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This document provides an analysis of Vinamilk's target customers for a new plant-based milk product. Section 1 reviews the non-dairy milk industry and trends driving growth. Section 2 reviews Vinamilk's existing product lines and market performance as the leading brand in Vietnam. Section 3 describes the target customer segment as young adults who value convenience, health and appearance. Section 4 analyzes target customers' current knowledge of Vinamilk, their existing products, and discusses researching a new oat milk product extension.

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ANH Bui Le Mai
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0% found this document useful (0 votes)
72 views15 pages

Report 1

This document provides an analysis of Vinamilk's target customers for a new plant-based milk product. Section 1 reviews the non-dairy milk industry and trends driving growth. Section 2 reviews Vinamilk's existing product lines and market performance as the leading brand in Vietnam. Section 3 describes the target customer segment as young adults who value convenience, health and appearance. Section 4 analyzes target customers' current knowledge of Vinamilk, their existing products, and discusses researching a new oat milk product extension.

Uploaded by

ANH Bui Le Mai
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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TABLE OF CONTENT

1. Review of product category and industry…………………………………………………………………..1

2. Review of brand’s performance……………………………………………………………………………..1

3. Description of current target customer .……………………………………………………………………2

4. Consumer behaviour concept analysis.……………………………………………………………………3

4.1. Target consumers’ current knowledge about the current product and brand ……………………….3

4.2. Target consumers’ current knowledge about the new product extension ………………………….3

4.3. Target consumers’ involvement with the product and the brand …………………………………… 4

4.4. Target consumers’ current attitudes towards the product category ...………………………………4

4.5. Target consumers’ current attitudes towards your brand and product …………………………….5
1. Review of product category and industry
The industry of milk alternatives, also known as non-dairy milk, involves establishments that
manufacture substitutes for milk such as soy milk, almond milk, and rice milk. This is also our product
category.
The rising preference for vegan food by customers is driving the non-dairy milk industry (1). For
ethical reasons, many Gen Zers are dismissing animal products in the name of veganism and a
plant-based lifestyle (2). Vegan milk is cholesterol - free, rich in vitamin D and proteins, and provides
more calcium than animal milk. All plant-based milks are favoured by customers who are lactose
intolerant or allergic to milk proteins (3). Since full-fat dairy products contribute to obesity, non-dairy
products can take advantage of this circumstance (1). As customers have become more concerned
with environmental effects, the global demand for dairy substitutes is projected to hit $16.3 billion in
2018 (4). Furthermore, 66% of worldwide customers and 73% of millennials say they are willing to pay
more for sustainable products (plant based products release less CO2 emission and water usage in
comparison with dairy products) (5).

2. Review of brand’s performance


2.1. Its current product
In Vietnam, to catch up with the vegan trend, Vinamilk has launched a diversified plant-based product
line in 2018 with soy milk, roasted rice milk and also a trinity of soy milk products combined with
walnuts, almonds and red beans (6). Consequently, these new product lines of nut milk have
successfully caught the consumers’ attention for its delicious, easy-to-drink but nutritious features.
Most recently, it has successfully signed an export contract of 85 containers of the newest soy milk
product lines with nuts to Korea which has never been an easy market to conquer, typically (7).
Moreover, Vinamilk goes on to shine as the market leader in the dairy industry with many investments
in constant innovation for new and exciting offerings in their product categories, such as the soy milk
products including walnuts, almonds and red beans (8).
2.2. How the brand has performed in the market so far
Vinamilk currently has been a successful and well-known brand not only in Vietnam but also in the
world. Specifically, in terms of
Market share: Vinamilk was a leader in Vietnam’s dairy industry in general at 61% by volume at the
end of 2019 (9).
Market development: Vinamilk is considered as the most active enterprise in the international
markets (10). During the COVID-19 pandemic, Vinamilk extensively distributed networks to the Middle
East, UAE, Southeast Asia, etc., which helped them gain more market shares (11).
Brand value: It was in the top 50 best listed companies in Vietnam in 2020 according to Forbes
Vietnam (12).
Market penetration: Vinamilk was chosen to buy the most for 8 continuous years by Vietnamese
consumers according to Asian Brand Footprint 2020 (13).

1
2.3. What messages the brand has been communicating to its target customers
Vision: “To become a world grade brand in the food and beverage industry, where people put all their
trust in nutrient and health products”.
Mission: “To deliver valuable nutrition to the community with our respect, love and responsibility”.
Vinamilk in the mind of every Vietnamese is not only a company but also the hope of the country that
provides the bright future of the next generation (14). It cares about the product, the people and the
planet related to the development of the country and the brand. In fact, Vinamilk has organized so
many activities to support and build value for the society such as providing nutritious milk to support
physical and mental development in the “Stand Tall Vietnam” Milk Fund, providing scholarships in
“Vinamilk-Nurturing Vietnamese Young Talent'' Scholarship Fund (14,15). This sense of responsibility
for the community enhances trust of Vietnamese towards Vinamilk, believing it is giving opportunities
to change life and turn the poor’s dream into reality among the disadvantaged localities.

3. Description of current target customer

3.1. Current target customers

Behavioral Psychographic Demographic Geographic

Benefit sought: convenient, Characteristics: dynamic, Age: 10 - 18 Vietnam


nutritious and minerals, good for flexible years old
brain Lifestyle: busy, frequently Gender: male
Occasions: recurring-personal consume unhealthy food - female
User status: first-time users, Income: 0 -
ex-users, regular users middle income

Benefit sought: good body Characteristics: dynamic, Age: 19 - 25 Vietnam


shape and skin, good health, active, flexible years old
convenient, nutritious Lifestyle: rushed, busy, Gender: male
Occasions: recurring-personal frequently consume unhealthy - female
User status: first-time users, food, care about the appearance Income:
ex-users, regular users, potential (the body, the skin), prefer to middle income
users live green and healthy

Benefit sought: nutritious, good Lifestyle: busy, care about Status: Vietnam
for health and brain, convenient health of members in family, Married and
Occasions: recurring-personal care about the price have kids
User status: first-time users, Income: low -
ex-users, regular users, potential high income
users

3.2. Group of customers you wish to launch your new product to


“Young adults” is the chosen group for the new product launching of the brand for two main reasons.
Firstly, this target audience is busy, they want to have a convenient, green but also full of energy
breakfast/snack. The new product - only one bottle of milk, may fitly satisfy their needs. Secondly, this
age group focuses a lot on their appearance. Many people need their bodies to be full of energy and
nutrients while going on a diet or pursuing a green lifestyle. Therefore, they need diet supplements
such as functional foods.

2
4. Consumer behaviour concept analysis
4.1. Target consumers’ current knowledge about the current product and brand
4.1.1. Target consumers’ current knowledge about Vinamilk
Vinamilk is known as the leading Vietnam milk producer with high brand awareness (16). Regarding
the product in 4Ps model, Vinamilk has ​a wide variety of dairy and non - dairy products that meet
customers’ requirements. ​Vinamilk has been chosen as the top of mind brand due to their ​reasonable
price of all products (17). ​Its ​raise-funded programmes and ​successful sustainable development
grants a strong competitive advantage in brand awareness (18). Vinamilk has formed its brand
reputation from the early age of Gen Z, which may positively contribute to the trust of users towards
the new product.

4.1.2. Target consumers’ current knowledge about current products


Peter and Olson considered product knowledge as the various types of knowledge, meanings and
beliefs like a flow of all related information that is recorded in consumers’ memories and then be used
in making a purchase decision (19,35). To find out how much target customers know about this
product, the observation is based on three aspects: attributes, benefits and values the product helps
consumers satisfy.
4.1.2.1. Bundles of attributes
Regarding the attributes, the origin of materials, its nutritious ingredients and pressing issues such as
living ‘’green’’ are among the top priorities of the young generation. Low sugar, no cholesterol, no
cruelty to animals are the attributes that help soy milk and roasted rice milk be completely suitable for
vegans and those environmentally-friendly users in their consideration (20).
4.1.2.2. Bundles of benefits:
With the functional benefits, non - dairy products are known to improve health, lose weight, better
immune system and prevent heart or chronic disease (20). About the psychological benefits, the
products help Gen Z feel they have better physiological lifestyles. Confidence and happiness are
among the benefits that our target audience think they may receive.
4.1.2.3. Bundles of satisfiers:
The target consumers may gain satisfaction using the products as they deliver better performance,
convenience and healthiness.

4.2. Target consumers’ current knowledge about the new product extension
Our group is doing research about oat milk - a type of plant-based milk derived from whole oat grains
by extracting the plant’s substance with the use of water (21). Recently, many people are considering
going for non-dairy products in general and oat milk in particular instead of the dairy category owing to
the rise in the awareness of health, ethical and environmental issues (22).

First of all, one of the most popular things people know about oat milk is that it is dairy-free and
vegan-friendly milk substitutes which is an accessible option for many people with dietary restrictions
or lactose intolerance (23). Secondly, the substantial proportion of many nutrients such as calcium,
protein or vitamins helping in strengthening muscles, bones or maintaining cardiovascular health, are

3
also commonly recognised by most consumers (24). Moreover, some of the target consumers think
that oat milk is healthier and better for their body somehow but they do not have so much specific
knowledge to explain why as observations.

4.3. Target consumers’ involvement with the product and the brand
Involvement is a concept which indicates how relevant a brand or a product is to the consumers lives
(35). To know how strong this relationship is, it is necessary to consider two important sources of
involvement: intrinsic self-relevance and situational self-relevance (35).
4.3.1. Target customers’ involvement with Vinamilk
Brand involvement means the personal relevance shaped in a consumer’s perception toward a brand
(35). As shown in ​Kantar’s Brand Footprint 2020, Vinamilk was the most pick-up brand in Vietnam
since Vinamilk products are chosen and consumed by more than 80% of vietnamese households
(13). Consequently, it is concluded that consumers have had a high involvement with Vinamilk.
4.3.2. Target customers’ involvement with current products
Product involvement is defined as the degree of personal relevance a product has for a consumer
(35). Considering soy milk and rice milk, based on the two hierarchy maps (Model 2, 3 in the
Appendix), soy milk and rice milk are believed to generate noticeable values. Hence, consumers are
highly involved with these products. This conclusion is obtained from observations towards a small
sample of target customers.
What has been discussed above reflects the intrinsic self-relevance which is determined by the
means-end knowledge that is available in consumers' memory (35). Conversely, situational
self-relevance is derived from randomly or immediately external factors of the environment. These
factors will trigger the involvement of occasional purchasers (35). Certain factors affecting consumers’
self-relevance for the plant milk products of Vinamilk can be easily recognized from observation,
including free samples, promotion or eye-catching and appealing Vinamilk non-dairy product displays.

4.4. Target consumers’ current attitudes towards the product category


According to the overall model of consumer behavior, attitudes are one of the internal factors that
affect self-concept and style that are closely related to the decision-making process (35). Therefore,
attitudes are necessarily considered in the study of consumer behavior (25). Attitudes are defined as
positive or negative or both evaluations and beliefs of objects, people or events. Three components
creating attitudes include affective components (emotions and feelings), cognitive components
(beliefs and knowledge) and behavioral components (the ways people’s attitudes affect how they
behave) (26). The stimuli, which are initiators influencing consumers’ attitudes of objects, includes
products, contexts, retail outlets, salespeople, advertisements and others.

The most common sense when mentioning plant milk is thinking about health issues. Consumers are
more concerned about their health, increasingly seeking for products that will improve their well-being
(27). This partly indicates that the consumers have positive attitudes towards the plant - based
products category. Nevertheless, feeling expensive is the most common attitude toward plant milk
products. While there were some individuals who said that alternatives to plant-based milk are not too
costly, 232 respondents (69,9%) noted that plant-based milk should be cheaper (28). A majority of

4
respondents (58,1%) wish to see more unsweetened versions of plant-based products. Many want to
consume fewer artificial substances (53.9%) and food additives (48.2%) (28). These factors from the
research reveal that this product category needs to change in production for more positive attitudes
among consumers.

4.5. Target consumers’ current attitudes towards your brand and product

4.5.1. Target consumers’ current attitudes towards Vinamilk


Accompanying with great target consumers’ knowledge and high involvement of them towards
Vinamilk, the following points as well support that Vinamilk gains positive attitudes from consumers.
4.5.1.1. Cognitive component
According to a survey conducted by Statista, Vinamilk was ranked first among the leading top-of-mind
companies in the F&B industry by Vietnamese consumers in 2019 (29). When asked why Vinamilk is
the top of their minds, a great number of participants (65%) suppose prices are good, up to 63% of
respondents think Vinamilk quality is good. In addition to its popularity, more than 50% believe
Vinamilk equips with modern and qualified technology for the production process. Besides the
aforementioned reasons, Vinamilk is considered as a familiar brand, a company with great leaders
and high exposures in the international and domestic market (29). Remarkably, for people of Gen Z
who will be the primary workforce in the future, it comes as no surprise that Vinamilk is an ideal
workplace (30).
4.5.1.2. Affective component
When it comes to Vinamilk advertisements, the commonly-used emotions Vinamilk TVC brings to
audiences are fun and excitement (31).
4.5.1.3. Behavioral component
Asia Brand Footprint 2020 reported that Vinamilk is a FMCG brand that consumers choose to buy the
most for 8 continuous years (13). Additionally, according to a report conducted by Q&Me Company in
2018, people discussed and searched Vinamilk TVCs the most among other brands (31).

4.5.2. Target customers’ current attitudes towards current products


After conducting desk research as well as observational research with our target consumers, the
findings have helped to give the following conclusions.
● Under the cognitive component​, as mentioned in the part of target customers’ current
knowledge about current products, consumers were aware of the nutritional ingredients and the
benefits that different Vinamilk soya milk brings such as convenience, good health, healthy skin,
weight management as well as energy provision. For roasted rice milk, it is recognized to have
good smell, good taste, good health, and convenience.
● Regarding the ​affective component​,
- A report stated that among different types of plant-based milk alternatives including oat milk,
almond milk, cashew milk, coconut milk, soy milk and rice milk, 45% of the respondents
ranked the soy milk fifth in terms of taste preferences (28). At the same time, our observation
also added that the targeted customers prefered Vinamilk soya milk to soya milk with walnut,
red bean and almond.

5
- In terms of roasted rice milk, a study demonstrated that it was said to be the least delicious
and a vast majority of respondents were not satisfied with its taste (28).
● With respect to the ​behavioral component​,
- The trend of consuming soy milk has been forecasted to significantly increase in the coming
years over years (32). However, although soy milk was a significant drink in Vietnam, the
number of soy milk consumption was at a low level (33). The responses of our observees
were also opposite to the global trend and affirmed the Vietnamese trend because they
refused to recommend different Vinamilk soy milk products to others and had no intention to
continue consuming them.
- On the other hand, although the global rice milk market is estimated to significantly increase
in 2021 at the compound annual growth rate of above 15%, the responses were the same as
soy milk products (34). From observations, our target customers tended to have no
willingness to recommend to others or continue purchasing Vinamilk roasted rice milk.

6
APPENDIX

Because of the fact that our target consumers’ current knowledge about plant - based products and
the new product extension may vary according to their needs for functional foods and the shortage of
numbers of research in this category, our observations below based on the knowledge that
consumers may easily get from the websites, their common sense about the current products.

4.1. Target consumers’ current knowledge about the current product and brand
4.1.1. Target consumers’ current knowledge about Vinamilk
4.1.2. Target consumers’ current knowledge about current products

4.1.2.1. Bundles of attributes

Soy milk Roasted rice milk

Bundles of attributes - Rich in carbohydrates, no additional - Low sugar and fat


saturated fats, proteins, vitamins (A, - Enhanced with vitamins A, D3,
D3, E, PP, Omega 3,...) E, B3 and B1
- Made from selected, authentic and - ​Made from high-quality
natural delicious soybeans Japonica and Niigata rice
- Providing 3g of fiber meets 12% of - ​Rich content of inositol
daily fiber needs - No cholesterol
- Cholesterol free, low sugar

Table 1
4.1.2.2. Bundles of benefits:

Soy milk Roasted rice milk

Bundles of Func- - Less sugar → Lose weight - Less sugar and fat
benefits/ tional - ​Calcium supplements → Provide medium sweet taste
consequence → Strengthen bones - ​No cholesterol
- Cholesterol free → Limit cardiovascular issues and
→ Lower blood pressure obesity
- Increasing fiber intake - Rich in nutritions
→ Help the digestive process → Healthy skin and physique
- Reduces the risk of cancer - Inositol
and potentially osteoporosis → Promote growth of healthy cells
- Soy-based diet and slows aging
→ Limit cardiovascular disease - ​Promote overall strength of immune
- Brain development (Omega-3 system assisting the body to resist
fatty acid) oxidative stress (which can cause
chronic diseases)

Psycho -​ Attractive beauty -​ Attractive beauty


- social - Confident, less stressful about - Confident, less stressful about
disease disease
Table 2
4.1.2.3. Bundles of satisfiers:
Soy milk Roasted rice milk

Bundles of Instrumental - ​ ​Antidepressant - Energy


satisfiers → Reduce stress; Enhance → Competence at work
self-controlled - Medium sweet taste
- Good taste → Joyfulness and loving, active
→ Joyfulness and loving behaviors

Terminal - Intellectual - ​Catch up with social


→ ​Catch up with social development
development → Gain wellness
→ Gain wellness - Natural beauty impression and
- Attractive beauty and happiness
happiness → Self-actualization
→ Self-actualization - ​More enjoyable and
- Confident in life comfortable life
→ Pleasure and perform → Pleasure and perform better
better (Personal gratification) (Personal gratification)
Table 3

4.2. Target consumers’ current knowledge about the new product extension

Oat milk

Bundles of attributes ● Popular dairy-free, vegan-friendly milk substitute


● Packed with many nutrients (A, D, B12, Zn, Mg, calcium, etc)
● More calories and fiber than almond, soy or cow’s milk
● Cholesterol free
● Rich and neutral taste

Table 4

Oat milk

Bundles of benefits Functional ● Dairy free → Choice for lactose intolerant people
● High in vitamins → More energy, good health, skin, hair
& nail improvements
● High in fibre → Help digestion, strengthen immune
system and weight control
● Calcium supplements → Strengthen and form healthy
bones
● Cholesterol free → Boost cardiovascular system, lower
blood pressure
● Good and neutral taste → Reduce overweight

Psycholog ● Convenient; sustainable lifestyle; environmental


-ical ● Refreshed; relaxed; less stress
● Energetic
● Beautifull
● Joyful, comfortable, confident
Table 5
Oat milk

Bundles of satisfiers/ ● Achieve sustainable lifestyle → Improve personal brand; Help the
Values society
● Promote creation and ambition at work
→ Gain more respect from co-workers, feeling of accomplishment
→ Opportunities for recognition/ advancement
● Feeling pleasure, fulfillment
● Increase self-love and belonging
● Self-actualisation
Table 6

4.3. Target consumers’ involvement with the product and the brand
4.3.1. Target customers’ involvement with Vinamilk

Model 1
4.3.2. Target customers’ involvement with current products

Model 2

Model 3
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