................................................................................................................6
5. Natural analysis........................................................................................................................7
6. Technological environment......................................................................................................7
III. COMPETITIVE ANALYSIS....................................................................................................7
V. BRAND ANALYSIS................................................................................................................13
1. Brand’s current performance..............................................................................................13
a. Three levels of product...................................................................................................13
b. Product life cycle............................................................................................................13
REFERENCES..............................................................................................................................22
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EXECUTIVE SUMMARY
This assignment provides the information about Vinamilk Corporation in terms of marketing.
VINAMILK with the image of “Nutrition expect understanding Vietnamese” is a strong and
historical brand of milk in Vietnam. And the liquid milk is one of the most succesful products of
Vinamilk Corporation. Therefore, in this report, we choose liquid milk as a central product in
order to analyze Vinamilk Corporation as a whole .In the period year, although inflation and
economic crisis have put great pressure on production and people’s life, VINAMILK still
recorded its maturity with a significant milestone: revenue of USD up to 1billion. For this
situation, this paper concern itself with how VINAMILK existing and developing in a difficult
environment today. The report begins with an overview of company then analyzing all the
factors influencing the development of VINAMILK’s marketing plan including environment,
major compititors, and customer. In the brand analysis, the importance of selecting the
appropriate market mix of VINAMILK is discussed by explaining 4P – Product, Promotion,
Price, and Place. In addition, some critical strength, weaknesses of the company and
opportunities and threats existing in the today market are also highlighted and examined.
The last part is about the conclusion, some ideas; recommendations are mentioned for fresh milk
based on current economic and social fators.
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I. INTRODUCTION
NAME VINAMILK CORPORATION
HEAD OFFICE 184 – 186 NGUYÊN DINH CHIEU, DISTRICT 3, HCM CITY
TEL 84 – 83930.03.58
FAX 84 – 8 – 3930.52.06
WEBSITE WWW.VINAMILK.COM.VN
II. SITUATION ANALYSIS
1. Company analysis
a. Mission statement
Vinamilk will be the fastest and sustainable growing healthy dairy and food company by
building a long-term competitive advantaged product portfolio across the scale.
Vinamilk continues to expand its existing geographical coverage and product portfolios to
maintain its sustainably dominant position in the local market and maximizing its shareholder
value.
Vinamilk wish to be the most favourite product in all areas, territories. Therefore, we meditate that quality and creation is the companion of Vinamilk. Vinamilk considers customers our focus and commit to meet all demands of customers. Vietnam Dairy Products Joint Stock Company’s quality policy: Always satisfy customers with high-quality, safe, and diverse products, the best service and competitive prices.
b. Company objectives
Financial objectives
In 2012, the company targets 30% growth, $3 billion revenue milestone is set out in company
with a vision to 2017 after they have reached $1 billion figure late last year.
Marketing objectives
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Expansion of market share in existing and new markets;
Develop a comprehensive portfolio of dairy products to target a broader consumer
base and expand into higher margin value-added dairy products;
Development of new product lines to satisfy different consumer preferences;
Brand cultivation;
Continuously enhancing supply chain man- agement;
Development of raw material sources to ensure a reliable and consistent fresh milk
supply base.
II. ENVIRONMENT ANALYSIS
1. Economic analysis
In the recent year, inflation always is the first matter of concern in Vietnam economy. In
particular, in 2011, although the government used many methods to reduce the increase of
inflation; it still remains in the top highest rate of inflation in the world, 18.58%. However,
Vietnam’s GDP still rises to 5.89% that is higher than other regional countries (Philippines 4.7%,
Singapore 5.3%, and Malaysia 5.2%) thought the economy is experiencing in the period of
recession. (http://en.wikipedia.org)
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Both the economy in Vietnam and in the world closely related to the operating activities of
Vinamilk. The effect of the global recession and the high rate of inflation are two serious
problems Vinamilk facing. On other hand, the real income in Vietnam is high. Hence, Vinamilk
should focus on developing domestic market, which has less troubles and better condition than
foreign countries.
2. Policy analysis
Vietnam has only one party – Communist Part of Vietnam holding the most powerful position in
all respects of the country (including policy, economy, and society). In addition, there are not
severe armed conflicts. Therefore, government stability has been a constant in Vietnam while
neighbors including Thailand continue to remain mind in internal strife. In other words, Vietnam
is a peaceful country and it is a safe condition for Vinamilk to develop.
In front of happening of a list of food poisoning particularly Milk contains melamine, the
government issued regulations about Food Safety Law. (http://vfa.gov.vn). The requirements of
Food Safety and Hygiene will increase the cost of firm but it also build up the trust of customers
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if Vinamilk has cleaner milk production process and following the Law on Quality of Products
and Goods.
3. Demographic analysis
Vietnamese population, which is more than 90 million people, ranks the 3rd in South East Asia
and the 13th in the world. The total number of Vietnamese under 15 years represented 25.2% and
those between 15 and 64 years included about 69.3%, only 5.5% people over 64 years.
Especially, Vietnam has high rate of growth, 1.1% per year. Otherwise, each year, 1 billion
children are born. Therefore, Vietnam is a potential market for milk. Moreover, Vietnam
population is highly concentrated in big cities, and urban centers, mainly, Hanoi and Ho Chi
Minh City. For this situation, Vinamilk should choose effective way to segment Vietnamese
market and appropriate distribution channels. (http://www.indexmundi.com)
4. Cultural and Social
In Vietnam, there are still a large number of children under the age of 5 years underweight, about
20.2% in 2008, following CIA world factbook. Other report also presents that more than 32.6 per
cent of children in Vietnam are malnourished, stunted and underweight, making the country one
of the world's 20 worst performers in child nutrition. (http://www.asiaone.com). The facts prove
that the society have paid litter attention on Children’ Health. Nevertheless, the life of
Vietnamese children today is much better than it is in 2 decade ago. The data shows the bad
situation but the fact that the Government, the society and parents are caring for children more
and more should be admitted. National Institute of Nutrition director Nguyen Cong Khan said
Vietnam had made fast and sustainable progress in reducing the malnutrition rate in recent years.
A children object is one of the targets customers of Vinamilk, so the company should participate
to the revolution of improving the Children’ Health in order to build up the trust in customer and
expand the market.
Culture is a challenge for Vinamilk. In fact, most Vietnamese people do not have the habit of
drinking milk daily.
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5. Natural analysis
Vietnam is long and narrow country, lying in the tropical zone. The country is influenced by a
monsoon climate, with four distinct seasons and high humidity. This weather is suitable for
grasses and dairy castles grow fast, but for insects, batteries and viruses to expand easily. For this
case, Vinamilk should fabricate the rigorous monitoring and evaluation system, and apply
technology in the production process to reduce disease of cows and produce clean milk with high
quality.
6. Technological environment
Today, the science and technology are becoming increasingly important, and have many
applications in the life and production. Now, Vinamilk owns the most modern production lines
in Vietnam which ensure the quality and hygiene. So Vinamilk should keep and develop these
competive advantages.
III. COMPETITIVE ANALYSIS
When conducting business in dairy product market, Vinamilk aware of several competitors both
directly and indirectly. Vietnam market consists of many milk brand names, such as Vinamilk,
FrieslandCampina, Nutifood, TH milk, International Dairy Product company, etc, which are the
producers of dozens fresh milk products. Besides that, customers could choose other types of
drink and nutrient goods in replace of milk, for example, juice, tea.
The dairy market in Vietnam is large a two horse race. The market is dominated by national
Vinamilk and Dutch Lady Brand from FrieslandCampina. According to a report of NORDIC
industries development in 2011, together these companies have nearly 70% market share in fresh
milk product. Imports and minor producers account for only 30% of the market. However, with
the new enter of TH True Milk and more aggressive promotion strategies of other companies, the
Vietnam liquid milk market tends to experience a greater competition in the near future.
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37%
32%
31%
Vietnam Dairy Market Share (2008)
VinamilkDutch LadyOthers
Figure: Vietnam Dairy Market Share (2008) (www.nordic-industries.com)
Therefore, this paper will analyze the 2 main competitors of Vinamilk fresh milk, Dutch Lady
and TH true milk in the light of finding competitive advantage of Vinamilk over the two rivals.
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Brand Strength Weakness
Dutch
Lady
- An international brand name
- Early enter in the market
- Intensive promotion and distribution
network.
- Dutch Lady UHT Kid has been
priced higher than others UHT
milk in the market due to higher
cost of production.
TH True
milk
- Announce to develop a largest milk
production project in Vietnam
- Are establishing an impression of
“pure” milk
- Newly established, only one
type of product
- Limited distribution network
- Higher price
As indicated in the table, Vinamilk and Dutch Lady with their long-lasting business development
possess a good position in customer’s mind of well-known brand name, good quality, mass
promotion and distribution.
TH True Milk even though the new entrant in the milk market, achieve considerable attention
and a small market share in a very intense competition. It has launched a new promotion
campaign of persuading customers about its “purely” milk quality. With the simple design,
white-filling package, the advertisements emphasize rising and netrual cows naturally; TH True
Milk is increasingly proving this unique competitive advantage. However, TH is just newly
established firm and not yet widely-recognized business name and has just 20 store distrbutors in
Vietnam. In addition, the product price of TH True Milk is a litter bit higher than that of both Vinamilk
and Dutch Lady (VND27, 000/4 180-ml can in compared with VND25, 500and VND24, 000 of similar
type of Vinamilkand Dutch Lady respectively). These can make some customers more hesitate to buy this
new type of milk.
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IV. CUSTOMER ANALYSIS
Customers have differences wants, needs, buying attitudes...etc. Therefore, it is essential to
marketers in Vinamilk design a separate marketing program for each buyer. And one of the
successes of Vinamilk comes from target segmentation; the marketers tried a lot of segmentation
variables, alone and in combination. The table below listed some variables which marketers used
in order to analyze and identify the market structure.
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Base Segmentation Characteristic
Geographic
- 4 main branches: Ho Chi Minh, Can Tho, Da Nang and Ha Noi city- 240 distributor with more 140.000 retailer in 64 provinces- Exporting 16 nations : USA, Canada, Russia, Kuwait, Srilanka, Philippine,….etc
Focus on developing in Vietnam dairy market and concentrate on large cities. (in which people tend to drink more milk)
Demographic+ Behavioural
Children :- No income- Medium usage rate and- Medium loyalty status- Benefits sought- Gender
- Do not have ability to work yet no income- Almost all children like milk and loyal one type of milk they like but they also change so quickly when they drink new one and children really depends on their parents. - Benefit sought: sweet, delicious- Gender: Little girls like milk than little boys
Teen-age : - Less income- Medium usage rate and- Medium loyalty status- Benefits sought- Gender
- No income, less income or low income unstable income (part-time job…)- Depends on their income,people have low income drink less medium usage rate,and this age group is affected by their friends and other factors change easily medium loyalty- Benefits sought: sweet,delicious,beautiful- Gender: girls like milk than boys
Aldult: - Have income- High usage rate, some are completely loyal, some are not.- Benefits sought- Gender
- Ability to work stable income- Habits, and when they choose one type of milk or brand they tend to be loyal if that product is good and suitable for them.6/10 people are asked believe using vinamilk.- Benefits sought: healthy,beautiful,delicious- Gender: women tend to drink more than man
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Psychographic Lifestyle Low-fat milk reflect a healthy lifestyle
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The first one is geographic segmentation: Vinamilk has 4 main branches Ho Chi Minh City, Can
Tho City, Da Nang City and Ha Noi City with the headquarter locates in Ho Chi Minh City. Up
to Up to December 31, 2009, the products are sold through 240 distributors with more than
140,000 retailers in 64 provinces. Beside, Vinamilk also export a huge number of products to 16
nations. However, Vinamilk still focus on developing the products in Vietnam market and
concentrating on large cities such as Ha Noi, Da Nang, and Ho Chi Minh City where there exists
a high population density. (Vinamilk.com)
The second combination is demographic and behavioral segmentation, as we can see very clearly
from the table above there are differences between 3 age groups, the factors affecting strategies
of Vinamilk and reflect the different tastes of customer for instance: Income, usage rate, age,
loyalty status, gender… etc. In 2007 Vinamilk had great success with kid milk products on the
demographic segmentation for children from 6-12 years old. These products brought the most
profitable to Vinamilk Corporation that year. (vietnambranding.com)
The third segmentation is psychographic, Vinamilk understands the tastes of customers and
introduce many products to meet customer needs for example low-fat milk is a product like that
it aims to reflect a healthy lifestyle.
The decision type (extent of problem solving) for the product: limited problem solving :- some
information sought usually a preference for brand or store.At present times,milk market is coping
with a lot of difficulties because of the dgree of toxic in milk and the customers are afraid of the
quality of milk.Hence,to some people those who drink one type of milk a long time and nothing
happens,they tend to use and believe that brand,others,might seek the information about the new
brand and they will spend more time to search about the dgree of safety in milk product.That’s
why we should take action in order to make customer believe that Vinamilk is totally safe and
healthy; maintain potential customer and attract new ones by showing the method which
Vinamilk used to produce milk and the combination of elements in milk.
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V. BRAND ANALYSIS
1. Brand’s current performance
In comparison with its competitors, Vinamilk possess strong brand equity with diversified
customer bases national wide. Moreover, with a distribution network of over 232 distributors and
178,000 retail outlets throughout the country (Vinamilk’s annual report, 2011), its remarkable
ability to reach and deliver products to the end users is undeniable. Together with the high
quality and international standard-certified equipment and production technology, all of these
factors have contributed significantly to the success of one of the best 10 Vietnamese companies
(Vietnam economic forum, 2011).
a. Three levels of product
Now, lets’ consider the model of “3 levels of product” in the case of Vinamilk liquid milk. The
core product being considered, which is the core benefits that customers obtain when they buy a
can of milk is nutrient and healthy product for human. Being the next, actual product consists of
5 elements: a high quality level of pure, fresh and nutritious milk aimed at providing customers
with a balanced shape, healthy and energetic life through different features of high calcium, low-
fat and rich in minerals and vitamins. In addition, a famous brand name of Vinamilk, eye-
catching can design and various convenient packaging forms are attracting buyers to purchase
and use more and more product. Other valuable services and benefits which have been added as
a mean to promote and retain loyal customers, such as effective delivery or customer-consultant
services are becoming increasingly important part of augmented product.
b. Product life cycle
In analyzing any product, it will be a shortcoming if the current product life stage of the product
is not studied. Vinamilk Corporation has gone through a history of almost 40 years but its line of
fresh milk was almost popular in the last 15 years. Dairy products were developed and sold for a
long period, however, due to the low income and less healthy-concerned of Vietnamese people in
the struggle time, demand for them was not considerable. As a result, the sales growth was quite
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slow and profits were negligible. Over the time, living standard is improved, which results in
higher need for good and nutritious products and milk are among the most press for, especially
for the usage of children. Since 2000, liquid milk is experiencing a rapid market acceptance,
growth and increasing profits. As the largest dairy product manufacturing and distributing
company in Vietnam, Vinamilk is getting nearly 40% of total market, an incredible number.
Moreover, the profit of the whole corporation rose at the rapid rate of over 20% each year. In
2009, this consumption level was only 11.2 kg per person in compared with 62 kg of Asian
countries and 96 kg worldwide (Bao Viet Securities, 2009 & 2010). According to the situation of
many other foreign countries, the milk and dairy products consumption level will tend to
increase and consistent in a quite long period due to the necessary nature of dairy products for
human health. These numbers are partially reflecting the current and potential development of
fresh milk product line in the future.
c. The current marketing strategy using the framework 4Ps
Established in 1976, Vinamilk has 36 years experience in manufacturing convenience product.
Vinamilk is also among the ten leading producer of dairy products in Vietnam based on sales
volum and revenue. Its products range from core dairy products such as liquid and powdered
milk, to value-added dairy products such as condensed milk, drinking and spoon yoghurt, ice
cream, and cheese. According to Euromonitor, Vinamilk has been the number one dairy player in
Vietnam for the three years ending 31 December 2007 (Vinamilk.com.vn ). In the scope of this
report, liquid milk is our focus.
The marketing mix or the 4 Ps of Marketing are Product, Price, Place (distribution) and
Promotion. 4Ps of Vinamilk liquid milk are the following:
Product
Vinamilk offers a variety of liquid milk, all of which are current in the top-selling product
categories; they have various packaging, features. According to annual report year 2010 of
Vinamilk, the revenue growth rate of liquid milk is 55% higher than 2009. Currently, liquid milk
category has 8 kinds which serve wide range of customer demand:
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VNM Fortified UHT Milk (with three flavors: fresh, strawberry, chocolate): rich in
calcium, vitamin A, D3, magnesium, manganese and zinc for Vietnamese kids
Vinamilk 100% Pasteurized Milk: specially processed with advanced Pasteurization
technology for all people.
100% Fresh Milk: contains all essential nutrients from nature for all people.
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Sweetened 100% Fresh Milk (with three flavors)
Vinamilk UHT Milk (three flavors)
Vinamilk Unsweetened UHT Milk
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Unsweetened, high-calcium and low-fat UHT Milk Flex: for people on diet
Vinamilk Sweetened UHT milk (Milkkid): retain all essential vitamins, minerals, DHA
for children.
Especially, in 2010, Vinamilk introduced to the customer a new product, that is the pasteurized
fresh milk with the bacterium spliting centrifugal technology, the most advanced technology in
the world. Besides, all of the products contain micro substances which are necessary for the
development of Vietnamese people.
In 2007, fresh milk sales grew 18%, accounted for about 26% of Vinamilk’s total revenue; the
second highest contributor to Vinamilk’s total revenue among all product lines. Vinamilk’s fresh
milk market share is 35% (TVS Research) this is a highly diversified product line with a variety
of brands. Vinamilk has ceded the number one position in this segment to Dutch Lady, however,
due to the latter’s strong public relations and marketing strategies.
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Price
Price is considered to be among the most importance competitive factors for all enterprises. In
the first five years, due to the higher price of materials, both Vinamilk and other company raising
their prices up by 5-7% (vietnambusiness.asia). Currently, the price of Vinamilk equal 1/3 of
foreign milk product.
Particularly, a set of four Vinamilk fresh milk boxes is sold at VND26, 000, rising VND2, 000
per set. Vinamilk explained the price of input dairy material has increased by 20% and other
material up 40-60%. In addition, the input costs of power and water as well as transport and fuel
expenses have surged by 10-15% year-on-year. Therefore, the company has to raise prices to
make up for production costs. As for other brands, Dutch Lady milk is now sold at VND22,000,
Moc Chau Milk is VND24,000 a set of four 180ml boxes, and TH True Milk is priced
VND27,000 per set, all of three brands increased VND1,000 from their former prices.
In the race with other domestic brands, Vinamilk always remain the price quite stable (have
some adjustments in line with the market price). Currently, the price of Vinamilk equal 1/3 the
price of foreign milk. In addition, for the fresh milk, Vinamilk has the marketing campaign to
raise the core value in customer’s mind with the reasonable price…..
Placement
Vinamilk’s distribution network is a significant competitive advantage in the Vietnam
marketplace that is difficult for competitor to match. The company owns its own wholesales
distribution system, consisting of 220 wholesale independent distributors spread across 64
provinces, which in turn serve over 140,000 retail outlets around the country. Vinamilk also sells
directly to supermarkets, offices, factories, and its nutrition consultancies. The company supports
its distribution with 16 showrooms in larger cities such as Hanoi, Da Nang, Ho Chi Minh City,
and Can Tho.
The company plans to increase marketing campaigns in parallel with developing more outlets to
increase sales. In addition to its domestic distribution network, Vinamilk currently has official
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distributors in the United States, Europe, Australia, and Thailand. Vinamilk will soon be
establishing distribution networks in Cambodia and other neighboring countries.
Promotion
Instead of specific promotion, Vinamilk focuses on advertising and PR. The messages that
Vinamilk wants to convey through its promotion campaign are:
Reaffirming the position No.1 of trademark
Establishing the brand as the proud of Vietnamese
Establishing the emotional value: Vinamilk- the symbol of “a better life”.
In terms of advertising, media, internet, press, outdoor activities are the effective tools that
Vinamilk ultilizes to achieve their goals of creating the core value in customer’s mind. In
addition, the content of advertisements is also the important factors which make Vinamilk so
popular. Especially, children love and remember much about Vinamilk products. For example,
the advertisement: “100%, 100%, 100% fresh milk” (“Trăm phần trăm, trăm phần trăm, sữa tươi
nguyên chất trăm phần trăm”) with the funny cows and melody is building up the image of
general fresh milk. Another example is “Finest nutrilite from pure fresh milk” (“Giữ tốt nhất
dưỡng chất từ sữa bò tươi nguyên chất”) for 100% pasteurized milk.
In term of PR, there is a lot of news written about the quality, the dominant advantages, and the
new advanced processed milk technology. For example, “Vinamilk 100% Pasteurized Milk has
been specially processed with advanced Pasteurization technology. Bacteria and spores are
removed from milk by using the world class Bactofuge - “Bacteria Removing Centrifuges” - then
the milk is pasteurized and immediately cooled down at 4 °C, thus keeping the best nutritional
elements such as vitamins and minerals from pure cow milk.” (www.giaoduc.net.vn).
In addition, Vinamilk organized a lot of community activities to show their social responsibilities
and in turn, broaden their image. Some of their activities are: Vinamilk scholarship fund for
Vietnamese young talents, Doremi program, Arsenal – Vinamilk soccer school, Milk fund to poor
children in Vietnam…
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VI. SWOT ANALYSIS
Strengths Consider Possible actions
- Strong brand, large market share (75%)- Large distributed network ( 64 provinces)- Various products,competitive price- Advanced production line- Good management
- Vinamilk has the potential to flourish and expand surely
-maitain this position in dairy market in Viet Nam-extent the size of corporation,create more types of milk,suitable price
Weakness Consider Possible actions
- Focus developing much on domestic market- Marketing activities mainly focus on southern
- Exchange rate fluctuations will affect directly to business results of enterprises.
-uniform development among regions- upgrape the technology- invest to product raw material
Opportunities Consider Possible actions- The advantages of being a WTO membership
- Expanding to oversea markets
- Research and create new suitable products advertising in the new market.
- Improvement on standard of living
Dairy products have become much more affordable
- Enhancing the quality- Creating new products which is focus on what people concern now. For ex: Milk for people on diet, weight gain, enhance the height,- Concentrating on some major products such as fresh milk, liquid milk, etc.
- The available human resource in Vietnam
- The good opportunities to expand production
- Building more factories
Threats Consider Possible actions- Inflation and recession which impact on consumer’s purchasing power.
- Impact on consumer’ power especially luxury products
- Develop the normal product line with high quality and competitive price.
- The difficulties faced when taking part in WTO: more competitor from foreign countries.
- The import of a lot of foreign products.
- Keeping the market by taking advantages from culture, taste, loyalty customers
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- Preference attitude of Vietnamese toward foreign products (fx: abbott, Similac, Co gai Ha Lan, Hipp, etc)
- Identifying ways to change the attitude of this group (increase quality, advertising focus on “Vietnamese use Vietnamese goods”….)
- Using more effective advertising program- Sponsor for children and social programs
VII. CONCLUSION & RECOMMENDATION
In short, Vinamilk, as the leading company of producing milk and dairy products in Vietnam, has
achieved outstanding reputation and market share in its core business, especially with the field of
liquid milk. Under the pressure of highly competitive market (dozens of rivals, in particular
FrieslandCampina, Nutifood, TH milk) and dynamic operational environment (rapid changes in
ecomomic, demographic and technology situation), Vinamilk still effectively manages its
products and satisfies diversified customer bases. Not only providing milk products for all age
groups throughout the country but Vinamilk also extends its business beyond the boundary of
Vietnam into many potential foreign markets. In the light of an extremely more profitable future
(with the dairy products consumption level is expected to soar in the next decade), Vinamilk is
supporting the milk industry growth by expanding its product diversification for over 8
categories of milk with different favors, packaging style. Moreover, the company is currently
building up a very strong and outspread distribution network over all 64 provinces together with
offering attractive prices in compared to its major competitors. Intensive promotion campaigns
are another means of boosting sales and recognition. Many interesting advertisement and PR
programs have been launched in target to each specific consumer groups and public in general
and attained numerous appreciations. As a result, the “big name” of Vietnamese milk and dairy
market, Vinamilk, is on the way to prove its top position both in the physical market and in the
customers’ mind.
However, in order to retain and develop this success in the long future, Vinamilk should
carefully prepare itself for the great opportunities and threats representing around it.
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