Tusting's Marketing Plan: Expansion into the Vietnam Market

This report presents a comprehensive marketing plan for Tusting, a UK-based leather accessories manufacturer, focusing on its potential entry into the Vietnamese market. The report begins with country screening, identifying Vietnam as a suitable market due to its favorable business environment and economic growth. It then delves into market segmentation, utilizing the STP model to define target customers based on demographics and psychographics, specifically targeting male professionals aged 25-55. The marketing objectives include increasing profitability, revenue, customer base, and web traffic. The report explores various modes of entry, recommending exporting as the most viable option. The global marketing mix is then detailed, covering product, price, place, people, process, and promotion strategies tailored for the Westminster Folio product. The plan emphasizes competitive pricing, strategic distribution, and effective promotional activities to achieve the set objectives and gain a competitive advantage in the Vietnamese market. The report also includes appendices with supporting data, such as country screening and promotional budgets.

MARKETING PLAN

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................3
Country options screening...........................................................................................................3
Market segmentation...................................................................................................................4
Marketing objectives...................................................................................................................5
Mode of entry..............................................................................................................................6
Global marketing mix.................................................................................................................7
Cost of promotional element.......................................................................................................9
CONCLUSION..............................................................................................................................10
APPENDIX-1................................................................................................................................11
Table 1- Country screening.......................................................................................................11
Table 2-Macs analysis ..............................................................................................................11
Table 3- Customer profiling......................................................................................................12
Table 4- Culture, family value and gift giving..........................................................................12
Table 5- Bulgarian business relationships.................................................................................12
APPENDIX-2................................................................................................................................12
Table 1- Promotional budget.....................................................................................................12
Table 2- budget contribution and net profit calculations..........................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Marketing plan is defined as documents that outlines advertising tactics and method in
context of product promotion in market. The current study will be based on Tusting, which falls
under list of well-known leather accessories manufacturing companies in the UK. The
organization is known for its luxury luggage and handbags in the United Kingdom. It was
established in 1875 and successfully operated in village of Lavendon. The main objective of
company is to increase satisfactory level of its consumers by offering quality products to them.
The current assignment will exp lain which nation market is appropriate for firm and which
market segments they use. Furthermore, it will define how marketing will help to achieve
business objectives and will also justify mode of entry. The report will clarify marketing mix and
global marketing budget.
TASK
Country options screening
Country screening is described as procedure of scanning global markets, with intention or
motive of determining and assessing opportunities in context of business expansion (Kim and
et.al., 2020). In the world of business, there are varied forms of methods available that
management may use identify which country market is appropriate for Tusting to enter among
two that are Vietnam or Russia.
The country screening process covers key stages that help to determine profitable market
for company where they may start selling Westminster Folio product. After applying the stages
and considering key points, it can be analysed that Vietnam is the most appropriate country in
context of Tusting. It main reason behind choosing this nation as new market for organization
because it listed in category of most friendly business nations, where a company may enter and
get profits. Furthermore, Via country screening it has been identified that unemployment rate in
Vietnam is less than Russia, which means the people may use briefcase and seek to purchase for
professional purpose with better quality and reasonable cost.
The main reason behind choosing Vietnam is that it considered as one of the fastest
growing economies in the world which contribute to made business more successfully.

Market segmentation
Before entering into a new market, the organization may take initiative to identify
potential consumers who are interested to buy its quality goods in exchange for money. It may be
done by using a specific and effective model, like STP (THE STP-MODEL – SEGMENTATION,
TARGETING, POSITIONING DONE RIGHT, 2019). This strategic framework stands for
segmentation, targetting and positioning. In recent time, this marketing model is used as a
familiar strategic method by varied marketers in modern advertising. It encompasses three
elements that are;
Segmentation-
Market segmentation refers to process of dividing wide market into small group or areas,
by using specific tactic relate to this procedure (Dolnicar, Grün and Leisch, 2018).
Demographic, psychographic, behavioural and geographic are the fours types of segmentation
tactics available in the corporate world. Here, in context of current marketing plan, Tusting
marketer may use psychographic and demographic market segmentation strategies, which made
them able to divided and determine target market on the basis of key elements such as their
needs, values, attitudes, income level and lifestyle, which matter a lot to consider when firm
attempt to sell luxury products such as handbags.
Customer profiles-
Company may target male by using the above two tactics because instead of women's
male used brief case a lot to put some important documents and carry laptop easily, especially
when they are travelling from one place to another.
Targetting-
This stage is continuation of segmentation procedure, where marketers by using
particular targetting strategies may target profitable buyers (Zhang, Chen and Zaccour, 2020). It
covers undifferentiated, differentiated, focus and customized marketing tactics. Here, marketers
may utilize differentiation marketing or multi segment targetting tactic, because organization has
also manufactured its products for women's as well. Male age 25 to 55 are the best segment for
firm which they may target to sell luxury and stylish handbags as well as luggage. According to
differentiation marketing tactic, company may take decision to provide separate offerings to its
new target consumers. It may select this group in particular manner to cater unique benefits.

Positioning-
Market positioning is the last component of STP model, which means to assure that a
company occupies appropriate spot or set image in mind of target customers. Tusting marketers
may contribute to get success by using effective and the most influencing marketing tools such
as social media, which covers varied platforms that help to promote products and also used to set
great image in mind of people named customers. By creating influencing content and advertising
handbags through that, firm may gain the attention of its customers towards purchase as well as
also attract those buyers who purchase goods from rivals.
Marketing objectives
Tusting want to enter into new country market place that is Vietnam, where it seeks to
sell its Westminster Folio product that is a briefcase accessible in varied colours. In context of
this item, company may set its appropriate and achievable marketing objectives that are;
 To increase profitability by 50% within 6 months
 To generate revenue by 40% within 7 months
 To maximize customers base up to 30% within 1 year
 To increase web traffic.
Controls and measurement-
Organization may control the overall performance of staff in context of achieving above
set objectives relate to Westminster Folio by allocating role and responsibilities according to
ability, competences, skills and talent of workers, which made them able to perform productively
and contribute to achieve set business objectives. This decision may also use in term of
measurement in regard to success of marketing plan.
Illustration 1: STP Model
(Source: THE STP-MODEL – SEGMENTATION, TARGETING, POSITIONING DONE RIGHT,
2019)

Mode of entry
It is quite touched to any brand to bring their products to new market as it require a
suitable and effective plan, approaches, techniques and sources in term of market entry mode.
Varied forms of entry mode in context of companies available in the business world, which
Tusting may use to bring its Westminster Folio in Vietnam market. For example;
Options for staged entry-
Hierarchical-
According to this mode, a company may own and control foreign entry mode completely
(Pegan, Vianelli and de Luca, 2020). Tusting may use this entry mode, where the parent
organization may fully own subsidiary in Vietnam. It covers the five main hierarchical mode,
through which organization may enter into Vietnam market and bring its product into it
successfully. It includes domestic based sales representatives, sales subsidiary, regional centres,
resident sales representatives and wholly owned subsidiary; greenfield and acquisition
operations.
Intermediate-
It include a several of contractual contracts such as franchising, joint ventures, licensing
and contract manufacturing (Boldrini and et.al., 2020). Tusting may choose the most suitable
entry mode among above these, which made it capable to bring its product to Vietnam market
where its target customers seeks from longer period to purchase sling and attractive brief case to
carry essential documents and files.
Export-
export is one of the most simplest and easiest forms of market entry modes, it is a tactics
that allows company to maintain its current venture model and production line while sending
Westminster Folio to Vietnam market for distribution. It can be said that exporting is the best
approach, which in return increase the profitability of brand even better than its rivals.
Export mode-
Cultural and legal requirements-
Before entering into Vietnam market, Tusting may consider the culture within new
nations which affect buying behaviour of consumers the most. Furthermore, firm in order to
enter into chosen profitable market may comply legal framework and considering requirements

relate to business law, which is quite important. It may take export decision and choose mode on
the basis of cultural and legal requirements within nation.
Importers/distributor selection options & decision-
Suppliers are the key sources of importing who are able to supply and import
Westminster Folio to new market in Vietnam where firm may get desire outcomes in term of
achieving its business objectives.
From above discussed entry mode, exporting is the best way which permit firm bring its
goods to new market successfully with the help of trustable suppliers.
Global marketing mix
Marketing mix-
It is one of those strategic frameworks that many marketers used to compete and generate
value for consumers, which is quite important to create. In context of Westminster Folio product,
which Tusting seek to sell in Vietnam market, 7ps of marketing mix may apply.
Product-
Tusting may compete its business rivals in effective manner, which is important for its
success and also generate consumer value, by focusing on key features in term of looks and raw
materials quality which firm uses to manufacture its Westminster Folio product. Quality and look
are those two important elements that a consumer may consider while taking decision to
purchase an item. Firm may satisfy its target customers in Vietnam market by focusing on
quality of brief case and its comfort feature that provide satisfactory feeling to individual
consumer in exchange for money. In the whole world, people purchase any item on the basis of
their satisfactory components.
Price-
It is another source by which Tusting may create a value to its buyers in effective
manner, in term of using and then setting appropriate cost upon purchase of its Westminster
Folio. An organization may set their product price by using specific pricing strategies that are
used by many marketers (Gupta, Ivanov and Choi, 2021). In context of Westminster Folio, firm
may chose and utilize competitive pricing tactic, which is quite beneficial in term of competing
competitors and gaining competitive advantages. Above strategy allow company to set those
price that help to gain the attention of new consumers towards purchase. It helps to increase
customer base and maximize profits margin, which is beneficial.

Place-
Place is defined as product distribution source through which Tusting may sell or
distribute its Westminster Folio in Vietnam market. Organization may sell its product by
establish own outlet or using existing one when it makes a partnership with other brand in term
of franchising and licencing. Firm may choose the most suitable and approachable location such
as outlet, where its target customers may reach easily and buy its product which are available in
three different shade. The location needs to be perfect in term of reachable and located at
populated area. It generates consumer value because buyers prefer to purchase products from
those places where they may park their vehicles.
People-
Those people who are contributed in selling a service or product are called workers.
Tusting employees are able to support in process of generating consumer value and competing
rivals by performing effective and productive roles. They work hard to achieve the set aims and
objectives of brand, which is quite valuable and appreciated attempts. Furthermore, organization
may train their workers to perform effectively which in return increase their ability in context of
serving products and dealing with consumers when they came to purchase Westminster Folio.
Employees within Tusting may play crucial role in term of increasing sales and profitability,
which help firm to gain competitive advantages.
Process-
This element of marketing mix model include direct and indirect activities, which
management may conduct to generate value for potential buyers and compete for longer as a top
competitor in Vietnam market. Organization may use this component in term of developing
guidelines at workplace related to role and responsibilities of individual perform, it helps to
make work manageable and allow firm to obtain desire outcomes in term of increasing
satisfactory level of customers, which is quite complex to do for any brand in the world.
Guidelines may considered as direct activity through which managers may add value at
consumers interface as customers experiences during process of purchasing.
Promotion-
The most significant and useful element of above chosen concept is promotion, which
contributes to maximize sales, customer base and profitability, which firm seek to increase while
entering into Vietnam market. It may use in term of marketing by using the most influencing

methods for example social media marketing. There are several types of channels available in the
market. Tusting marketers may use Twitter and Instagram, which falls under category of most
influencing social media platforms where millions account has been created by people in the
whole world. Firm may create consumer value by using these two methods in term of posting
images and videos relate to its product which easily reach at global level and generate brand
image that help to made it competitive and strengthen to compete within new market place.
Physical evidence-
Those elements that support company to show its existence in Vietnam market are
included in this category. Organization may show its physical existence which help to gain
attention of buyers by using holding and creating own website where its marketer may mention
information about venture and Westminster Folio a brief case which help to drive the attention of
male consumers towards purchase instead of women because of the females in Vietnam are
house wife. Website is an cost effective approach that firm may utilize to generate value for
consumers in term of updating them about new offers and existing one as well.
Value proposition-
It is a kind of statement that give reason behind purchase of Westminster Folio, which
Tusting want to offer to its target consumers by entering into Vietnam market. Organization may
develop this statement in term of positing image and define its product description which include
raw materials, images, about its features and other things that help to present value.
Cost of promotional element
Before start marketing activities in term of promoting product, Tusting management may
create budget including cost in context of raw material, marketing sources, workers and
technologies. It also covers cost of promotional element of marketing mix, which play vital role
in success of brand in term of increasing sales, generating revenues and market share more than
rivals. Promotion is the main element of marketing plan as it refer to entire set of tactics and
practices which help to promote item in market where potential buyers are available and seek to
purchase quality brief case from well-known brands that manufacture the best and light weight
product.
It can be said that SME make money within 1 year, when they use effective marketing
techniques, develop strategies, create plan and invest money to make it more successfully, which
is quite essential to do.

CONCLUSION
From above analysis, it has been concluded that organization has achieved its business
objectives by applying effective approaches in term of choosing the profitable market, which in
return has increased the profitability and productivity of brand in competitive way. Furthermore,
by summing up above discussion, it has been summarized that by using STP concept, company
has targeted potential buyers that are highly interested in purchase of its luxury and quality
handbags.

APPENDIX-1
Table 1- Country screening
Country screening stages Vietnam Russia
Phase 1 At this stage, marketers may
identify market size of nation
where they may enter. It helps
to take decision in context of
choosing right nation. The
market size as compare to
Russia is quite wide in
Vietnam.
Market size relate to luxury
accessories is less wide than
comparative nation.
Phase 2 Market Attractiveness in
context of Vietnam is much
than comparative nature,
because there economic
growth is faster than Russia
and suppliers are easily
available
It may have limited suppliers.
Phase 3 At this phase, marketer
compare two nations on the
basis of potential export
markets or options. Vietnam
have good export market.
Less export options are
available.
Table 2-Macs analysis
This framework is used in term of BCG matrix-
Star Question mark

Westminster Folio Luxury handbags
Cash cow
Wallet
Dog
Clutches
Table 3- Customer profiling
Target customer-Male
Age- 25 to 55
Occupation- Employees
Table 4- Culture, family value and gift giving
They have good family value.
Respective cultural norms.
Giving nature
Table 5- Bulgarian business relationships
They prefer to do venture face to face.
APPENDIX-2
Table 1- Promotional budget
Resources Cost £
Market research 20
Owned media 15
Video marketing 10
Social media advertising 16
Marketing platforms 45
Websites 30
Recruitment 38
Hardware 16