MINISTRY OF EDUCATION AND TRAINING HO CHI MINH CITY UNIVERSITY OF TECHNOLOGY AND EDUCATION ELECTRONICS AND COMMUNICATIONS ENGINEERING TECHNOLOGY MARKET RESEARCH AND MARKETING STRATEGY DEVELOPMENT FOR STUDY FOR YOU CO. 4th QUARTER 2022 LECTURER: VO THI XUAN HANH STUDENT: LE THUY TUONG VAN SKL 009101 Ho Chi Minh City, November 2022 m MINISTRY OF EDUCATION AND TRAINING HO CHI MINH CITY UNIVERSITY OF TECHNOLOGY AND EDUCATION FACULTY OF HIGH QUALITY TRAINING GRADUATION THESIS Topic MARKET RESEARCH AND MARKETING STRATEGY DEVELOPMENT FOR STUDY FOR YOU CO. 4th QUARTER 2022 Student : Le Thuy Tuong Van Student ID : 18143053 Course : K18 Major : Industrial Management Advisor : M.S Vo Thi Xuan Hanh Ho Chi Minh City, November 2022 m COMMENTS OF ADVISOR --------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ HCM city, ……………………. November 2022 Advisor Page 1 m COMMENTS OF REVIEWER --------------------------------------------------------------- --------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ HCM city, …………………….
November 2022 Reviewer Page 2 m Acknowledgement In the process to finished my graduation thesis, it is grateful for helping and support from the S4U company, my family, and my advisor. First of all, sincerely thank all of my lecturers at Ho Chi Minh University of Technology and Education. It is impossible to complete this research paper without your training. Furthermore, the Faculty of High-Quality Training create a chance for me to study, practice and experience.
Secondly, I would like to express my deep gratitude to Mr. Dang Dinh Khanh and all members of S4U for their companionship during the last two years. Their efforts are my motivation and inspiration to complete this paper. Thirdly, MS Vo Thi Xuan Hanh guided and gave me valuable advice to make the great finished my thesis.
Thank you for your help. Finally, my adorable family always encourage and support me in the process implement this research paper. Thank all of you, family. Ho Chi Minh City, 9th November 2022 (Student’s Name) Le Thuy Tuong Van Page 3 m TALBE OF ABBREVIATION Abbreviation Explanation ARPC Average revenue per customer BUH Banking University of Ho Chi Minh city eWOM Electronic Word-of-mouth FDI Foreign Direct Investment MAD Mean absolute devitation PESTLE Political, Economical, Social, Technological, Legal and Environmental RSFE Running Sum of the Forecast Error S4U Study For You company STP Segmentation, Targeting và Positioning TMI Trust Media Index UEL University of Economics and Law UTE University of Technology and Education WOM Word-of-mouth Page 4 m TALBE OF FIGURE Figure 1.1 Trust media index score (TMI score).1 Chart of the ways to learn English of Vietnam .2 Table of compatitor analysis .3 Table of target customer analysis .1 Table of X English Center in 20218 – 2020 .2 Chart of X English Center Revenue in 20218 – 2020 .3 X English Center Revenue by season in 20218 – 2020 .4 S4U revenue forecast by months in two last seasons 2022 .5 X English Center Revenue data in regression model.6 Result of regression analysis by Excel .7 Revenue forecast for linear regression forcecast.1 S4U revenue forecast by months in two last seasons 2022 .1 S4U situation of customer in 3rd Quarter 2022.
Chart of S4U situation of customer in 3rd Quarter 2022. SWOT matrix of S4U. Study With Buddis Campaign. The interaction of storytelling 4th post.
The interaction of storytelling 3rd post. New English Course of S4U. New tuition fee of S4U English Course. The key content on social media.
Revenue Report Oct 2022 .New forecast for the two next months. 61 Page 5 m TALBE OF CONTENTS COMMENTS OF ADVISOR. 1 COMMENTS OF REVIEWER. 3 TALBE OF ABBREVIATION.
4 TALBE OF FIGURE. 5 TALBE OF CONTENTS. Reasons of researching. Objectives of research.
Scopes and subjects of research. Content of research. 9 CHAPTER 1: COMPANY INTRODUCTION. 13 CHAPTER 2: LITERATURE REVIEW.
19 CHAPTER 3: MARKETING ANALYSIS .4 Target customer analysis. 32 CHAPTER 4: MARKETING STRATEGY .1 Revenue forecasting for 2022 last quarter .5 Marketing on social media .7 Revenue and profit report for October 2022. Reasons of researching How can we take advantage of shortcuts and seize the initiative in the current period of revolution 4.0 and the global information explosion so that Vietnamese people can surpass it? The solution is to develop education and invest in learning foreign languages. Foreign language proficiency is crucial to the cause of education, training, and the overall development of the nation, not only because it is a requirement for high-tech workers to keep up with the rapidly evolving technological processes, but also because it is a skill that is essential for contemporary Vietnamese.
Due to the significance and urgency of people's need to learn other languages, an increasing number of English centers are established, and there will be a fiercer level of rivalry between businesses. It will be considerably more difficult to compete, especially for new organizations. Study For You (S4U) is a new business, so promoting and marketing to gain market share is critical to the company's growth. As a result, in order to restrict and decrease challenges, as well as the goal that Study For You better satisfies the needs of consumers, our team has proposed a "MARKET RESEARCH AND MARKETING STRATEGY DEVELOP FOR STUDY FOR YOU COMPANY" 2.
Objectives of research The research objective is to build a complete Marketing strategy based on 4 aspects: Marketing on Social Media, Marketing by Word of Mouth, Sales Policy, and Product Development. Scopes and subjects of research The research scope includes students at the University of Technology and Education, Ho Chi Minh Banking University, University of Economics and Laws. The research is from September to November 2022 Research subjects include the market and target customers of Study For You, Study For You's marketing strategy in the fourth quarter of 2022 Page 8 m 4. Methodology Qualitative: A qualitative method is used to analyze competitors, and micro and macro markets, and forecast market trends.
Based on the fundamental theories studied and market reality, we propose a suitable marketing strategy. Quantitative: In order to evaluate the success of marketing initiatives, the trend revenue forecast method is used to forecast market demand and anticipated sales. Content of research There are four chapters of this research. The key contents of these chapters are: Chapter 1: Company Introduction This chapter is an overview of the company information.
It presents the mission, vision, goals, core values, the story of S4U and the summarize of the business model. Chapter 2: Literature review The main contents of chapter 2 divide into three parts. The first part is about sales philosophies that are applied in the marketing plan of S4U including All-Side Sales and Sales with the reason why. The next part summarizes and highlights the marketing definition which is mentioned in this research.
And the final content is methodologies of forecast revenue which is used to estimate revenue in this thesis. Chapter 3: Marketing situation There are five main contents for this chapter. The first content includes Segmentation, Targeting và Positioning (STP) of S4U. The next part is macroeconomics analysis by the PESTLE model (including Political, Economical, Social, Technological, Legel, and Environmental factors).
To continue, the significant information of the competitor and Page 9 m target customer is mentioned. Finally, the revenue reports from 11/2020 - 8/2022 are analyzed to get an overview of the business situation. Chapter 4: Marketing strategy In the final chapter, there is a revenue forecast for the 4th quarter of 2022. Based on the quantitative and qualitative analysis, the marketing method (Marketing Mix) is considered and applied.
It also presents particular ways to improve the effectiveness of marketing through social media, WOM marketing, sale policy, and product improvement. This chapter is end with the revenue report on Oct 2022 and some advice for the 2 last months of the year. Page 10 m CHAPTER 1: COMPANY INTRODUCTION 1.1 Basic information International company name: STUDY FOR YOU EDUCATIONAL SERVICES CONSULTATIONS COMPANY LIMITED Tax code: 0317393617 Address: 356/17 Vo Van Ngan Street, Binh Tho Ward, Thu Duc city, Ho Cho Minh City Founded year: September 2020 Licensed year: July 2022 Founders of Study For You: Dang Dinh Khanh (Sales and Marketing Director) – Mr. Khanh has 5 years of experience as a Sales and Marketing Manager in English Teaching Centers.
As a result of working for the start-up English Centers, he is excellent at starting a brand and business model for customers who are students. Le Thuy Tuong Van (Customer Service Director) – For 4 years working in Sales & Marketing and Customer Service, Ms. Van own outstanding skills in connecting, building up, and improving customer relationships. She is flexible, creative and enthusiasm for solving customer problems.
The story of Study For You: After many years of working in English teaching environments, the S4U founders realize that high school students in major cities have a higher English level than the ones who come from small towns or provinces. The result of those differences is the huge distinction in their career opportunities, incomes, and educational abilities. It is unfair that the quality and facilities of English education in the countryside are less standard than in metropolitans, which leads to differences in the English level of students. Page 11 m The key reasons are the income from teaching English in rural areas are quite lower than in urban areas, so most English teacher decides to work in major cities such as Ho Chi Minh city, Can Tho city, Vung Tau, etc.
On the other hand, the cost of an English course in Ho Chi Minh is not affordable. According to the report of General Statistics Office of Vietnam (2022), the average income in rural areas is 3,48 million per month (2021) and 5,7 million per month (nine first months of 2022). The normal English course tuition is about 5 - 8 million for 2 - 3 months (around 2 - 3 million per month), it is an expensive cost for students who come from average or low-income families. Understanding the pain point of students, the S4U founders create a project which is able to provide small-size English classes, good quality, and competitive prices.
After 2 years of developing as a start-up project, on July 2022 Study For You get a business license and work as a company legally. Mission: Study For You was founded to support students who have average or low income to be able to learn English courses with cost-effective and nice quality. Moreover, English skills will become the main element to promote their career paths and improve their living quality in the future. Vision: In the next three years, Study For You is going to establish 5 - 7 offices in Thu Duc City.
Additionally, Study For You desire to be an English class which is the most adorable by customers. We try to best to become an integrity, reliable, and good-quality brand on the market. Core values: Respect the personal differences Page 12 m Understanding to sympathize Winning together Integrity Dedicate The structure of company: Board of Director (BOD) Marketing and Sale department Operation department Content Human Sales Online Customer Partnership Finance and and brand management resource marketing marketing service accounting marketing managent Figure 1.2 Business model S4U works as a marketplace between customers and partners. The partners of S4U are teachers, and tutors who have the ability to train English students.
The customer of Study For You are students from universities in the Thu Duc area. Study For You support the teacher, tutor for admissions, organize class, and manage the course and customer service. The profit of S4U comes from the commission which is an agreement with teachers or tutors. The commission is around 20% to 55% depending on the number of students, the tuition, of course, the type of class, etc.