Successful Promotion of Consumer Goods in Vietnam

Diploma Thesis from the year 2008 in the subject Business economics - Offline Marketing and Online Marketing, grade: 1,0, Heilbronn University of Applied Sciences, language: English, abstract: Vietnam has gradually opened its market economy towards foreign investors and businesses in recent years, climaxing in the accession to the World Trade Organization (WTO) at the beginning of 2007. With limited choice during years of centrally planned economy, Vietnamese consumers these days face growing market liberalisation and personal wealth and hence must learn how to successfully navigate the new abundance of products and brands. Having one of the highest economic growth rates in Asia, the country is evolving rapidly and in the centre of attraction of foreign producers and retailers all over the world. Confronted with the challenge of gaining foothold, as well as increasing and defending market share, foreign and indigenous consumer goods companies are beginning to realize the absolute essentiality of doing promotion successfully in this potential market. Meanwhile, more and more promotion agencies develop to provide support in an increasingly competitive environment. Thus, it is more important than ever to understand the Vietnamese way of thinking and lifestyle and gain deep insights of promotion within the context of Vietnam's culture. This thesis attempts to provide in-depth information about various aspects of promotion in Vietnam. Based on primary data gained in 30 face-to-face interviews with experts of consumer goods companies (Coca-Cola Southeast Asia, Nestle, Unilever, Beiersdorf, P&G, etc.) and promotion agencies (Ogilvy & Mather, BBDO, Saatchi & Saatchi, JWT, etc.) as well as five focus groups with Vietnamese students and observation during a three-month field research in Vietnam, it will describe Vietnamese consumers and culture and draw implications for designing a sound message, promotion mix and media mix. Furthermore, it will present current consumer trends. Only those marketers who are able to tailor their promotional efforts to fit the culture and lifestyle of Vietnamese consumers stand to reap the benefits.