vietnam national university, HANOI school of business Nguyen Xuan Quynh RESEARCH AND RECOMMENDATIONS ABOUT MARKETING COMUNICATION OF SECURITIES COMPANIES IN VIET NAM master of business administration thesis Hanoi - 2007 TIEU LUAN MOI download : skknchat@gmail.com vietnam national university, HANOI school of business Nguyen Xuan Quynh RESEARCH AND RECOMMENDATIONS ABOUT MARKETING COMUNICATION OF SECURITIES COMPANIES IN VIET NAM Major: Business Administration Code: 60 34 05 Master of business administration thesis Supervisor: DR. Chu Thanh Hanoi - 2007 TIEU LUAN MOI download : skknchat@gmail.com Nguyen Xuan Quynh ~ Remba 4 Hanoi School of Business TABLE OF CONTENT ACKNOWLEDGEMENTS. iv LIST OF FIGURES. THEORY FOUNDATION ABOUT MARKETING COMMUNICATIONS.
General about Marketing Communications. Setting Marketing Communication Strategy for Service Firms. Define the Target Audience and Objectives. Divide the Communications Objectives and Target Audiences among the Channels.
Define Communications Messages. Put the Communications Mix Together. Marketing Communication Tools. RESEARCH ON MARKETING COMMUNICATIONS OF SECURITIES COMPANIES.
Summary about Vietnam securities market and securities companies. Research on communication tools used by securities companies. 49 MBA Graduation Thesis Page 6 of 82 Hanoi, Dec 2007 TIEU LUAN MOI download : skknchat@gmail.com Nguyen Xuan Quynh ~ Remba 4 Hanoi School of Business 2. Survey on efficiency of marketing communication from securities companies and customers behaviour.
Aims of survey. Scope of survey and some limitations. Define the target audience and objectives of communication. Define the target audience of communication strategy.
Define the communication objectives. Divide the target audience and objectives of communication among the channels. Define communication messages. Put communication mix together.
Recommendations for particular communication tool. 79 APPENDIX: Questionnaires for Thang Long Securities JSC. 80 MBA Graduation Thesis Page 7 of 82 Hanoi, Dec 2007 TIEU LUAN MOI download : skknchat@gmail.com Nguyen Xuan Quynh ~ Remba 4 Hanoi School of Business LIST OF FIGURES Figure 1-1: The Communication Process. 11 Figure 1-2: The tools of the marketing communication mix.
12 Figure 1-3: Marketing Communication Strategy for Service Firms. 12 Figure 2-1: Percentage of Accounts Opened at Securities Companies. 40 Figure 2-2: One article about SSI when it first listed on HASTC. 44 Figure 2-3: SSI with the event of being listed on HOSE.
44 Figure 2-4: Announcement about the establishment of STB Securities. 45 Figure 2-5: VNDirect launches new service. 45 Figure 2-6: Bien Viet Securities with CBV-Index. 45 Figure 2-7: SSI and its CEO Tran Duy Hung.
46 Figure 2-8: CEO of Vndirect – Mrs. Pham Minh Huong. 46 Figure 2-9: „Chung khoan cuoi tuan” on VTV1. 47 Figure 2-11: Viet Dragon Securities Corp.
holds training course for customers. 48 Figure 2-12: Advertising of Ocean Securities on InfoTV. 49 Figure 2-13: Advertising of Thang Long Securities on Investment Review. 49 Figure 2-14: Image of brokers.
50 Figure 2-15: Promotion of Viet Tin Securities Company. 51 Figure 2-16: http://www. 52 MBA Graduation Thesis Page 8 of 82 Hanoi, Dec 2007 TIEU LUAN MOI download : skknchat@gmail.vietnam Nguyen Xuan Quynh ~ Remba 4 Hanoi School of Business INTRODUCTION 1. The Problem Recently, after the booming from the end of 2006 and beginning of 2007, Vietnam stock market has had downward adjustment.
The investors don‟t rush to the trading floors like they did before. Securities companies, especially new-born companies are facing a lot of trouble in attracting customers. They really need effective marketing communication tools to communicate more with customers, understand and find the way to attract and maintain them. Therefore, this research was conducted to give out recommendations about market communication for securities companies to help them communicate more effectively with customers.
Objectives and aims Objectives: - Study about marketing communication - Know how securities companies are communicating with customers and the effectiveness of these activities - Know how customers get communication messages from securities companies - Know media tools and other communication tools which are being used by customers to search information about stock market - Give recommendations about marketing communication for securities companies Aims: Help securities companies build up comprehensive marketing strategies 3. Research Questions - Which communication tools are use by securities companies in Vietnam - How effective are these tools? - How do customers aware of the communication of securities companies - By which way do customers find information about stock market? - Which media platform do customers prefer and use most? 4. Scope of work MBA Graduation Thesis Page 9 of 82 Hanoi, Dec 2007 TIEU LUAN MOI download : skknchat@gmail.vietnam Nguyen Xuan Quynh ~ Remba 4 Hanoi School of Business – Research on the communication with individual customers only, not including institutional investors – Security market in Vietnam in 2005 – 2007 – Survey mainly in Hanoi 5. Data source & Processing – Primary data: questionnaires – Secondary data: newspapers, websites – Processing: to use MS.
Methods – Empirical – Survey using questionnaires 7. Significance – Theory: understand about marketing communication – Practice: recommendation for securities companies to communicate more effectively with customers 8. Limitation: - Time 2005 – 2007 - Survey mainly in Hanoi - Survey only with individual investors MBA Graduation Thesis Page 10 of 82 Hanoi, Dec 2007 TIEU LUAN MOI download : skknchat@gmail.vietnam Nguyen Xuan Quynh ~ Remba 4 Hanoi School of Business CHAPTER 1. THEORY FOUNDATION ABOUT MARKETING COMMUNICATIONS 1.
General about Marketing Communications Communications is the process of conveying a message to others and require six elements: a source, a message, a channel of communication, a receiver and the processes of encoding and decoding. The source may be a company or person who has information to convey. The information sent by a source, such as a description of a new service, forms the message. The message is conveyed by means of a channel of communication such as a sales person, advertising media, or public relations tools.
Clients who read, hear, or see the message are the receivers. Figure 1-1: The Communication Process Source: Managing Service Marketing, John E.Douglas Hoffman Marketing communications are all the communications between the organization and all other parties, especially with customers. Part of the wider academic research area of marketing, it encompasses all the traditional forms of promotion including advertising, sales promotion, personal selling, publicity, public relations, direct marketing and e-marketing. But it aims to be broader than this.
It includes all points of contact between the organization and other parties. The Marketing Communications Mix is the specific mix of advertising, personal selling, sales promotion, public relations, and direct marketing a company uses to pursue its marketing objectives. MBA Graduation Thesis Page 11 of 82 Hanoi, Dec 2007 TIEU LUAN MOI download : skknchat@gmail.vietnam Nguyen Xuan Quynh ~ Remba 4 Hanoi School of Business Figure 1-2: The tools of the marketing communication mix Advertising E- Public Marketing Relations Marketing Communication Mix Direct Sales Marketing Promotion Personal Selling 1. Setting Marketing Communication Strategy for Service Firms The setting of a communications strategy follows a common pattern in irresponsive of whether the firm is producing a goods or services.
The first is to define a target audience and clear objectives for the complete communication mix. The main elements of the communication mix include advertising, public relations, personal selling, sales promotion and direct marketing. Only personal selling is normally a two-way process. The remainders are one-way communication, from the marketer to the customer only.
With services, however, the service providers at the point of communication can also have an important two-way communication role. Figure 1-3: Marketing Communication Strategy for Service Firms MBA Graduation Thesis Page 12 of 82 Hanoi, Dec 2007 TIEU LUAN MOI download : skknchat@gmail.vietnam Nguyen Xuan Quynh ~ Remba 4 Hanoi School of Business ``` Consumer Marketing Behavior Strategy Communication strategy Target Group(s) Communications objectives Budget E-marketing Objectives Target Group Communication strategy Budget Advertising PR Personal Direct Sales Selling Marketing Promotion Objectives Objectives Objectives Objectives Objectives Target Target Target Target Target Group Group Group Group Group Budget Budget Budget Budget Budget Source: Managing Service Marketing, John E. Define the Target Audience and Objectives Defining the target audience MBA Graduation Thesis Page 13 of 82 Hanoi, Dec 2007 TIEU LUAN MOI download : skknchat@gmail.vietnam Nguyen Xuan Quynh ~ Remba 4 Hanoi School of Business The target audience should flow from the overall marketing plan and from a sound understanding of consumer behavior. The target audience for the service needs to be decided early in the process of the whole services formula may become malformed.
Define the target customer for the service is thus the foundation of the service formula. Unlike goods, however, the target audience has to be much more precisely targeted. Setting communication objectives for services The preconsumption choice phase The objectives must to be ensuring that company‟s service is the one perceived to be the least risky alternative. Communications could be used to try to influence the choice process in the following ways: To ensure that the firm‟s service offering is in the evoked set.
To alter the weights attached to different attributes by consumers to favor those on which the company is strong. To alter the score on a given attribute for the company, particularly if there is gap between performance and consumers‟ perceptions. To alter the score on a given attribute given to a competitor, again particularly if there is a gap between performance and consumers‟ perceptions. If the company is not in the evoked set, to build enough awareness of the offering to arouse inclusion.
The consumption phase During this phase, the services consumer is a more or less active participant in the production process. It is important that consumers perform that production role successfully. From the firm‟s point of view, successful performance will improve the efficiency of the operation and the satisfaction of other customers. From the consumers‟ point of view, successful performance will ensure a high level of MBA Graduation Thesis Page 14 of 82 Hanoi, Dec 2007 TIEU LUAN MOI download : skknchat@gmail.vietnam Nguyen Xuan Quynh ~ Remba 4 Hanoi School of Business perceived control and, in all probability, a high level of satisfaction in the postconsumption phase.
Therefore, communication in this phase can be used to ensure successful performance by giving the consumer a clear script. The nature of this script depends on the nature of the service operation. The postconsumption evaluation phase Consumer expectations come from a number of sources, some within the control of the services firm and some outside its control. Expectations arise either from previous experience with the firm and/or its competitors or from some form of communication.
The objective for this phase is to attempt to match customers‟ expectation to the performance characteristics of the servuction system. Divide the Communications Objectives and Target Audiences among the Channels Once the overall objectives and target audiences for the whole communication mix are set, it is necessary to divide the tasks among advertising, selling, public relations, and point-of-sales messages. This is a process of matching the tasks to the capabilities of the different communications channels and to the ways consumers uses those channels and the different objectives. One way of assigning tasks across the array of communication channels is to consider the degree to which the message can be targeted at specific audiences.
Media advertising itself varies along this dimension. TV advertising can reach very board audiences but it is not very selective except in the variation in audience across channels by time of day. Nation print media such as newspapers and magazines offer more selective focus, as they themselves tend to be targeted at more specific segments of consumers. MBA Graduation Thesis Page 15 of 82 Hanoi, Dec 2007 TIEU LUAN MOI download : skknchat@gmail.vietnam Nguyen Xuan Quynh ~ Remba 4 Hanoi School of Business Trade magazines are even more specific in their readership.