GRADUATION THESIS PROJECT Minh Duong Feng Shui Bracelet SUPERVISOR: Dang Tran Hieu GROUP MEMBER: Do Hoang Nam - HE140726 Pham Tien Hung - HE140802 Pham Tuan Minh - HS150481 Hoang Vu Dung - SS15648 Vu Van Thinh - HE140804 SUMMARY The feng shui bracelet is known to many people as an object that brings a lot of luck to the wearer. However, many people do not know what type of feng shui stone to choose for feng shui in accordance with their destiny, as well as to help preserve the health and spirit of the wearer. Besides, many feng shui bracelet businesses but only for commercial purposes, do not really care about the real needs of customers, and staff lack knowledge, and do not understand the meaning of feng shui bracelets. And feng shui is a growing field and has the potential to grow strongly in the future thanks to the love of customers for feng shui products.
With that in mind, we - Feng shui enthusiasts came up with the idea to establish Minh Duong Feng Shui Bracelet Co. (abbreviated name: Minh Duong Feng Shui Bracelet), a quality bracelet business with the desire to be able to bring diverse and quality feng shui products to anyone who has a passion or need for feng shui products. 1 ACKNOWLEDGEMENT Our graduation thesis would not have been possible without the help of many individuals, agencies, and organizations. We would like to take this opportunity to express our gratitude to all those who have helped us during the completion of this thesis.
First of all, we would like to express our deep gratitude to our instructor Dang Tran Hieu for guiding us to carry out this thesis. You have helped us answer many questions and suggestions so that we can complete this thesis in the best way. Secondly, we thank FPT University for creating a dynamic and creative atmosphere for us to study and experience practical activities. Thereby, we can accumulate a lot of practical experience and build great values for ourselves.
Third, we would like to thank the lecturers of the Faculty of Economics at FPT University for their lectures, for taking the time to guide us on the learning path, and for the extremely valuable experiences that the teachers have given us. Along with the process of making the graduation thesis, it is impossible to forget the friends in the group who shared with us the experiences and memories to be able to complete the thesis. In particular, we would like to express our gratitude to our parents, brothers, sisters, and friends who have always been by our side and encouraged us. We made it through the hardest part of the journey.
With limited experience, the essay is inevitably flawed. We are looking forward to receiving the guidance and suggestions of teachers so that we have additional conditions, and learn from experience to serve well in our future work. Ha Noi, April 26th, 2023 The authors of this thesis 2 ABSTRACT We are very interested in the field of feng shui because there are numerous business opportunities. Therefore, we decided to set up a shop selling feng shui bracelets.
Setting up a business store can be costly, but it is a worthwhile investment that can be highly profitable, especially if the store is well-invested and located in a convenient location. The current feng shui bracelet is in high demand, but it has not been widely adopted due to a number of barriers such as lack of knowledge, quality, or reputation. Many people are willing to spend a significant amount of their own money to obtain an appropriate feng shui bracelet. Feng shui bracelets can bring people fortune, luck, and health.
This is why investing in the feng shui bracelet business can be a good decision. For business success and risk reduction, we will prepare a specific business plan including assessment, value proposition market analysis, human resource management, financial planning, and business plan. marketing, and risk management. The plan will be made as realistic as possible.
3 Table Content ACKNOWLEDGEMENT 2 ABSTRACT 3 Table Content 4 I.2 Marketing problem identification 8 1.1 Company’s name and logo 9 2.2 Type of enterprise 10 2.3 Vision and mission 11 2.4 Legal and Permits 11 3. Idea About The Service 12 3.1 Overview of products 12 3.2 Product line orientation 13 3.3 The most accurate way to classify feng shui bracelets.4 Overview of platform business 15 II.2 Feng Shui stone industry 17 1.1 Feng Shui stone in the world 17 1.2 Feng Shui stone in Viet Nam 19 2.1 Survey-based Customer Analysis 24 Survey Method 24 Interview 1:1 25 Template Format 25 List of interviewees 25 Summary of Insights 26 Marketing Proposal 26 Survey Online 27 Survey Online Summary 38 3.1 Always ensure product quality to customers 40 4.2 The unique combination of jewelry and feng shui 40 4.3 The price is suitable for many customer segments 41 4 4.4 Dedicated and professional customer care 42 III. Key Activities Plans 42 1.6 Marketing & Sales activities 45 1.7 Customer care & Customer relationships 45 2. Company structure and human resources management 46 2.2 Human resources management 47 2.1 Roles and responsibilities 47 2.1 Forecasting recruitment needs 48 2.3 Training and development 49 2.4 Salary and benefits 50 2.2 Image, brand identify partner 53 3.3 Delivery service partner 53 3.4 Card payment service partners 55 4.1 Direct distribution channel 56 5.2 Indirect distribution channel 56 6.3 Marketing Mix: 4Ps Model 59 6.4 ACTION PLAN: 71 5 PHASE 1: Attention 74 PHASE 2: Interest 75 PHASE 3: Desire 78 PHASE 4: Action 87 After Campaign 93 IV.2 Most-Likely Case 95 2.
Cost Structure and Expense 99 4. Free Cash Flow 108 7. Supply chain risk 118 8. The first year 118 2.
The following year 118 V.1 Project relevance In the early days, people often used bracelets, necklaces, and many other kinds of jewelry, as an affirmation of their hunting ability, about their achievements to their fellow human beings. Following that, the bracelet was frequently used in battle to protect the wrist from being slashed or cut. Bracelets have also been used to equip soldiers or boxers in battle to fix and protect their wrists from being dislocated or cut since ancient times. Bracelets were first used in Egypt in 5000 BC.
Bracelets are now primarily used for cosmetic purposes. Bracelets are used for religious purposes in addition to decorative and fashion purposes. Many people (particularly in Asia) believe that wearing bracelets made of special materials such as agate, quartz, cat's eye stone, etc., can bring them health and success in life. Feng shui stones are semi-precious stones but often have a large size and color, with low transparency, and are frequently carved with statues, mascots, and spheres.
Bracelets can be made of a variety of materials, including metal, leather, fabric, plastic, or other materials, and sometimes jewelry, such as stone, wood, or bark, is used to make the bracelet, as well as precious materials such as gold, silver, diamonds, ivory, precious stones. The price of jewelry is heavily influenced by materials. Common metals, alloys, plastic, glass, leather, wood, and ordinary or semi-precious stones are commonly used in low-cost jewelry. Gold, silver, platinum, diamond, gemstone, quartz, rubies, onyx, and mulberry wood are common materials used in high-end jewelry.
There are 3 main reasons that our group chooses feng shui bracelet business ● The growth of the feng shui industry: The feng shui industry is expanding and offers numerous business opportunities. Many people choose the feng shui business because they believe it has a lot of potential. A bracelet is the main product in a potential feng shui jewelry business. ● Love and passion: Our founder chose to work in feng shui because he is passionate about the subject.
He is already knowledgeable about feng shui and wishes to expand his knowledge and share it with others. ● Many people believe that feng shui can affect their health, wealth, happiness, and success in life. As a result, they want to use feng shui to improve their lives.2 Marketing problem identification Nowadays, the majority of feng shui stores use the Internet to expand their business and reach customers in a more convenient and easy way. This allows them to reach out to a larger number of potential customers while remaining competitive in the online market.
Small shops and online business professionals are also recognizing the potential of this fertile market, which does not require large investments. The online feng shui stone business is thriving as more people become interested in feng shui and no longer regard it as a luxury item reserved for the regal and wealthy. One of the issues that may arise in the feng shui bracelet market is the absence of regulations and standardization. Customers may have difficulty determining the legitimacy and quality of feng shui bracelets due to the variety of materials and designs used.
Another market issue is market saturation, as there are many sellers and brands selling feng shui bracelets, making it difficult for new entrants to gain a foothold and attract customers. Furthermore, there may be skepticism and misinformation about the effectiveness of feng shui bracelets, leading to a lack of trust and confidence in the product. This can be particularly problematic if the product claims to have certain health or spiritual benefits that are not supported by scientific evidence. Finally, price competition can be a market issue because some sellers may engage in price wars and undercut one another, resulting in lower profit margins and potential price erosion.
Overall, addressing these market problems will require a combination of quality control, differentiation, effective marketing, and building trust and credibility with consumers.3 Opportunity introduction Wearing a Feng Shui bracelet is a growing trend not only in Vietnam but throughout Asia. Current brands have not provided customers with a positive purchasing experience, particularly in areas where many people lack knowledge, such as feng shui. Big brand customer service and dependability for retail customers are poor. The online sales channel of feng shui stores has not been properly invested; only products have been posted on the channel, but no value or additional knowledge has been provided to customers when purchasing a feng shui bracelet.
Brands that sell feng shui bracelets typically target customers aged 25 to 40, but they lack products to broaden their customer base as well as funnel products to attract younger customers.1 Company’s name and logo Figure 1: Minh Duong logo Taking the concept of a traditional family business in the gold, silver, and gemstone jewelry industry, we established Minh Duong Feng Shui Bracelet Limited Liability Company (abbreviated name: Minh Duong Feng Shui Bracelet) to trade feng shui jewelry. The address is 400 Thuy Khue, Buoi Ward, Tay Ho district, Hanoi. Minh Duong Feng Shui Bracelet is currently a retail location that offers and consults on free feng shui gem products such as feng shui items, stone bracelets, stone pendants, gemstone bracelets , and is suitable for all ages. Our products are completely guaranteed in terms of quality, variety of designs, and affordability.
Customers can easily find the products they want at the best prices when they visit Minh Duong. Minh Duong Feng Shui Bracelet specializes in jewelry made from high-quality natural stones. Customers will easily find the most satisfactory products in a space full of elegance and courtesy, with eye-catching products displayed. The experienced staff, as well as their enthusiastic and thoughtful advice, will undoubtedly leave you satisfied and confident in the product's quality.
With the business philosophy of "PRESTIGE BUILD BRAND," we always strive to provide customers with high-quality products and services. The trust and support of our 9 customers are a great source of motivation for Minh Duong to put in even more effort, perfect the best service, and earn our customers' trust 2.