ĐẠI HỌC QUỐC GIA HÀ NỘI TRƯỜNG QUẢN TRỊ VÀ KINH DOANH --------------------- MARCO ACERBI A STUDY OF BUSINESS STRATEGY AND PLANS FOR BĖT (BĖT.DRIP), A STARTUP HIGH FASHION CLOTHING COMPANY IN VIETNAM XÂY DỰNG CHIẾN LƯỢC PHÁT TRIỂN KINH DOANH CHO BĖT (BĖT.DRIP), CÔNG TY KHỞI NGHIỆP VỀ THỜI TRANG CAO CẤP TẠI VIỆT NAM LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH Hà Nội - 2024 ĐẠI HỌC QUỐC GIA HÀ NỘI TRƯỜNG QUẢN TRỊ VÀ KINH DOANH --------------------- MARCO ACERBI A STUDY OF BUSINESS STRATEGY AND PLANS FOR BĖT (BĖT.DRIP), A STARTUP HIGH FASHION CLOTHING COMPANY IN VIETNAM XÂY DỰNG CHIẾN LƯỢC PHÁT TRIỂN KINH DOANH CHO BĖT (BĖT.DRIP), CÔNG TY KHỞI NGHIỆP VỀ THỜI TRANG CAO CẤP TẠI VIỆT NAM Chuyên ngành: Quản trị kinh doanh Mã số: 8340101.01 LUẬN VĂN THẠC SĨ QUẢN TRỊ KINH DOANH NGƯỜI HƯỚNG DẪN KHOA HỌC: PGS. HOÀNG ĐÌNH PHI Hà Nội - 2024 DECLARATION The author confirms that the research outcome in the thesis is the result of author‟s independent work during study and research period and it is not yet published in other‟s research and article. The other‟s research result and documentation (extraction, table, figure, formula, and other document) used in the thesis are cited properly and the permission (if required) is given. The author is responsible in front of the Thesis Assessment Committee, Hanoi School of Business and Management, and the laws for above- mentioned declaration.
Marco Acerbi i ACKNOWLEDGEMENT First and foremost, I want to express my appreciation and respect for the entire HSB staff for a great experience in taking this MBA program. It‟s been very interesting as the only western student, and a great experience in learning about business in Vietnam and the overall business culture in Asia. My teachers have been incredible and provided unique perspectives and insights in their respective fields. I feel that I‟ve gained a wealth of new knowledge, as well as valuable connections and friendships in the process.
I would also like to thank Assoc. Dinh Phi for all his support with my dissertation, as well as the opportunities he provided me. I very much appreciate his guidance in helping me choose my topic and pointing me in the right direction for this task. I have endless gratitude for the entire experience of my time at HSB, and I‟m going to be proud to say that I‟m a graduate of this institution of Vietnam National University.
Marco Acerbi ii TABLE OF CONTENTS DECLARATION. ii TABLE OF CONTENTS. v LIST OF TABLES. vii LIST OF FIGURES .4 OBJECTS OF RESEARCH .5 SCOPE OF RESEARCH.
4 CHAPTER 2: OVERVIEW/CONCEPT/PREPERATION/DESIGN & SOURCING .3 BUSINESS DEVELOPMENT STRATEGY OBJECTIVES .4 RESEARCH MODEL OF THE STRATEGY .1 SWOT ANALYSIS ON COMPETITION .7 MATERIAL AND PRODUCTION .8 SUPPLIER RELATIONSHIPS AND ETHICAL SOURCING .9 SEASONAL COLLECTIONS AND TREND FORECASTING. 22 CHAPTER 3: BRANDING & MARKETING/ SALES & DISTRIBUTION 24 3.1 KPI Analysis from Market Testing .2 Marketing Channel ROI from Market Testing .3 Market Segmentation Chart .4 COMMUNITY BUILDING AND USER-GENERATED CONTENT .5 LIMITED EDITION AND EXCLUSIVE DROPS .7 SUPPLY CHAIN MANAGEMENT.8 E-COMMERCE AND ONLINE SALES .9 INTERNATIONAL SALES AND EXPORT STRATEGIES .10 CUSTOMER RELATIONSHIP MANAGEMENT (CRM). 45 CHAPTER 4: CUSTOMER EXPERIENCE/ GROWTH & EXPANSION .1 IMPORTANCE OF CUSTOMER EXPERIENCE .2 TOUCHPOINTS AND INTERACTIONS .3 CUSTOMER FEEDBACK AND DATA ANALYSIS .4 SCALING AND GROWTH .5 COLLABORATIONS AND PARTNERSHIPS. BD - Business Development 2.
SWOT - Strengths, Weaknesses, Opportunities, and Threats 3. ROI - Return on Investment 4. KPI - Key Performance Indicator 5. B2B - Business-to-Business 6.
B2C - Business-to-Consumer 7. CRM - Customer Relationship Management 8. M&A - Mergers and Acquisitions 9. P&L - Profit and Loss 10.CAGR - Compound Annual Growth Rate 11.USP - Unique Selling Proposition 12.SME - Small and Medium-sized Enterprises 13.C-suite - The executive team (CEO, CFO, CTO, etc.IPO - Initial Public Offering 15.R&D - Research and Development 16.NDA - Non-Disclosure Agreement 17.CPM - Cost Per Mille (Cost per Thousand Impressions) 18.CPC - Cost Per Click 19.BOD - Board of Directors 20.MOU - Memorandum of Understanding 21.LTV - Customer Lifetime Value 22.SaaS - Software as a Service 23.B2G - Business-to-Government 24.CTA - Call to Action 25.CTO - Chief Technology Officer 26.CFO - Chief Financial Officer v 27.CMO - Chief Marketing Officer 28.KOL - Key Opinion Leader 29.EBITDA - Earnings Before Interest, Taxes, Depreciation, and Amortization 30.GTM - Go-to-Market 31.IAC - Industry Attractiveness and Competitive Strength 32.PRM - Partner Relationship Management 33.B2E - Business-to-Employee 34.DTC - Direct-to-Consumer 35.SOP - Standard Operating Procedure 36.RFP - Request for Proposal 37.NPS - Net Promoter Score 38.CPC - Cost Per Conversion 39.SLA - Service Level Agreement 40.TAM - Total Addressable Market 41.LTV/CAC - Lifetime Value to Customer Acquisition Cost ratio 42.A/B Testing - Split testing for marketing optimization 43.AI - Artificial Intelligence 44.ARPU - Average Revenue Per User 45.C-suite - The highest-ranking executives in a company 46.BI - Business Intelligence 47.CAC - Customer Acquisition Cost 48.CLV - Customer Lifetime Value 49.CAGR - Compound Annual Growth Rate 50.B2B2C - Business-to-Business-to-Consumer vi LIST OF TABLES SWOT Analysis SWOT Competitor Analysis KPI Analysis from Market Testing Marketing Channel ROI from Market Testing vii LIST OF FIGURES Market Segmentation Chart Value Chain viii CHAPTER 1.1 RESEARCH RATIONALE The motivation behind this research is to formulate a strong business development plan for the BĖT streetwear brand to initially enter the Vietnamese market in online sales, and subsequently penetrating the western/global market.
It will be taking a comprehensive approach, covering sales, manufacturing, logistics, financial elements, the market, and human resources. The purpose of this dissertation is to provide a guideline or a review in the buildup to the brand‟s official launch date, with the goal of higher profit margins, brand sustainability/stability, as well as overall performance and longevity. Because the streetwear market is so saturated with many other brands (red sea market), both online and offline, and worldwide, a course of action must be created that sets the brand apart from the competition. This research will help to outline a firm/creative marketing strategy, identify the best approaches to presenting/releasing new products, and take heed from other successful enterprises within the industry.
The clothing industry in general has been affected by big brands involved in “fast fashion” such as Shein, Zara, Uniqlo, etc. taking a large portion of market share, by flooding the market with not so high-quality products. The worst element of this is the environmental damage that is caused as a biproduct of this type of enterprise. This leads to another one of the primary reasons behind this research, which is to reduce pollution and harm to the environment.
CSR and sustainability are one of the core values of the brand, and thus the research will be a direct reflection and analysis of how to best implement this into BĖT. 1 The main objective of the brand is to provide ethically sourced/produced products in high quality that will be accessible to Vietnamese consumers in the target market, as well as globally, with price adjusted for varying markets. The research will ascertain the best methods to achieve these goals and the core values of the brand.2 RESEARCH OBJECTIVE The primary focus and objective of this paper is to create the business development strategy for the BĖT streetwear brand. Through this the brand will have guidelines and concrete knowledge to move forward pragmatically in its synthesis and birth.
By observing the achievements and failures of other brands, and drawing from prominent research in this field, the brand will take positive influence, while avoiding the negative. By analyzing strengths and weaknesses and implementing them into starting the business the brand should have a leg up on others and a very useful complement to just the standard business plan in itself. The research will comprehensively target manufacturing, marketing, human resources, chain of supply, management, logistics, sales, finance/funding management, customer/manufacturer relations, sustainability, CSR, and any other sectors that are discovered in the process. The overall aim is also to increase value and efficiency.
A startup SME has many hurdles to face, and extensive planning is pivotal in this process to optimize the decision-making process as a whole, and to avoid multitudes of pitfalls at all costs. What is the business development strategy of BĖT targeting? 2. Why is this business development strategy important to this SME, and what does it seek to achieve? 2 3. How will this business development strategy be utilized to establish the brand in Vietnam, along with future plans for expansion, while also creating a unique competitive advantage? 1.4 OBJECTS OF RESEARCH The qualitative and quantitative factors that will drive the success and longevity of the BĖT streetwear brand.
How to ascertain prominent strategies gained through the research and thus apply them to the startup SME. The major question is how do we process all of this data and make it into a relevant guideline for the brand to follow? What are the main factors that have contributed to other brands major successes or failures? 1.5 SCOPE OF RESEARCH -The Scope of Space: The subject of this thesis seeks to create a guideline from the stage of formulation/concept to the final stage of execution/launch as well as the first five year plan for the BĖT streetwear brand. Research will bolster and give concrete incentives in moving forward for the brand, through quantitative and qualitative data. -The Scope of Time: The data collected will span from clothing brands within the last decade.
It will be adapted to the market in 2023, with predictions made from it on the aspect of planning for the future.6 RESEARCH METHODOLOGY The general approach to this dissertation will be qualitative/quantitative data analysis (mixed methods) to delve into both theory as well as hard data on the topic at hand because a business development strategy should be comprehensive of all elements. The philosophy of this research should rely both on positivism and constructivism for this same reason. Through side-by- side comparison of competition, market research, consumer trend research, 3 innovation research, and financial analysis it will yield a strong business plan for the brand to perpetually grow and thrive within the next five years. Descriptive (for current state of brand), exploratory (to generate new ideas and insights), and causal (to establish relationships between variables) research methods will be employed in the areas listed above.
This will be the bulk of the secondary data that is applied to the thesis. Primary data will be collected from sample studies of product quality/customer satisfaction surveys (random sampling) will also be analyzed and computed into quantifiable data. Observations from market trends/consumer habits and document analysis of other relevant sources will comprise the remainder of the research. The only possible limitations may be access to certain data and the potential for sample/source bias which will be minimized/vetted in any way possible.
Findings will be presented with an array of charts, graphs, and other visual mediums to show/compare data. The main purpose of this research is to rigorously analyze and present clear and concise data for the business development strategy of BĖT (BĖT.7 THESIS STRUCTURE The thesis, including the introduction, contains 7 chapters: Chapter 1: Introduction Chapter 2: Overview/Concept/Preparation Chapter 3: Design and Sourcing Chapter 4: Branding and Marketing Chapter 5: Sales and Distribution Chapter 6: Customer Experience Chapter 7: Growth and Expansion Chapter 8: Conclusion 4 CHAPTER 2: OVERVIEW/CONCEPT/PREPERATION/DESIGN & SOURCING 2.1 MARKET ANALYSIS The fashion industry on both the high and low ends has experienced major changes throughout this period of globalization, and with the major shift towards online shopping of the last decade. The advent and surge of social media emerging in the center stage of everything has completely changed the way we market, advertise, buy, sell, and view products. This of course comes with both positive and negative impacts on society and the ecosystem of the world.