International Marketing Strategy Assessment for Ready Meals in Vietnam

This report provides an analysis of the international marketing strategy for ready meals in Vietnam. It begins with an introduction to Vietnam's economic opportunities, including its natural resources and consumer confidence in Western products, and discusses the Vietnamese beverage industry and food retailing. The report then outlines the development of SMART goals (Specific, Measurable, Achievable, Relevant, Time-bound) for the ready meals market, focusing on market segmentation and consumer preferences, particularly among students, working professionals, and busy parents. The report further outlines an international marketing strategy, including market segmentation, targeting, and positioning. It also examines the 4Ps of the marketing mix (Product, Price, Place, and Promotion), with specific examples for ready meals, including product modification, pricing strategies, distribution, and advertising. The report concludes with a summary of the key findings and recommendations for a successful marketing approach.

MARKETING STRATEGY-PART-2

Contents
Introduction...........................................................................................................................................2
Opportunities for Ready Meals in Vietnam...........................................................................................2
Development of (SMART) specific, measurable, actionable, realistic, relatable, and time-bound........4
Outlining the international marketing strategy.....................................................................................5
Product modification (Price, place, promotion, and other distribution decisions)................................6
Conclusion.............................................................................................................................................8
References.............................................................................................................................................9

Introduction
This report elaborates Vietnam`s economy and its relevant to opportunities in regards to
Ready Meals. Some of the opportunities are availability of the natural resources of Vietnam,
confidence in regards to western products, Vietnamese beverage industry, and food retailing.
This report describes construction of SMART goal that includes Specific, measurable,
attainable, relevance, and time-bound (Bocconcelli et al., 2018). A report analyses brand that
covers 4Ps (Price, product, place, and promotion), which explains the marketing strategy.
This report covers pricing, distribution, advertisement, and strategies as accomplished by
organisation (Bocconcelli et al., 2018). Within the food industry, greatest growth came from
the impulse category such as cake, snacks, and biscuits. Vietnamese consumers opt two major
concerns where ninety percent are better concerned with long-term effect on health of
artificial ingredients and seventy-six goes into food. Nearly 83 percent make dietary choices
in order to prevent severe health conditions (Bocconcelli et al., 2018). Some of the top
differentiating attributable, which we choose to healthy products are calcium-fortified,
micronutrient fortified, vitamin forfeited, high in fibre, low cholesterol. Some of the
manufacturers in the Vietnam market, which have capitalised highlighting products with
several characteristics (Bocconcelli et al., 2018). Growth in fast food production has
increased the several activities of businesses, which serve the industry by including beef,
western style, other foods international outlets, Japanese, wine, seafood and seasoning
(Bocconcelli et al., 2018).
Opportunities for Ready Meals in Vietnam
Availability of natural resources- several agricultural products such as coffee, tobacco,
coconut, jute, rubber, sweet potato, soya beans, rice, maize and subtropical fruits which are
produced and exported at the same time. Vietnam has emerged as the largest rice exporter in
globe and it produces near Mekong river delta (Felix, Rauschnabel, and Hinsch, 2017).

Vietnam is a tropical nation that has humid monsoon climate. Vietnam`s strong economic
growth that attracts great attention in region. FDI has been increasing especially from
Singapore, Japan, Taiwan, and Hong-Kong (Felix, Rauschnabel, and Hinsch, 2017).
Consumer’s confidence in western products is good. Vietnam has been continuously
increasing the market for Victorian and the Australian food products in regards to the staple
food such as wheat and milk powders (Martin, and Javalgi, 2016). It has been seen that
retailers of Vietnam, distribution, and food service infrastructure has been growing but it will
be well behind the South East Asian neighbours at the same level of brand awareness. The
population of Vietnam increasing prefer packaged and ready meals for consumption.
Establishment of direct venture is more comfortable as Vietnam historically discourage FDI
in the food sector so that they could protect domestic organisations and traditional sector
(Felix, Rauschnabel, and Hinsch, 2017).
The Vietnamese beverage industry has been emerging grow stronger with increasing
incomes, preferences, and the unique features by enhancing opportunities, which food firms
will have to know how to grab the opportunities (Martin, and Javalgi, 2016).
The Vietnam market with 92 million people where there is a higher percentage of population
under 30 age with increasing disposable income, increasing westernisation trends in culture
and busier lifestyles are some of the main factors to drive dynamic situation in regards to
consumption nature (Martin, and Javalgi, 2016). The Vietnam`s demand for the agricultural
products and commodities is quite significant, experience steady growth, and current trending
greater interest in the western taste and preferences that can be preferable to both local and
international food suppliers (Martin, and Javalgi, 2016).
Food retailing in Vietnam is infant in Vietnam as only 25 percent of the Vietnam population
are classified as urban and other two cities for the near population of one million. The

population is expected to raise by one million each year for the 20 upcoming years. Ready
Meals can operates a local chain of food providing chain through chain of superstores,
supermarkets, departmental stores, convenience stores, cash and carry stores. Citimart and
Intimex are one of the major supermarket that operates with the outlets of 20 outlets. Ready
Meals will intend to target population who not have time such as working professionals
among middle and upper class customers (Martin, and Javalgi, 2016).
Development of (SMART) specific, measurable,
actionable, realistic, relatable, and time-bound.
To have a solid goal to have maximum market share and greater profitability to power them
towards success. It has to be a great time to rethink some of the best practises especially when
it comes to set the goals. SMART goal can assist to keep on track and remember the
priorities. To become accountable and achieve long-term consistency. To foresee the target
market, health concerns and safety consideration will drive the sales of ready meals in the
country. Vietnamese people and consumers have turned to become more knowledgeable
regarding the type of food, which they are eating. Frozen ready meals have been increasingly
thank to position with product variety. Shelf ready meals report to account to acquire largest
share of sales in volume in 2018. Frozen meals have been anticipated to develop as more
famous for a defined period. In 2018, consumers expect that some products with added
preservative are not good for their health and deny purchasing them.
Specific- A specific goal is to grab the market and earn maximum profitability by having a
baseline and pointing them in right direction. Small steps can achieve this huge specific goal
by identifying the target market in Vietnam (Martin, and Javalgi, 2016). Meal delivery
services have been increasing with popularity. College students and other young working
professionals is one of the major target market. It is an popular demographic segmentation for
ready meals as students often travel much and do not have much time for eating, they are

found eating their meals during travelling. Active social lives and the new career, where it is
seen that there is no little time to think regarding what to make for dinner and also buy the
groceries (Martin, and Javalgi, 2016). Several studies show this demographic often enjoy
meal delivery services through supermarkets, and convenience stores because they do not
cook meals at home. Meal delivery services and goods can avail younger adults to have a
taste of home and avail steps to cook for themselves. Other demographic group is parents
with soccer practises, music lessons, and endless lists, parents often feel to plan a meal on the
day (Martin, and Javalgi, 2016). Meal delivery services can be great option for single families
and busy parents. It will not only save time of going to the grocery stores but at the same
time, it gives them an opportunity to cook with the kids without any of the extra food
preparation. Cooking dinner has become hassle and nearly experience. Working professionals
mostly gravitate meal kit delivery services. Working professionals are mostly busy and
overwhelmed and at the same time, delivery services takes out the guesswork out of the
planning and finally making dinner (Martin, and Javalgi, 2016).
Measurable- With the increasing demand, a firm will increase the sales and earn maximum
profitability. Ready Meals measures the extent to which production should be incurred and
increasing industry rates. The market has been valued at $72,257 million in year 2016 and it
is expected to reach nearly to $146247 million until 2023. It has been easily registered with a
CAGR of 10.6 percent from 2017 to 2023. Ready meals can easily considered as cost
effective as it needs less time. Meals are quite safe (Martin, and Javalgi, 2016). Although,
processed food can cause loss of nutrition, usage of several methods as utilised to prepare the
ready meals in order to ensure the loss of nutrients is less. Moreover, it is quite visible that
consumption of the Ready Meals in Asia pacific is anticipated to increase owing to increase
in population, and stable economic growth. Some changes are standard of living, rise in the

number of women workers, and increase in the number of single person households, which
will drive the growth of ready meals in Japan (Martin, and Javalgi, 2016).
Attainable- it is attainable largely because of increasing demand of ready meals in Vietnam.
There are many prominent players such as ConAgra, Bakkvor Foods Ltd., JH Heinz
Company Ltd., Unilever, Premier Foods Group Ltd., and Nestle (Martin, and Javalgi, 2016).
Relevance- This industry fluctuation and growth should be parallel to the demand of the
Ready Meals. The demand is relatively valid and relevant in regards to the growing demand
of working professionals and students (Martin, and Javalgi, 2016).
Time bound- The delivery timing and following of customer preferences is necessary.
Outlining the international marketing strategy
International marketing has been defined as the process of adjusting several marketing
strategies of Ready Meals in order to adapt conditions of several countries. If business chose
to expand it internationally then it has to face both national as well as international presence.
While constructing an effective marketing strategy, it includes identification of business
goals, description of marketing goals, finding the market, profiling the potential customers,
researching the competitors, development of strategies in order to support the marketing
objectives, definition of 7 Ps and finally testing the ideas. The main business goal is to earn
maximum profits by the Ready Meals (Cook, 2016). The marketing objective is to create
great awareness among people, and induce them to buy Ready Meals. The market
segmentation is quite relevant used as level of tactical communication (Cook, 2016). With the
help of segmentation, one can identify niche market with particular needs, mature
marketplace in order find new customers, effective messages and finally delivering focused
products. This has been achieved by demographic segmentation and psychographic
segmentation (Cook, 2016). Through, targeting evaluate the potential and other commercial

attractiveness of every segment. The market must be large enough in order to justify
segmentation especially when the target market covers two major groups working
professionals and college students (hostel residential). The difference will be measured
between the two major segments (Cook, 2016). Anticipated returns should exceed the cost of
the additional marketing plans with other changes (Negus, 2017). Each time, segment should
be easily accessible for the team and segment, which must receive marketing messages.
Positioning factor clearly signifies the analysis of current market position of the brand and its
relative competitive advantage. Major competitor of this industry is from Nestle (Cook,
2016).
Product modification (Price, place, promotion, and other
distribution decisions)
Marketing mix of Ready Meals analyse the brand that covers 4ps-
Product- Instant Ready Meals have huge variety and is popularity at global level. Some of the
major offerings cover frozen pizza, Red baron, McCain, Frechetta, Dr. Oetker, DiGiorno,
Ristorante and Totino’s. Vietnam is an Asian pacific nation where the population has been
increasing with the demand of Ready Meals (Kotler, Burton, Deans, Brown, and Armstrong,
2015). The segmentation covers by type such as Chilled Pizza, canned Ready Meals, Dried
Ready Meals, Prepared salads, and chilled rice (Cook, 2016). This variety is the backbone of
the product strategy in the marketing mix. The dried food variety offers dehydrated soups
mixtures and several products that has been offered in the country (Kotler, Burton, Deans,
Brown, and Armstrong, 2015). Vietnam is rich in manufacturing of agricultural items and
those items can be preserved and refrigerator. It can offer and avail cream of pepper with
corn and green vegetables, content of Green Pea with coriander, roasted garlic, and dal
Shorba. For example- Maggie is one of the common food with the magic cubes and acting as

a cooking aid. Seasonal offerings can be different as per the flavours liked by the Vietnamese
people (Kotler, Burton, Deans, Brown, and Armstrong, 2015).
Price- Ready meals can use a price-based strategy that will help to tap several market in
world. The competitive price can be easily compensated with greater volume of products.
Competition and pricing strategy remained two major factor in the marketing mix strategy of
Ready Meals. Due to increasing prices in several nations, Ready Meal smartly reduce the
quantity in order to keep the price unchanged. Ready Meals strive to grab the maximum
market share with high quality and low pricing. Ready Meals have been trying to tap all the
related segments of income, which keeps differential pricing in the dependable locations. The
offerings are available in variety of packages where people can purchase as per their wants.
Ready Meals came up with new products such as frozen pizza and frozen veggies, which
targets high level of segments and priced at high level.
Place
Ready Meals are available in several flavours according to the seasons. The company can
collaborate with the existing brand so that it can show a strong presence. The distribution
process and strategy followed by the Ready Meals is from producer to supermarkets to
consumers. It is because if its is consumed in large volume and in small quantities. Because
of its deep reach even in the rural areas and rural areas, it can gain top position. Ready Meals
are directly connected to the carry and forward agencies that store it in huge warehouses and
certainly pass to the wholesalers as per the demand quantities. This huge quantity has been
distributed in regards to the retailers to the end customer with the help of hypermarkets,
convenience stores, and supermarket.
Promotion- Ready meals have used several promotional strategies in order to create
awareness for a brand recall. For the first time, it focuses kids and various working

professionals, who generally have less time for the food preparation. The advertisement can
be flashed through an offline coaching institute or college with some effective line for a
nostalgic feelings while campaign in order to regain its name back. Promotional strategies for
the years has been attached to several free and fresh goodies with products such as free
samples, toys, and fun books. Ready Meals can avail them with discount offers, win schemes
and scratching cards.
Tactics and plan have elaborated a promotional strategy, which will implement particular
marketing plan to pace up the demand of the product and services. Promotional strategy
operate a vital role in marketing mix and they revolve around target audience, budget, and
actionable plan. It is important to consider content marketing while driving more traffic. To
comply with the classic promotional strategy, it should worth it.
Conclusion
It has been seen from the above discussion, (STP) Segmentation, Targeting and Positioning is
an acquainted tactical method in Contemporary Marketing. Youth demographic also enjoys
meal delivery services because they miss home cooked meals. Meal delivery services can
offer young adults with home taste, and provide systematic guidelines in order to comfort
them into cookery for themselves. Meal delivery facility is an inordinate choice for hectic
parents and people. Not only will it save them time from going to the grocery store, but also it
gives them the chance to cook with their kids, without all of the extra work of food
preparation. Cooking dinner becomes less of a hassle and more of an experience.

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