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Solutions for selecting target markets for Kyung - Viet - 1 Joint Venture Garment Company


FOREIGN TRADE UNIVERSITY

FACULTY OF ECONOMICS AND INTERNATIONAL BUSINESS

MASTER OF FOREIGN TRADE ECONOMICS


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GRADUATION THESIS


Topic:

Solutions for selecting target markets

Kyung-Viet joint venture garment company


Student : Nguyen Phuong Thanh

Class : A7

Key: K42

Instructor : MSc. Tran Hai Ly


Hanoi, 2007


INDEX

Foreword 1

Chapter I: General theory on choosing target market of enterprises

I. Target market and the role of target market in business operations of enterprises 4

1. Concept of market and target market of business 4

1.1.Market concept 4

1.1.2.Target market of the business 6

1.2. The role of determining target markets in business operations of enterprises 7

II. Activities of selecting target market of enterprises 9

2.1. Factors affecting the process of selecting a business's target market ........................................................................................................................................ 2.1.1. Group of objective factors 9

2.1.2. Subjective factors group 11

2.2. Criteria for evaluating the potential of the target market 11

2.2.1. Estimated total market demand 13

2.2.2. Estimate the number of potential customers of the business 13

2.3. Sequence of conducting target market selection activities 13

2.3.1.Market research 14

2.3.2. Forecasting market demand 17

2.3.3.Market segmentation 18

2.3.4. Selecting target market 20

Selecting market segments 21

Conquest options 22

Factors influencing the choice of 25

Product positioning of the enterprise 26

Chapter II Current status of target market selection of Kuyng-Viet joint venture garment company in the period 2003-2007 30

I. Vietnam's garment market and characteristics of enterprises in the knitwear manufacturing industry in the market 30

1.1. Vietnam's garment market in general 30

1.1.1. Characteristics of Vietnam's garment market 30

1.1.2. Characteristics of enterprises in the knitwear manufacturing industry in the market 34

1.2. General overview of Kuyng-Viet 35 joint venture garment company

1.2.1. Formation and development process 35

1.2.2. Functions, tasks and operating policies 38

1.2.3. Organizational structure of the management apparatus 39

1.2.4.Internal resources 42

1.3. Some results of production and business activities of the joint venture garment company Kuyng-Viet 46

II. Current status of target market selection of Kuyng-Viet joint venture garment company 48

2.1. Correlation analysis between Kyung-Viet joint venture garment company and domestic competitors. 48

2.2. Analysis of the current situation of target market selection of Kyung-Viet 50 joint venture garment company

2.2.1. Current status of market research and target market segmentation of company 50

2.2.2. Current status of selecting target market segments of the company 58

Evaluating market segments 58

Selecting target market 59

Meet the target market 60

2.2.3. Positioning the company's products in the target market 61

III. Assess the current status of choosing the business's target market

3.1.Strengths 62

3.2. Existing limitations 63

3.3.Cause 64

Chapter III: Solutions to complete target market selection for Kuyng-Viet joint venture garment company 66

I. General development strategy of the textile industry and development direction of Kyung-Viet 66 joint venture garment company

1.1 Development strategy of Vietnam's textile and garment industry in the period 2007-2010 66

1.2. Company development orientation in the period 2007-2012 69

II. Basic solutions to complete the selection of target markets for the joint venture garment company Kuyng-Viet 71

2.1. Completing market research and segmentation activities 71

2.2. Target market segmentation 81

2.2.1 . SWOT analysis of the company 81

2.2.2. Evaluating market segments 82

2.2.3. Selecting key markets 84

2.3. Perfecting the business's positioning solution in the market segment

target 85

2.3.1. Competitive positioning 86

2.3.2. Quality/price positioning 88

2.4. Marketing-Mix solutions on target market segment 89

2.4.1. Product 90

2.4.2. Price 92

2.4.3. Distribution 93

2.4.4. Trade promotion 94

2.5. Some other specific solutions 94

Conclusion 96

Reference 98


Table of Contents

Table 2.1. Vietnam's textile and garment exports in the period 2000-2007 32

Table 2.2. Some types of sewing machines and equipment of Kyung-Viet Joint Venture Garment Company 42

Table 2.3: Some types of machinery and cutting equipment of Kyung-Viet Joint Venture Garment Company 43

Table 2.4: Company's financial situation 2003-2007 44

Table 2.5: Business performance of Kyung-Viet company

from 2004-2007 46

Table 2.7: Comparison between Dong Xuan Knitting Company and Kyung-Viet 49

Table 2.8: Population density by region from 2003 to 2006 54

Table 2.9: Consumer price index in Vietnam 64

Table 3.1: Textile and Garment Industry Indicators in the Period 2007-2010 68

Table 3.2: Product proportion of the company as of June 2007 70

Table 3.3: Product output from 2007-2010 70

Table 3.4: Product proportion of Kyung-Viet joint venture garment company in 2008 71


INTRODUCTION

Marketing is not only a function in business activities, but also a philosophy that guides the entire operation of the enterprise in discovering, responding to and satisfying the needs of customers. Based on marketing activities, enterprises have gradually built their image and brand in domestic and foreign markets. Marketing may be a newly applied term and concept, but in the process of globalization, Marketing has demonstrated all its advantages and helped enterprises increasingly have their own voice.

As a part of that trend, Vietnam cannot take it slow in its development process. That is the main factor explaining why, when realizing the essential role of Marketing, domestic enterprises have been proactively supported as much as possible for essential Marketing activities. One of those Marketing contents must mention the activity of selecting the target market - a quite important and strategic move for the entire Marketing process of enterprises in the future. But the problem is that, currently, in the comprehensive development trend set by the Government, textile and garment enterprises still encounter some difficulties and feel confused about launching their products to the market, especially the domestic market with a population of more than 80 million people, containing many diverse target market segments. One of those enterprises is the Kyung-Viet joint venture garment enterprise. Within the framework of the knowledge I have learned and acquired, I would like to boldly try my hand at a topic that is not new but perhaps still needs much discussion among students in particular and businesses in general: " Solutions for selecting target markets for the Kyung-Viet joint venture garment company".


Research objectives:

Theoretical basis system of target market selection activities in enterprises

Apply Marketing knowledge to analyze and evaluate the current situation of implementing target market selection activities of Kyung-Viet joint venture garment company.

Propose solutions to improve the target market selection activities of Kyung-viet joint venture garment company.

Research object and scope:

The research focus of the topic is selecting the target market at Kyung-Viet joint venture garment company.

With the scope for Vietnam's garment market and more specifically Vietnam's knitting market.

Research method:

By different methods such as: statistics, synthesis through officially published documents, gathering multi-dimensional information, condensed with synthesis, reflecting the whole picture of the research problem, with high practicality and generality. On that basis, conduct statistics, synthesis, comparison, generalization and apply analytical mathematical models to come up with reasonable, practical, effective solutions closely related to the reality of the company.

Thesis structure:

Thesis title: Solutions for selecting target markets for Kyung-Viet joint venture garment company.

In addition to the introduction, conclusion, appendix and list of references, the thesis consists of 3 chapters:

Chapter I: General theory on choosing target market of enterprises.


Chapter II: Current status of target market selection of Kuyng-Viet joint venture garment company in the period 2003-2007.

Chapter III: Solutions to perfect the selection of target markets for the joint venture garment company Kuyng-Viet.

But with limited knowledge, it is inevitable that there will be shortcomings and inadequacies in the topic. Therefore, I look forward to the help and comments of teachers and friends. I would like to sincerely thank the guidance and enthusiastic help of Ms. Tran Hai Ly, the staff of Kyung-Viet Joint Venture Garment Company and especially the teachers of Foreign Trade University who have helped me wholeheartedly throughout the process of studying and completing this graduation thesis . I sincerely thank you!


Student: Nguyen Phuong Thanh

Class: A7-K42B

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