2332-Product Management - 1121 - Group1

MINISTRY OF EDUCATION & TRAINING
HOA SEN UNIVERSITY

FACULITY OF ECONOMICS & BUSINESS

PRODUCT MANAGEMENT SUBJECT
FINAL RROJECT REPORT
NEW PRODUCT
DEVELOPMENT PROJECT
02/2024
TABLE OF CONTENTS
LIST OF FIGURES...........................................................................................................5
LIST OF TABLES.............................................................................................................7
COMMITMENT...............................................................................................................8
ACKNOWLEDGEMENT................................................................................................9
LECTURER’S COMMENTS...........................................................................................10
WORK CONTRIBUTION RECORD TABLE.................................................................11
INTRODUCTION...........................................................................................................12
PHASE 1: OPPORTUNITY IDENTIFICATION.............................................................13
1. Marketing plan information that businesses are implementing.....................................13
1.1. TH's Marketing Strategy on Product.................................................................13
1.2. TH’s Marketing Strategy on Price......................................................................13
1.3. TH’s Marketing Strategy for its distribution system........................................14
1.4. TH's Marketing Strategy on Promotion.............................................................16
2.1. Market Analysis....................................................................................................18
2.1.1. The growth situation of Vietnam's F&B industry......................................18
2.1.2. Development trend of Vietnam's food industry – Dairy & Egg Products
Segment.....................................................................................................................19
2.2. Resource Analysis.................................................................................................20
2.2.1. Financial resources:.......................................................................................20
2.2.2. Material resources:........................................................................................21
2.2.3. Technological resources and facilities:........................................................22
2.2.4. Energy resources:..........................................................................................23
2.2.5. Human resources:..........................................................................................24
2.2.6. New resource..................................................................................................24
2.3. Analysis of resources that businesses have not yet implemented.....................25

2.3.1. Production Expense.......................................................................................25
2.3.2. Product Price..................................................................................................26
2.3.3. Milk Quality Assurance and Distribution System......................................26
2.4. Analysis Macro Environment..............................................................................26
2.4.1. Economic environment..................................................................................26
2.4.2. Political environment....................................................................................27
2.4.3. Socio-cultural environment..........................................................................27
2.4.4. Technology and Science Environment.........................................................28
2.4.5. Natural environment.....................................................................................28
2.4.6. Demographic environment...........................................................................29
2.6. Analysis Microenvironment.................................................................................29
2.6.1. Strengths.........................................................................................................29
2.6.2. Weaknesses.....................................................................................................30
2.6.3. Opportunities.................................................................................................31
2.6.4. Threats............................................................................................................31
2.7. Five opportunities in the market.........................................................................32
PHASE 2: CONCEPT GENERATION............................................................................33
1. Methods to generate ten ideas........................................................................................33
1.1. Find out customer’s needs:..................................................................................33
1.2. Conducting a competititor’s product analysis:..................................................35
2. Ten ideas........................................................................................................................37
3. Product concept.............................................................................................................39
3.1. TH Greek yogurt lines..........................................................................................39
3.2. TH milk tea and bubbly milk tea drinks............................................................39
3.3. TH cafes serve milkshakes, gelato, and cheesecakes that are made from its
products - Branded dessert and treat cafes...............................................................40
3.4. TH true Jam..........................................................................................................40
3.5. TH’s Colostrum cake............................................................................................41
PHASE 3: PRODUCT CONCEPT EVALUATION.........................................................41
1. Initial Reaction...............................................................................................................41
2. Concept Testing.............................................................................................................44
3. Scoring Model...............................................................................................................48
PHASE 4: PRODUCT DEVELOPMENT........................................................................69
Step 1: Design....................................................................................................................69
Step 2: Architecture...........................................................................................................70
Step 3: Prototype...............................................................................................................71
Step 4: Product use testing................................................................................................71
PHASE 5: LAUNCHING PRODUCT..............................................................................74
1. Step 1: Market testing....................................................................................................74
2. Step 2: Launching Strategy............................................................................................75
2.1. Target market description...................................................................................75
2.2. ATAR Model.........................................................................................................77
CONCLUSION.................................................................................................................78
REFERENCES................................................................................................................79
LIST OF FIGURES
Figure 1: TH products in hotel..........................................................................................11
Figure 2:TH promotion campaign.....................................................................................13
Figure 3: F&B market value forecast diagram in Vietnam, period 2022 - 2026...............14
Figure 4: Exchange rates and reflects market impacts of Russia – Ukraine war..............15
Figure 5: Dairy and Egg products market in 2023............................................................15
Figure 6: Market share chart of domestic dairy industry in 2022......................................16
Figure 7: Sunflower fields are planted to feed cows.........................................................17
Figure 8: FVF clean fruits and vegetables.........................................................................17
Figure 9: TH currently has 15 modern automatic irrigation rigs.......................................18
Figure 10: Factory production and packaging line............................................................19
Figure 11: Rooftop solar panel system at TH's farm.........................................................19
Figure 12: Well-trained and professional staff..................................................................20
Figure 13: TH dairy farm in a cluster of farms in Moscow...............................................21
Figure 14: Product Label...................................................................................................54
Figure 15: Sketch Jam Jar..................................................................................................55
Figure 16: Final Product....................................................................................................56
Figure 17: Beta testing survey form..................................................................................58

LIST OF TABLES
Table 1: Conducting a competititor’s product analysis.....................................................35
Table 2: Concept Variants.................................................................................................40
Table 3: Summary of concept testing survey responses....................................................43
Table 4: Scoring Model of First person.............................................................................45
Table 5: Scoring Model of Second person........................................................................46
Table 6: Scoring Model of Third person...........................................................................47
Table 7: Scoring Model of Fourth person..........................................................................48
Table 8: Scoring Model of Fifth person............................................................................49
Table 9: Scoring Model of Sixth person............................................................................50
Table 10: Scoring Model of Seventh person.....................................................................51
Table 11: Scoring Model of Eighth person........................................................................52
Table 12: Scoring Model of Nineth person.......................................................................53
Table 13: Scoring Model of Tenth person.........................................................................54
Table 14: Summary of results from the Scoring Model method.......................................55

COMMITMENT
“We pledge in our own honor that this is a report our team made on our own and does
not violate academik integrity. We take full responsibility to the university and faculty for
this commitment.”
ACKNOWLEDGEMENT
"Our team would like to express our sincere thanks to Ms. Lucie Tran , who has
accompanied my team this semester and did not hesitate to answer our questions in the
most thoughtful and dedicated way."
LECTURER’S COMMENTS
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Ho Chi Minh City, February 24th, 2024
LECTURER'S SIGNATURE
INTRODUCTION
Within the highly competitive dairy industry in Vietnam, TH True Milk, a dominant
company, has proved its strong market position by its consumer focused innovation.
Here, a new category definition is proposed, which aims to fill up the market niche and
utilize the ongoing dynamic of customer tastes. Instead of only the analysis, this
document will give a real solution so it will be the embark of a journey to mark the brand
for being a real dairy innovator.
This proposition will be built upon the strengths of the milk producer company and will
also fall in line with their key principles. By virtue of thorough market research and data-
driven insights, we have fixed within the Vietnamese dairy landscape a particular area of
opportunity. This report provides detailed design for a product idea focusing at delivering
what the targeted consumer desires and expects.
Beyond the bare advertising description of the product there is the powerful market
justification. Applying both the quantitative and qualitative data, we present the idea that
it is feasible and what influence it may bring upon the target group.
PHASE 1: OPPORTUNITY IDENTIFICATION
1. Marketing plan information that businesses are implementing
1.1. TH's Marketing Strategy on Product

TH True Milk implements a diversified approach in its product strategy. An integral facet
of their product strategy is the launch of TH School Milk, which is tailored towards
children aged 6-12 years. This particular product is enhanced with essential nutrients that
contribute to the promotion of health and development. The emphasis placed on catering
to specific segments, such as young school-going children, underscores the company's
dedication to prioritizing good nutrition from a young age. Moreover, the company
strives to continuously surprise and please customers by continuously enhancing their
range of products. This endeavor involves upholding stringent quality standards and
frequently introducing innovative products to the market. Over time, TH True Milk has
significantly expanded its product portfolio, enriching it with a diverse range of dairy
products including yogurt, ice cream, and even non-dairy alternatives such as rice-based
items. The company's vast array of products allows it to effectively meet the diverse
needs of consumers and enhance its market position.
1.2. TH’s Marketing Strategy on Price

The pricing strategy practiced by TH True Milk is a tactical one that presents both market
trends and consumer preferences. The premium pricing strategy is used by this brand in
order to position the product at a higher price point as compared with some of its
rivals. This approach is a deliberate attempt to associate the brand with luxury and quality
goods, appealing to consumers who value health safety and naturalness.
The Pricing Strategy TH True Milk:
+Premium Pricing: TH True Milk’s premium products are priced higher, which reflect
its superior quality and is in line with the brand positioning as high-end luxury. This
strategy connects with the mental structures of some consumers, especially in urban
women who are more concerned about health and family wellbeing than other people
might do which cannot be targeted by competitors specialised in a broader or different
target group.
+Consumer Perception: Through pricing, TH True Milk is able to effectively present
itself as a supplier of premium quality safe and clean dairy products. Consumers are
ready to pay premium for products that they perceive as more natural and healthy for
them. In this regard, the natural and clean USP supports to substantiate the high price.
+Market Positioning: Even though the company entered the Vietnamese market later
than old competitors such as Vinamilk, TH True Milk has been able to establish its niche
in contrasts of increasing product volume by 21.9% and revenue growth at almost
30%. Its pricing strategy has contributed in part to this growth, having managed to
distinguish the brand as a manufacturer of premium quality dairy products inspired by
nature.
+Comparative Pricing: The way that TH True Milk prices are set ensures a distinction
from other crucial competitors doing business in the market. For instance, the price for a
TH True Milk lot with 4 boxes of 180ml is 26,500 VND per box as compared to
Vinamilks’s prices at 23.500 VND and other products that consist of three boxes cost
twice this amount.
TH True Milk's marketing strategy on price is a critical component of its overall brand
positioning. Through the premium-pricing strategy, the company aims at a particular
customer base that prefers quality products and is health conscious. This strategy helps to
establish an image of luxury and associates the TH True Milk products with natural,
clean, top-of-the line product standards. This practice is effective as it allows the brand to
develop market recognition and take significant shares in a competitive Vietnam dairy
segment.
1.3. TH’s Marketing Strategy for its distribution system

TH True Milk distributes its products using a multi-dimensional strategy that ensures
wide market penetration and customer accessibility in Vietnam. These channels are part
of their distribution network that is designed to meet the needs and preferences in
shopping for different customers.
+ Direct Retail Outlets: TH True Mart
In order to improve direct consumer interaction and brand representation control, TH

True Milk has created a wide network of modern retail outlets called TH true mart
throughout the state. These retail outlets do not only act as point of sale but also brand
experience centers where the customers get professional advice and buy product products
that meet their requirement. This approach limits reliance on third-party distributors and,
thus helps the brand to stand out from competitors in the market.
+ Widespread Retail Presence
Availability of the products in retail stores is essential, and TH True Milk’s items are
present almost in all types of retails point from tiny grocery shops to large modern
supermarkets. Their widespread retail distribution through more than 130,00 stores across
the country and about by of distributors aid in reaching people especially those that are
far from urban centers.
+ E-commerce Growth
It has also used the power of e-commerce because it understands shopping via online is
crucial for today’s customers. They have managed to make their products accessible by
setting up an online presence on multiple e-commerce sites and through the website. It is
also important to note that their 2.5 times increase in e-commerce revenue for the year
2021 represents a strong impact with digital approach.
+ Collaborations and Key Accounts
TH True Milk has formed strong partnerships with major accounts and built distribution
channels to restaurants and hotels. These alliances allow them to sink deeper into certain
market segments in which direct purchase is not as prevalent.
Figure 1: TH products in hotel

A well-structured and wide-reaching distribution system is crucial for TH True Milk's
success, allowing them to quickly adapt to market changes and customer preferences.
Their decision to establish direct retail outlets like TH true mart allows for brand control
and customer relationship management. Their expansive reach through traditional and
modern retail stores ensures product availability. Their digital transformation initiatives,
especially in e-commerce, are adapting well to consumer behaviors and technological
advancements.
1.4. TH's Marketing Strategy on Promotion

TH True Milk has used various promotional strategies to attract and retain customers by
developing unique brand features. The element of promotion is part and parcel in TH
True Milk’s marketing mixture, however the firm has used various creative methods to
improve its brand name recognition within a competitive dairy market.
+ Triumphant Advertising Campaigns
One of the most daring decisions made by TH True Milk was to launch its advertising
campaign that portrayed itself as a clean milk provider. When other dairy brands in
Vietnam had not made full use of the feature purity, TH True Milk Materials used clean
milk as a selling point, making a powerful impression on the audience and competitors.
+ Meaningful Communication Messages
They establish meaningful communication with the help of their product advertising
messages, trying to connect health and nature concerns that often make them hesitate in
making appropriate decisions. Leveraging on consistently delivering messages that reflect
their decisions to produce natural and holistic products, the brand creates a link with
consumers who care what they consume.
+ Leveraging Trade Marketing
Besides the conventional approaches of advertising, TH True Milk utilizes trade

marketing tactics. This involves targeted promotional activities at the point of purchase,
including in store displays sampling and special offers which serve to draw attention to
the products for immediate purchases.
+ Promoting Through Social Concerns

Social marketing campaigns also form part of the company’s promotion strategy. TH
True Milk has introduced programs such as “Chung tay vì tầm vóc Việt” (“Joining hands
for Vietnamese stature”) by which not only do they promote their products but also
inform the customers that TH True Milk is a brand whose purpose is to support its
consumers’ health and at the same time, strengthen development in Vietnam.
TH True Milk's promotional strategies incorporate direct advertising, impactful brand

messages, efficient trade marketing, and dedication to social causes, which establish a
favorable brand image and foster brand loyalty. Despite intense competition, TH True
Milk has successfully established a unique market position.
Figure 2: TH promotion campaign

2.1. Market Analysis
2.1.1. The growth situation of Vietnam's F&B industry
According to data from Vietnam Industry Research and Consulting Joint Stock Company
(VIRAC) and Euromonitor, F&B industry revenue in Vietnam in 2023 is expected to
grow by 18%, reaching 720,300 billion VND. However, the global economic crisis
negatively affected Vietnam's economy, the economic recession of many major
economies reduced the purchasing power of domestic consumers. Along with that, rising
input costs make business units in the industry face more intense competitive pressure.
Although the economy in 2023 is forecasted to have many difficulties, according to
Euromonitor after strong recovery and growth, the F&B industry will continue to develop
at a stable pace and is expected to reach a value of VND 938,305 billion by 2026." One
of the factors that directly affects the needs and consumer behavior of customers and is
used as a basis for predicting the future growth of the market is the disposable income of
the population.
According to the statistical analysis and forecast report of 2022, Vietnam will have 26%
of the population belonging to the middle class by 2026. Vietnam's growing middle-class
population also reflects the country's compound annual GDP growth rate of 5% over the
past 20 years, 1.7 times faster than the global average. As the middle class grows, so does
the disposable income of all sectors of the population. Therefore, Fitch Solutions, the
global credit rating agency, still expects Vietnam's disposable income to continue on this
growth trajectory in the medium term (2020-2024).
Figure 3: F&B market value forecast diagram in Vietnam, period 2022 - 2026
2.1.2. Development trend of Vietnam's food industry – Dairy & Egg Products
Segment
In the F&B industry, the food market includes the production and sale of all foods that
add nutritional value to the body, including fresh and processed foods, but excludes
medicines and dietary supplements. And TH GROUP belongs to 1 of 13 segments of the
F&B industry, which is the segment of Dairy Products and Eggs. This segment includes
animal products, such as milk, eggs, and mammalian dairy products, and non-animal
products, such as dairy substitutes. This segment is divided into six sub-segments
including milk, milk substitutes, yogurt, cheese, eggs, and other dairy and egg products.
Revenue from the Dairy & Egg Products segment in Vietnam is estimated at about 7.77
billion USD in 2023, 7.7% higher than 2022, and is forecast to have an average annual
growth rate of about 8.03% in the period from 2023 – 2027.
Figure 4: Exchange rates and reflects market impacts of Russia – Ukraine war
In addition, dairy revenue is forecast to still account for the highest proportion in 2023,
with an estimated revenue of 3.81 billion USD , accounting for more than 49% of the
revenue of the entire Dairy & Egg segment, followed by Eggs (16.1%) and Yogurt
(9.9%).
According to Research and Markets, it is forecasted that the milk demand of Vietnamese
people in 2023 will reach about 28 liters / person / year, up 8% compared to 2022. This is
quite a high figure compared to the average consumption of Southeast Asia of 18 liters /
person / year.
Figure 5: Dairy and Egg products market in 2023

Vietnam's dairy market currently has about 200 operating enterprises, including 40
enterprises producing and distributing milk. Domestic enterprises account for about 75%
of the market share, while foreign enterprises account for about 25%. The leading
enterprises in the country are Vinamilk, TH True Milk, Nutifood, IDP, and Moc Chau
Milk. The leading foreign companies are Frieslandcampina (Netherlands), Nestlé
(Switzerland), Abbott (USA), Mead Johnson (US), and Fonterra (New Zealand).
Figure 6: Market share chart of domestic dairy industry in 2022
2.2. Resource Analysis
2.2.1. Financial resources:
TH Dairy Food Joint Stock Company, belonging to TH Group, was established under the
support and financial advice of Bac A Commercial Joint Stock Bank - one of the banks
with large business activities in the Central region. For nearly 10 years, with the mission
of consulting investment for high-tech agricultural projects, Bac A Bank has
accompanied TH Group in all investment paths. Bac A Commercial Joint Stock Bank is
the financial consultant & investment for TH's project "Dairy farming and processing of
clean fresh milk on an industrial scale" implemented in October 2009 on an area of
37,000 hectares with a total investment of 1.2 billion USD.
2.2.2. Material resources:
The material source factor is an important factor affecting the quality and taste of milk. It
is necessary to provide cows with a varied and nutritious diet to increase the quality and
taste of milk. TH has extremely diverse food sources for cows including: a Mombasa
pasture field with an area of up to 2000 hectares and other fields such as corn, American
sorghum, Mulato grass, soybean shells along with pure water, ... The nutrition is divided
for cows such as milking cows, calves or convalescent cows, ...
The 50-hectare sunflower field can provide hundreds of tons of fresh feed for cows. TH
makes feed for cows from sunflowers under the advice and technology transfer of experts
from Israel. Pasture and corn fields are applied advanced techniques. The raw feeds after
being harvested will be cut, crushed, and silaged according to Israeli technology, each
material has a different incubation period to ensure suitability for ruminant cattle.
Besides, the quality of arable land is also a focus. TH uses modern Israeli (Mottes)
American (Hobolink), and Australian (FieldNET) sensors to automatically measure soil
moisture to give the appropriate moisture level.
Figure 7: Sunflower fields are planted to feed cows
In addition, in the field of vegetables and fruits, TH Group currently cultivates and
produces 580 tons / year with a total area of nearly 100 hectares. In which, there are 95
fruit and vegetable products certified organic by Europe - EC834-2007 and the US -
USDA-NOP, organic fruit and vegetable production reaches more than 100 tons / year,
organic cultivation area is 20ha. In the field of herbal medicine, TH has cultivated many
herbs meeting European, American, Vietnamese organic standards and many precious
herbs are grown multi-layered under the forest canopy.
Figure 8: FVF clean fruits and vegetables
2.2.3. Technological resources and facilities:
The cows are imported from countries with good breeding sources, with high milk yield
such as the US, and New Zealand, ... Taken care of in standard conditions, the barn is
roofed with cold corrugated iron, has a blower and misting system, listens to music and
bathes every day. The cows are treated with pure water treated by Amid water filtration
technology to ensure a clean and standard water source for the cows
TH applies Afimilk's Afifarm herd management technology, cows are tagged and fitted
with Afitag electronic chips to monitor health and nutritional status. Automatic milking
technology of cows in closed form, without contact with air to ensure hygiene and safety
The work of caring for and harvesting feed and drinking water materials for cows is
carried out using advanced technologies. TH harvests corn using a modern cutting
machine system. One machine, which costs about $700,000 and has the working power
of 800 athletic young men, can cut up to 500 tons of grass a day. The farm also invests in
irrigation systems for corn and sorghum fields,... by automatic irrigation system "giant
arm" 500m-700m long
Raw materials are being harvested using high-tech, high-yield equipment
Figure 9: TH currently has 15 modern automatic irrigation rigs

TH Group builds the leading clean milk processing factory in Southeast Asia with
extremely modern equipment. Modern equipment imported from Europe, the whole
system operates according to ISO 9001 and ISO 22000.
Figure 10: Factory production and packaging line
2.2.4. Energy resources:
In order to achieve Net Zero goals and fulfill commitments to the Government, TH
Group uses high technology, green technology to cut greenhouse gas emissions, manage
energy efficiently at factories, use renewable energy... TH Group has invested in
developing solar panel systems installed on farm roofs. Each year the solar power system
can produce 4,281 MW, contributing to TH's reduction of 2,100 tons of CO2
Figure 11: Rooftop solar panel system at TH's farm

Cow waste and leftovers, bagasse and bio-sludge generated during the wastewater
treatment process of farms are all used as raw materials for fertilizer production,
affirming the Group's policy of green and circular economy development.
2.2.5. Human resources:
Currently, TH has more than 10,000 employees working on high-tech farms and
factories spread across the country. The staff is well-trained and professionally qualified.
TH was also named "Asia's Best Workplace" in 2021.
Figure 12: Well-trained and professional staff
2.2.6. New resource
2.2.6.1. New products
In addition to the main products of milk production, TH has launched many new
product lines, made from nature such as butter, drinking yogurt, ice cream, pure drinks,
nut milk lines, milk for the elderly, tea bags, ...
In April 2023, TH launched a new product line that is "TH true CHOCOMALT
MISTORI Barley Cocoa Milk '' which provides all-natural energy for children aged 6-12.
There is natural barley and cocoa extract, and supplements TOPKID micronutrients that
are good for brain development and height.
Also in 2023, the product "TH true FORMULA" for children over 2 years old will
be launched. The product has the main nutrients derived from nature, combining raw
milk from international standard farms that meet international standards CODEX with
nutritional formula products for babies.
2.2.6.2. New projects:
TH's dairy project in Moscow Oblast has a total investment of 190 million USD, a
total herd of 24,000 heads (12,000 milking cows), an expected output of 131 million tons
of milk / year, including 2 farms (each with 6,000 milking cows) located in 2 districts
Volokolamsk and Shatura.
TH held the inauguration ceremony of phase 1 - a farm of 6,000 milking cows, a total
herd of 12,000 heads in Volokolamsk, Moscow Oblast. The total dairy herd at TH farm
in Moscow is nearly 2,800 heads, of which nearly 1,200 cows are milking with Russia's
top high productivity. The farm uses leading state-of-the-art herd management and
milking technology from DeLaval (Netherlands)
Figure 13: TH dairy farm in a cluster of farms in Moscow
2.3. Analysis of resources that businesses have not yet implemented
2.3.1. Production Expense
To ensure product quality meets standards, TH has focused on investing in the entire
production process made according to closed international standards from grass planting,
barn construction, feed processing, veterinary management, processing, packaging, and
product distribution. Besides, TH also chooses to use completely imported breeds.
Therefore, the brand has to pay a huge cost to maintain and operate its production line.
2.3.2. Product Price
Right from its launch, TH's products are highly appreciated for their quality, but the cost
of the products is higher than many famous brands that have been present in the
Vietnamese market for a long time such as Vinamilk. The higher product cost compared
to competitors makes TH less able to reach low- and middle-income customer segments,
thereby reducing the brand's market share in the Vietnamese market.
2.3.3. Milk Quality Assurance and Distribution System
With its strong financial resources, TH Group not only produces clean, safe and fresh
milk with advanced closed technology but also sells and distributes widely across the
country at large supermarkets such as Big C, Metro, Aeon Mall ... as well as retail and
grocery stores. In addition to traditional distribution channels, TH also chooses to
distribute according to new consumer trends such as buying goods through e-commerce
channels, showrooms displaying full products. However, with such a large and diverse
distribution network, TH Group cannot strictly manage how products are preserved.
Therefore, there are many problems with product quality such as spoiled milk, milk
packaging is swollen even though the product has an expiry date.
2.4. Analysis Macro Environment
2.4.1. Economic environment
In 2023, the average income of Vietnamese workers will reach VND 7.1 million per
month, an increase of VND 459,000 (6.9%) over the same period in 2022. The report of
the General Statistics Office showed that the average income of male workers reached
VND 8.1 million and women VND 6 million. According to Research and Markets, it is
forecasted that the milk demand of Vietnamese people in 2023 will reach about 28 liters /
person / year, up 8% compared to 2022. This is quite a high figure compared to the
average consumption of Southeast Asia of 18 liters / person / year. The main reason is the
raising awareness of nutrition and health of people, especially families with young
children. In addition, the improvement in income and living standards also contributes to
enabling consumers to spend on more premium dairy products. In addition, on average, 1
million children are born each year in Vietnam and this is also the largest user of dairy
products. Vietnam's population also tends to grow, thereby increasing the potential
customer base for Vietnam's dairy market
Vietnam's dairy market is under pressure due to high input material prices, many brands
have had to change milk prices to 5-10%. However, because TH is completely
autonomous in terms of raw materials for cows, the high price of imported raw materials
does not have too much impact on the costs of this business
According to a general report from e-commerce platforms, sales of TH True milk
products in July 2023 reached the highest level of VND 8.7 billion and 35.8 thousand in
output. TH true milk's market size in July 2023 also reached 8.7 billion in sales and grew
61.5% better than June 2023.
2.4.2. Political environment
Government policies and regulations on economic development may affect TH Group's
business. In recent years, the Vietnamese Government has adopted policies and
regulations to encourage enterprises in the field of pasteurized milk production and boost
milk exports. This will be an opportunity for TH to develop and expand the market in the
future. In addition, monitoring new policies and regulations from the Government of
Vietnam will help TH True Milk make appropriate strategic decisions and develop a
sustainable business.
Investment incentive program in pasteurized milk production: This program was
promulgated by the Prime Minister through Resolution No. 01/2019/NQ-CP on January
01, 2019.
Regulations on milk quality control: These regulations are issued by the Ministry of
Health of Vietnam, including national technical regulations (QCVN) on milk production,
processing, and preservation, regulations on milk quality inspection and regulations on
supervision of production-related activities, and dairy business. These regulations have
different dates of enactment and application.
Dairy Export Support Policies: Policies and regulations on milk export support have
been applied for many years, but can be adjusted and updated regularly by the authorities
of the Government of Vietnam.
2.4.3. Socio-cultural environment
Shifts in consumer lifestyles and consumption habits are creating new demand, including
unsweetened milk, lactose-free milk, and organic milk. The trend of consuming premium
milk, and natural and organic products may create opportunities or challenges for TH
True Milk. In addition, society is developing and consumers are increasingly interested in
environmental protection factors of brands or brands. They will prioritize the selection of
brands that emphasize environmental protection in production such as packaging design,
packaging, and factories to ensure compliance with environmental protection regulations,
....With sustainable consumption solutions, encouraging customers to recycle packaging
and reduce the use of single-use plastic, and contributing to environmental protection, TH
Group – the owner of TH true MILK brand has become a pioneer in fostering a "green"
lifestyle with consumers. Since then, receiving a lot of attention and appreciation for
business ethics as well as trust in the quality of customers' products.
2.4.4. Technology and Science Environment
TH is one of the corporations applying many advanced and modern technologies for the
breeding process and production of products. The cow herd is imported from well-
known, quality sources. Applying Israeli breeding technology, TH has applied high
technology and artificial intelligence in cow management. In addition, to facilitate
monitoring and caring for cows, TH farm applies Afifarm management technology - one
of the most modern technologies in the world in dairy management, TH also deploys an
AI camera system to support herd monitoring and management. Not only that, raw
materials and feed for cows are also applied by TH with advanced technologies, using
modern equipment and machinery with a large capacity to harvest. TH Group also uses
high technology, and green technology to cut greenhouse gas emissions, manage energy
effectively at factories, and use renewable energy... The application of many such modern
and advanced technological achievements helps TH produce standard products, increase
productivity, ensuring the essence in every drop of milk, which is a premise to become a
clean milk brand in Vietnam
2.4.5. Natural environment
TH has large raw material fields, grown for cow feed, irrigated with clean river water,
and fertilized from organic fertilizers.
TH's farm was built in Nghe An. This is also a land with a harsh climate, often with
drought from May to July high temperatures of approximately 40 degrees. However,
nearly 70,000 dairy cows in 3 clusters (including 9 farms) of TH Farm here still leisurely
eat, rest, travel, and produce milk yield of 36 liters/day.
Currently, the government and people pay great attention to environmental pollution, if
businesses treat waste badly, they will receive negative feedback from people because it
not only pollutes the environment but can also cause epidemics. At the same time, the
decline of natural resources is extremely important for businesses and organizations.
Businesses need to consider when producing, it should be accompanied by environmental
protection and the use of renewable resources. Therefore, TH also pays great attention to
this issue, so it has implemented many high-tech activities to protect the environment and
possibly cut emissions from the factory.
2.4.6. Demographic environment
According to the General Statistics Office, in 2023, Vietnam's population is 100.3 million
people, an increase of 834.8 thousand people compared to 2022. Vietnam's population
structure is shifting towards increasing the proportion of elderly people and decreasing
the proportion of the young population. Vietnam is currently in the period of golden
population structure and also in the process of population aging. Vietnam's total fertility
rate (TFR) in 2023 is estimated to be 1.96 children per woman, down slightly from
previous years.
The distribution of the age ratio in the total population is very important in determining
the proportion of dairy consumers. Vietnam's per capita milk consumption remained low
at 27 liters per person per year, compared to 35 liters per person per year and 45 liters per
person per year in Thailand and Singapore in 2021. According to Research and Markets,
the average milk consumption per capita in Vietnam will reach 40 liters/person / year by
2030, equivalent to a compound growth rate of about 4% annually.
2.6. Analysis Microenvironment
2.6.1. Strengths
Stable investment capital: TH Group still maintains its stable capital thanks to the
supply and advice from Bac A Bank. As a pioneer bank supporting businesses in the
agricultural industry, especially TH Group. North Asia has accompanied TH from
projects when TH was just established to large, international projects. North Asia and TH
implement projects to build clean livestock farms with huge capital, causing a lot of buzz
and attracting the attention of consumers. Since then, the group has earned a continuously
increasing net profit figure for many consecutive years. Typically, there are some projects
such as the High-tech Dairy Farming and Milk Processing Project in the border town of
Cao Bang province with a total investment of VND 2,544.5 billion or the construction of
a concentrated livestock farm with a dairy herd of 10,000 heads and a milk processing
plant with a capacity of 49,000 tons/year and many other projects.
Professional and highly qualified staff: Ms. Thai Huong is the founder and currently
Chairman of the strategic board of TH True Milk Group, Entrepreneur Thai Huong is the
first woman to bring clean fresh milk production technology and the application of closed
milk production technology to Vietnam. TH True Milk owns a team of highly qualified
employees who are eager to learn and learn quickly. The production staff are guided by
experts and farmers in Israeli dairy farming techniques. Human resources at TH are
divided into 4 groups to perform different tasks and functions including the operational
personnel group, executive and management personnel group, human resource
management human resource group, and production personnel group.
Modern facilities: TH's dairy farm meets the needs of Israeli standard breeding. The
whole system uses modern equipment with Asia's leading scale, the whole system
operates according to ISO 9001 and ISO 22000. The barns are equipped with cooling
equipment such as misting systems, cold corrugated iron,... Ensure to always provide
clean and pure water through Amid water filtration technology. In the management of
cows, cows will be wearing chip cards to conveniently monitor health and nutrition
according to Afifarm technology. TH True Milk has also built its modern retail store
chain TH True Mart, up to now there are more than 333 stores across the country.
Famous brand: According to a report of an international market research company in
the dairy industry, TH True Milk's brand awareness index in the minds of customers is
27%, general brand awareness is 85% and loyalty index is 29%, showing that TH is a
brand with high recognition, always present in the customer's mind.
Corporate culture: TH Group's motto is "True Happiness", so TH is famous as an
enterprise with an environmentally and socially friendly organizational culture. The
Group has built for itself core business values including:
- Securing natural raw materials
- For public health
- Fresh - tasty - nutritious produce
- Environmental friendliness
- Out-of-the-box thinking and benefit harmony
2.6.2. Weaknesses
Product cost: Compared to other brands, TH product cost is higher than others. This
makes it difficult to reach the middle and low-income classes – this is a large group of
customers.
High production operating costs: To produce standard dairy products, TH has invested
a lot in applying new technologies, equipping high-productivity and modern equipment
and machinery. Besides, cows are also the best seed sources imported from other
countries, which also explains why TH's products are priced higher than other brands.
This also shows that TH has spent thousands of billions of VND each year on investment
and development in product production.
The dairy market in Vietnam is saturated: Currently, milk production brands appear
extremely competitively priced, leading to products being displayed in large quantities.
TH brand needs to have the right strategy to reach customers. Make them choose their
products.
Environmental pollution: According to local people, odors from waste treatment or
livestock areas spread out, polluting the air source. The continuous operation of
equipment, machinery, and cargo vehicles also causes a lot of noise affecting people. The
third problem is that the domestic water source tastes cloudy and yellowed when TH's
factory comes into operation.
2.6.3. Opportunities
Opportunities to reach out internationally, and access many large markets: In the
Russian market, TH has invested in building livestock farms and high-tech milk
processing plants, along with several other food projects with an estimated value of more
than 2.7 billion USD here. In Kaluga province, the farm and factory were started. It is the
plant with the largest milk processing capacity in Russia. In parallel, the farm in Moscow
Oblast is also in the completion stage. On 22-10-2019, the first batch of dairy products
from Vietnam was exported to the Chinese market. TH Milk Joint Stock Company is the
first enterprise eligible to be allowed to officially export to the Chinese market two
groups of dairy products: pure pasteurized fresh milk and fresh pasteurized milk
supplemented with natural flavorings.
Potential domestic market: According to Kantar Worldpanel's market report, the
demand for milk and dairy products in Vietnam is making positive changes due to the
young population structure, and increasing average income, leading to an increase in
demand for dairy nutritional products.
2.6.4. Threats
High level of competition: Due to the somewhat higher product price compared to other
brands, this is also a big challenge for TH. In addition to familiar domestic competing
brands such as VinaMilk, and Nutifood ..., TH True Milk also faces much competition
from dairy products imported from abroad with cheaper prices along with foreign tastes
of consumers will cause pressure on TH.
Competition from substitutes: Alternatives to TH true MILK's fresh milk products can
be powdered milk, soy milk, oat milk... with other drinks such as Japanese oolong green
tea, Korean green tea, fruit juice,... These are all competitors that TH True Milk faces.
Although, TH has also launched many unique product lines such as TH True Herbal,...
However the market is always volatile, so the Group needs to be agile in keeping up with
customer trends.
Commitments for the future: Most big brands have plans for their future, TH is no
exception, the group needs to do exactly as it has claimed, which also puts a lot of
pressure on TH Group.
2.7. Five opportunities in the market
1. Expanding yogurt product line: Currently, customers always prefer nutritious
and healthy products such as yogurt product line. This type of product provides many
nutrients for the body and supports the digestive system, some studies also claim that
yogurt helps improve psychological health. On the market today there are many different
yogurt lines such as natural yogurt, unsweetened yogurt, and Greek yogurt, ... Therefore,
TH can completely develop the yogurt market when the group always has the most
modern yogurt factories and technologies available.
2. Development of products made from fruits and nature: consumers are
increasingly interested in healthy and natural eating, they do not prefer products
containing preservatives or artificial colors. Therefore, TH can seize this opportunity to
launch product lines made entirely from fruits, natural without coloring to meet the needs
of consumers
3. New trendy beverage products: customers are often looking for new and
innovative products that are being chosen and searched by many people. When trading
hot trending items, businesses will attract many customers and expand the market.
However, businesses also need to choose to trade in healthy products, nutritional value,
and natural ingredients to receive satisfaction and become the preferred choice of
customers.
3. Space to directly enjoy all kinds of products: Young people today have a
high demand for cafes, they often choose to go to cafes to work, chat with friends, and
spend time relaxing,... However, today consumers are very concerned about their health,
they are more concerned about the quality of the food and water they will use. Therefore,
with countless nutritious product lines and international standards of food hygiene and
safety, TH Group can completely implement more projects in a space for customers to
enjoy their products, using TH's products as the main ingredients for drinks and cakes to
serve customers.
5. Expanding new product line - Cheese: Currently, cheese is a popular
ingredient in many countries, has many types, and is used to prepare many different
dishes. Not only delicious, and rich in nutrition, cheese also has many health benefits and
is very popular. With available raw materials, combined with modern technology and
machinery, TH Group can expand its popular new product line such as cheese to meet the
needs of customers and catch up with market trends.
Conclusion
After evaluating current market conditions, we decided to give up 4 opportunities 1, 3, 4,

5 because we realized that developing those opportunities is not feasible due to
challenging economic and technical reasons and pursue opportunity #2 - developing a
new product line utilizing Vietnam's abundance of tropical fruits. This aligns with
consumer trends valuing health and organic ingredients. Launching fruit-based offerings
allows TH Group to expand its portfolio to meet rising customer demand. Additionally,
government policies like Decree 58/ND-CP provide incentives for innovation and
technology adoption, which can reduce costs and strengthen competitiveness. Leveraging
Vietnam's fruit diversity and supportive regulations, fruit-inspired products present a
promising growth area for TH True Milk. This opportunity capitalizes on emerging
consumer preferences for healthy foods and policy support to better position the company
in an increasingly competitive FMCG market.
PHASE 2: CONCEPT GENERATION
1. Methods to generate ten ideas
1.1. Find out customer’s needs:
Identify products that need further research: Consumers are increasingly interested in
products with natural origins and health benefits. This trend has led to a growing demand
for products made with natural ingredients, driven by the shift towards healthier
consumption habits. To capitalize on this trend, we propose a new product that combines
fruits with dairy products such as cheese, yogurt, and others. This product will be
developed by TH true Milk, the leading dairy brand in Vietnam. TH Group has long been
recognized for its "clean milk" brand, thanks to the consistent high quality of its products
over many years.
Determine the frequent product users: Due to the diversity of its product portfolio, TH
Group targets a relatively broad audience. The majority of its customers are women aged
15-35, living in urban areas, and concerned about their own and their family's health.
These customers are often loyal to TH and typically purchase products at least once a
week.
Gather issues customers encounter with the products: Through data analysis,
demographic analysis, and marketing research, our team has collected information on the
issues that customers face with TH Group's products.
- Pricing: Compared to other milk brands on the market, TH Group's products

are generally priced higher. Price is an important factor that directly affects
consumers' purchasing decisions. This makes some customers, especially those
with low incomes, hesitant to buy the product. This is understandable because
the customer segment that TH targets usually has a medium-high income or
higher.
- Product quality: Some customers have reported experiencing quality issues

with TH Group's products, such as sour milk, strange odors, or curdling, even
though the product packaging still has an expiration date. This makes customers
feel that the quality of TH Group's products is inconsistent and they lose
confidence in TH Group's products.
- Distribution channels: TH Group's distribution network is not as extensive

as other milk brands. This is because TH Group's products are often distributed
in TH true mart stores or large supermarkets. This makes it difficult for some
customers to purchase and use the product.
The above are the most common problems that customers encounter when using TH
Group's products. In addition, TH Group can collect more consumer feedback through
various channels to better understand the challenges the company is facing and develop
appropriate solutions to improve product quality.
1.2. Conducting a competititor’s product analysis:
After discussing, our team has agreed on the main competitors of TH Group in the field
of fruit-based product development: Vinamilk, Dutch Lady, Nutifood, and finally, the
famous brand with high-quality fruit-based products - L'angfarm. We will analyze each
company's overview, market share, and current product lines to find opportunities for
new product development for TH Group.
VINAMILK DUTCH LADY NUTIFOOD L'ANGFARM
Company Vinamilk was Dutch Lady is a Nutifood was L'angfarm

Overview established on dairy brand owned founded in 2000 originated from a
August 20, 1976. by as Thanh Tam farm in
The company was FrieslandCampina, a Food Joint Stock Langbiang, Da
founded based on company founded in Company, and in Lat, which was
taking over 3 dairy 1871 by Dutch 2011, it was established in
factories left by the farming families. officially renamed 1995. To this day,
previous regime. Today, Nutifood it is the name of a
Vinamilk is ranked FrieslandCampina is Nutrition Food chain of retail
among the Top 40 known as the largest Joint Stock stores selling Da
largest dairy dairy cooperative in Company. In Lat specialties
companies in the the world. In 1995, 2003, Nutifood and agricultural
world by revenue FrieslandCampina Binh Duong products. This
and is in the Top 10 began operating in Nutrition Food brand was
most valuable milk the dairy industry in Joint Stock founded by
brands globally. Vietnam, becoming Company was Quang Thai Co.,
one of the leading established as a Ltd. in 2002.
brands in the subsidiary of L'angfarm is
Vietnamese dairy Nutrition Food famous for its
market. Joint Stock wide variety of
Company. cakes, dried fruits,
coffee, dried
fruits, dried meat,
nuts, herbs, and
more. All
products are
carefully selected
from the freshest
ingredients of Da
Lat.
Sales Vinamilk's fresh Revenue of Dutch Revenue of L'angfarm's
milk product Lady Fresh Milk Nutifood Milk product output in
revenue reached a products in October product in March October 2023
record high of VND 2023 reached a 2023 reached a increased by 10%
23.6 billion in record high of record high of compared to the
December 2023, VND 268.3 million VND 172.6 same period last
with an output of and 2.1 thousand in million and 571 in year, reaching
69.1 thousand units. output. This is the output. This is the over 120 billion
This represents a highest revenue highest revenue VND. L'angfarm
significant increase ever recorded for ever recorded for currently holds a
compared to the this product. this product. 67.36% market
previous month, However, Dutch However, share in terms of
with revenue growth Lady Fresh Milk's Nutifood Milk's revenue.
of 15.4%. revenue in revenue in Following
December 2023 December 2023 L'angfarm are
only reached VND only reached Langfarm Da Lat
199.4 million, VND 85.0 and L'angfarm
down 14.7% million, down with market
compared to 28.8% compared shares of 29.24%
November 2023. to November and 3.39%,
2023. respectively.
Fruit - Vinamilk has over Dutch Lady products Nutifood's fruit- L'angfarm
infused 200 different combined with fruit based product outstanding fruit-
products products divided include: lines include: based products
into 12 main groups, Yogurt drink include:
including the  Fruit-  Soft dried
following fruit-  Yogurt drink flavored fruits
based product lines:  Yogurt milk  Jams &
Yogurt  Fruit milk juices
 Plant-based  Dried fruit
milk chocolate
 Ice cream
 Beverage
 Yogurt drink
& juicy milk
drink
Table 1: Conducting a competititor’s product analysis
2. Ten ideas
TH Milk-based smoothies and protein shakes - (Remove)
THGreek yogurt with blueberry flavor - (Keep)
TH milk tea and bubbly milk tea drinks - (Keep)
TH cafes serving milkshakes, gelato, and cheesecakes (Service) - (Keep)
TH milk candy and chocolate covered with crispy dried fruits - (Remove)
Ready-to-drink/ package TH Fruit Juice Powder - (Remove)
TH Condensed Milk with orange flavor - (Remove)
TH true Jam - (Keep)
TH’s Colostrum cake has chocolate flavor – (Keep)

TH’s True fruits – (Remove)
At this stage, our team will effectively eliminate 5 options that our team finds
unfeasible. Here will be the products that are discarded for the following reasons:
The first is TH milk-based smoothies and protein shakes, the prerequisite reason
why we want to remove this product from the product development category is because
the smoothie and protein shake market is currently highly competitive with many big
brands such as Vinamilk, Vfresh, Abbott, Ensure,... Therefore, participating in this
market will be very difficult and costly. Next, the market demand is not clear because
according to the survey collected by the group, Vietnamese consumers are still not
familiar with this product. Finally, TH group's milk-based smoothies and protein shakes
have higher production costs than conventional smoothies and protein shakes due to the
use of high-quality fresh milk ingredients. This can cause many consumers to be
apprehensive and not choose products, leading to low profits.
The second product that our team decided to eliminate TH milk and chocolate
candy, bars because this product our team found was not groundbreaking compared to
other similar products available on the market.
The 3rd product that we eliminated was ready-to-drink/ packaged TH coffee

beverages, because TH group's products mainly specialize in dairy products and the
target audience is mainly children, so the development of a TH coffee beverages product
we felt was not too suitable.
The fourth is TH Condensed Milk, which our team decided to eliminate because it
is not new and it will be difficult to compete with condensed milk that has been too
popular in the market and has been attached to Vietnamese consumers for a long time
such as Ong Tho condensed milk, Southern Star, ...
Finally, TH's True fruits will be excluded from the new product development
category because pre-cut fruit spoils very quickly and we haven't found a good
technology to preserve and use the fruit longer.
3. Product concept
3.1. THGreek yogurt with blueberry flavor
- Need: For customers who are lactose intolerant, who wish to lose or maintain
weight, the elderly, and those who want to supplement their body with protein. Greek
yogurt will help address these needs, but it also helps support the digestive system, is
good for the heart, reduces the risk of osteoporosis, boosts immunity, and improves
muscle health. Because Greek yogurt contains more protein than regular yogurt to help
stay full longer and contains fewer carbohydrates because Greek yogurt has been stripped
of whey protein. In addition, this product also has ingredients such as Vitamin B12, and
Vitamin B that play a role in providing active energy and improving the immune,
cardiovascular as well as nervous systems of the body. Greek yogurt is a versatile food
that can be enjoyed in many different ways. It can be eaten on its own, as a snack, or as
part of a meal. Greek yogurt can also be used in a variety of recipes, such as smoothies,
dips, and desserts.
- Form: Greek yogurt is creamy, smooth, thick and ivory-white. It has a creamy
cheese-like texture and can be served directly or in combination with fruits, seeds,
cereals, or other dishes.
- Technology: Greek yogurt is made by straining regular yogurt to remove whey,

which is the liquid part of milk. This process results in a thicker, creamier yogurt that is
higher in protein and lower in lactose than regular yogurt.
3.2. TH milk tea and bubbly milk tea drinks
- Need: For busy customers, who do not have much time and they often want to
enjoy milk tea quickly without having to drive to the shop to buy, bottled milk tea was
created to meet the desire for convenience and speed of customers.
- From: The product is contained in simple, environmentally friendly bottles.

Bottled milk tea has a liquid texture, which is light brown or dark brown, depending on
the type of tea and flavoring used. Bottled milk tea is usually moderately compact,
neither too thick nor too thin.
- Technology: Using UTH (Ultra – High Temperature) pasteurization technology to

maximize the destruction of harmful microorganisms in milk. In addition, this technology
allows to reduce carbon emissions and combined with sterile packaging extends the
effective life of the product.
3.3. TH cafes serve milkshakes, gelato, and cheesecakes
- Need: For customers who just want to directly enjoy clean and safe beverages and
food from TH products. Just want to have a space to study, work, or meet friends and
colleagues. To meet that demand, TH True Milk Company has launched the TH coffee
shop to provide customers with many unique and new experiences from a variety of
beverage lines combined with TH's products, directly providing clean food products,
fresh and nutritious, meeting international standards to consumers.
- Form: TH True Milk café has a modern, luxurious design, creating a feeling of
comfort and relaxation for customers. The café space is divided into many different areas,
both cold rooms and outdoor spaces suitable for the needs of studying, working, meeting
friends, or organizing small meetings. Free Wifi installation, and power sockets are
provided to serve the needs of customers.
- Technology: The coffee shop is a model combined with other beverages to create
finished products such as coffee, milk tea, and fruit tea. The staff must have professional
qualifications in mixing drinks, as well as be thoroughly trained in service quality,
enthusiastic and warm to customers, marketing staff have PR plans, increase revenue ...
Bring customers the best experience of services and products
3.4. TH true Jam
- Need: For those who love the sweetness that comes from different fruits that can
be used in cooking when combined with sandwiches, it is possible to create a simple
breakfast but enough to provide energy for a morning. In addition, TH fruit jam can also
be used in the preparation of drinks with fresh flavors such as fruit tea, yogurt, soda,
smoothies, and cocktails,...
- Form: TH fruit jam has a smooth texture, mixed with flesh and fruit is stored in
jars or bags depending on the needs of use.
- Technology: Fruit jam uses heat preservation technology. Fruit jam is cooked at
high temperatures for a long time to remove bacteria and mold, which helps preserve the
jam longer.
3.5. TH’s Colostrum cake
- Need: For customers who are looking for whole and healthy foods. TH milk cake
is produced according to a special recipe with a delicious, greasy taste because it is
created from pure fresh cow's milk, bringing a rich, fatty aromatic milk flavor.
- Form: TH milk cake has a round shape, about 10-12 cm in diameter, about 3-4 cm
high. The cake is light yellow, fragrant with the smell of cow's milk, and the surface of
the cake is smooth. The cake is cut into small pieces, easy to enjoy.
- Technology: Fresh cow's milk materials taken from dairy farms with high-quality
standards, combined with carefully selected local products. Incorporating advanced
closed production technology, the product can be stored at room temperature from 3
months to 1 year.
PHASE 3: PRODUCT CONCEPT EVALUATION
1. Initial Reaction
Coming to this method, we have reviewed and provided general selection criteria for 5
product concepts. To make a preliminary assessment and eliminate a product concept that
does not meet the criteria we consider necessary.
Explain the selection criteria:
1. Nutritional value: provides a lot of nutrition. For example, eating yogurt is rich in
nutrients while milk tea does not provide nutrition
2. Preservability: longer or shorter shelf life.
3. Convenience: being able to use the product or service at any time
4. Usefulness level: use the product to prepare other dishes. For example, Greek
yogurt can be combined with nuts to make dishes, or jam to eat with sandwiches
or mixed with milk.
5. Customer service: resolved quickly if the product has a problem
6. Experience: convenient space, service

7. Cost (production, operation): cost to produce a product or to create a certain type
of service
Concept Variants
TH
TH Greek TH milk tea and TH’s
TH cafes true
Selection Criteria yogurt bubbly milk tea Colostrum
serving Jam
lines drinks cake
    
Nutritional Value
   
Preservability 0
    
Convenience
Usefulness Level    
0
    
Customer Service
    
Experience
Cost (Production,  
- 0 0
operation)
Pluses 3 1 3 4 2
Same 0 2 0 0 1
Minus 4 4 3 2 4
Net -1 -3 0 2 -2
Rank 3 5 2 1 4
Continue ? YES NO YES YES YES
Table 2: Intital Reaction

As a result, after evaluating the product concepts based on the criteria we set out, we
received the final result that we will eliminate the product concept of TH milk tea and
bubbly milk tea drink and keep the next 4 product concepts. follow to continue to
consider and come up with the final product concept.
2. Concept Testing
At this stage, we will conduct an opinion survey through the "Concept Testing" method
about four products with four questions and will ask about these four products from more
than thirty people at the same time. After receiving the results, we will review them to see
which product interests customers the least and eliminate it. Here are the specific sample
questions we will use:
1. Do you think this product idea is any different from other products already on the
market?
a. Not too different
b. No difference
c. Normal (Neutral)
d. Different
e. Too different
2. Are you willing to buy this product if it comes to market?
a. Definitely not buy
b. Probably not buy
c. Might or might not buy
d. Probably buy
e. Definitely buy
3. How interested would you be in the product if you had the opportunity to try it?
a. Not too interested
b. Not interested
c. Normal (Neutral)
d. Interested
e. Very interested
4. Assuming you have tried the product described above and liked it, how often do
you think you will buy it in 1 month?
a. 1 times
b. 2 times
c. 3 times
d. More than 3 times
5. If you were to evaluate or give advice for this product concept, what points would
you like this product to improve to make it more perfect? than?
These are the prices of the products that we intend to apply to the products when
produced on the market:
 TH Greek yogurt lines: 40,000 VND/ 400g box (4 cartons)
 TH cafes serving: because this is a service, the product is not priced
 TH true Jam: 50,000 VND/jar
 TH's Colostrum cake: 37,500 VND/ 1 box of 8 pieces of cake
After collecting data results from 4 surveys of each product concept, below we will create
a comprehensive data table for easy comparison.
TH Greek TH cafes TH’s Colostrum

TH true Jam
yogurt lines serving cake
Question 1 Not too Not too different: Not too Not too
different:13,3% 26,7% different:10% different:10%
No No No No
difference10% difference:23,3% difference:13,3% difference:26,7%
Normal:16,7% Normal:26,7% Normal:23,3% Normal:40%
Different:13,3% Different:10% Different:23,3% Different: 16.7%
Too Too Too Too
different:46,7% different:13,3% different:30% different:6,7%
Definitely not Definitel not

Definitely not Definitely not
buy:10% buy:27,6%
buy:3,3% buy:3,3%
Probably not Probably not
Probably not Probably not
buy:6,7% buy:27,6%
buy:16,7% buy:13,3%
Might or might Might or might
Might or might Might or might
Question 2 not buy not buy
not buy: 20% not buy:36,7%
:20% :31%
Probably Probably
Probably buy: Probably
buy:26,7% buy:30%
33,3% buy:13,8%
Definitely Definitely
Definitely Definitely
buy:33,3% buy:16,7%
buy:30% buy:0%
Not too Not too Not too Not too

interested:3,3% interested:40% interested:6,7% interested:3,3%
Not Not interested: Not Not
interested:10% 30% interested:10% interested:20%
Question 3
Normal:30% Normal:16,7% Normal:23,3% Normal:43,3%
Interested:23,3% Interested:13,3% Interested: 33,3% Interested:20%
Very Very Very Very
interested:33,3% interested:0% interested:26,7% interested:13,3%
Question 4 1 times:16.7% 1 times:56,7% 1 times:26,7% 1 times: 60%

2 times:20% 2 times:16,7% 2 times:43,3% 2 times:26,7%
3 times:33,3% 3 times:23,3% 3 times:26,7% 3 times:10%
More than 3
More than 3 More than 3 More than 3
times:30%
times:3,3% times:3,3% times: 3,3%
Table 3: Summary of concept testing survey responses

In general, the number of votes for the product concept that TH cafes serving was not
positive, so we decided to eliminate that idea and keep 3 ideas: TH Greek yogurt lines,
TH True Jam, and THAT's Colostrum cake.
3. Scoring Model
In this step, through a survey on the "Scoring Model" method, we will provide the main
criteria for "Technical Accomplishment" and "Commercial Accomplishment" and then
let 10 scorers score and evaluate 3 products' remaining concepts. Finally, choose the
highest-rated product concept.
Below is the order of factor for evaluation
Technical complexity: 1: hardest - 5: easiest
Manufacturing capabilities: 1: slowest - 5: fastest
Reusable packaging: 1: cannot be reused - 5: can be reused
Source of Supply:1: external supply - 5: internal supply
Manufacturing cost: 1: extravagant - 5: cheap
Customer need:1: No need - 5 need
Competitive opportunities:1: no chance - 5 with chance

 First person:
CONCEPT
TH Greek yogurt TH’s Colostrum

TH True Jam
Factors Weight lines cake
Scor
Score Outcomes Outcomes Score Outcomes
e
Technical
3 4 12 3 9 3 9
Complexity
Manufacturing
1 3 3 4 4 4 4
capabilities
Reusable
2 2 4 5 10 2 4
Packaging
Source of Supply 2 5 10 2 4 4 8
Manufacturing
4 2 8 3 12 1 4
Cost
Customer Need 5 4 20 3 15 3 15
Competitive
4 5 20 2 16 2 8
Opportunities
Total 77 70 52
Rank 2 1 3
Continues? Develop No No
Table 4: Scoring Model of First person

 Second person:
CONCEPT

TH True Jam
Scor
e
Technical
3 3 9 4 12 3 9
Complexity
Manufacturing
1 2 2 5 5 3 3
capabilities
Reusable
2 2 4 5 10 1 2
Packaging
Manufacturing
4 3 12 3 12 2 8
Cost
Competitive
4 3 12 3 12 2 8
Opportunities
Total 64 68 48
Rank 2 1 3
Continues? No Develop No
Table 5: Scoring Model of Second person

 Third person:
CONCEPT

TH True Jam
Scor
e
Technical
3 4 12 3 9 3 9
Complexity
Manufacturing
1 3 3 4 4 2 2
capabilities
Reusable
2 2 4 1 2 5 10
Packaging
Manufacturing
4 4 16 2 8 3 12
Cost
Competitive
4 3 12 2 8 5 20
Opportunities
Total 65 49 79
Rank 2 3 1
Continues? No No Develop
Table 6: Scoring Model of Third person

 Fourth person:
CONCEPT

TH True Jam
Scor
e
Technical
3 4 12 5 15 3 9
Complexity
Manufacturing
1 3 3 3 3 3 3
capabilities
Reusable
2 3 6 5 10 1 2
Packaging
Manufacturing
4 4 16 4 16 1 4
Cost
Competitive
4 2 8 5 20 3 12
Opportunities
Total 70 90 50
Rank 2 1 3
Table 7: Scoring Model of Fourth person

 Fifth person:
CONCEPT

TH True Jam
Scor
e
Technical
3 3 9 5 15 4 12
Complexity
Manufacturing
1 3 3 5 5 2 2
capabilities
Reusable
2 3 6 5 10 1 2
Packaging
Manufacturing
4 2 8 3 12 4 16
Cost
Competitive
4 3 12 4 16 2 8
Opportunities
Total 63 82 60
Rank 2 1 3
Table 8: Scoring Model of Fifth person

 Sixth person:
CONCEPT

TH True Jam
Scor
e
Technical
3 2 6 5 15 4 12
Complexity
Manufacturing
1 3 3 2 2 1 1
capabilities
Reusable
2 1 2 5 10 1 2
Packaging
Manufacturing
4 4 16 1 4 3 12
Cost
Competitive
4 3 12 3 12 3 12
Opportunities
Total 56 78 70
Rank 3 1 2
Table 9: Scoring Model of Sixth person

 Seventh person:
CONCEPT

TH True Jam
Scor
e
Technical
3 3 9 4 12 3 9
Complexity
Manufacturing
1 4 4 5 5 2 6
capabilities
Reusable
2 2 4 4 8 1 2
Packaging
Manufacturing
4 4 16 4 16 2 8
Cost
Competitive
4 2 8 3 12 2 8
Opportunities
Total 69 81 52
Rank 2 1 3
Table 10: Scoring Model of Seventh person

 Eighth person:
CONCEPT

TH True Jam
Scor
e
Technical
3 4 12 4 12 4 12
Complexity
Manufacturing
1 4 4 3 3 3 3
capabilities
Reusable
2 2 4 4 8 1 2
Packaging
Manufacturing
4 4 16 3 12 2 8
Cost
Competitive
4 3 12 3 12 2 8
Opportunities
Total 73 66 49
Rank 1 2 3
Table 11: Scoring Model of Eighth person

 Nineth person:
CONCEPT

TH True Jam
Scor
e
Technical
3 3 9 2 6 4 12
Complexity
Manufacturing
1 5 5 4 4 5 5
capabilities
Reusable
2 3 6 5 10 1 2
Packaging
Manufacturing
4 3 12 3 12 4 16
Cost
Competitive
4 4 16 5 20 4 16
Opportunities
Total 78 73 81
Rank 2 3 1
Continues? No No Develop
Table 12: Scoring Model of Nineth person

 Tenth person:
CONCEPT

TH True Jam
Scor
e
Technical
3 3 9 2 6 4 12
Complexity
Manufacturing
1 4 4 2 2 3 3
capabilities
Reusable
2 2 4 5 10 2 4
Packaging
Manufacturing
4 3 12 2 8 3 12
Cost
Competitive
4 4 16 2 8 1 4
Opportunities
Total 70 48 50
Rank 1 3 2
Table 13: Scoring Model of Tenth person

After collecting each person's evaluation data, we have compiled the results in the table
below:
TH Greek Yogurt lines TH True Jam TH’s Colostrum cake
First person Develop No No
Second person No Develop No
Third person No No Develop
Fourth person No Develop No
Fifth person No Develop No
Sixth person No Develop No
Seventh
No Develop No
person
Eighth person Develop No No
Ninth person No No Develop
Tenth person Develop No No
Table 14: Summary of results from the Scoring Model method

According to the analysis results, we have 3 options for TH Greek Yogurt lines , 5 votes
for TH True Jam and the remaining votes for TH’s Colostrum cake. In short, the vote for
Jam was the highest, so we decided to develop Jam.
PHASE 4: PRODUCT DEVELOPMENT
Step 1: Design
Figure 14: Product Label
This is our design, which stands out with its modern style and intelligent design that
makes it convenient for users to use. The special feature of this design compared to other
competitors' designs is the spoon attached to the Jam jar. The spoon helps consumers
conveniently take Jam out of the jar without the need for any separate tools. Besides, the
second highlight is the lid which is made of wood, which is different from other Jam
products where the lid is usually made of tin. This creates a unique product design for TH
that has never been seen before.
In terms of packaging design, we wanted to create something impressive and eye-

catching while still maintaining TH's signature style. The use of fresh, attention-grabbing
colors, appealing illustrations, and a suitable font helps to highlight important
information. The design also includes a QR code that allows customers to easily access
the website to learn more about new products.
Step 2: Architecture
Figure 15: Sketch Jam Jar
This product design consists of four main components:
The first is the jar lid, with a wooden lid design that creates a new highlight
compared to previous designs of TH True. With the lid tightly closed, it will be easy to
preserve the Jam product well, prevent air from entering the product, and it also looks
very aesthetically pleasing.
The second is the silicone ring to seal the jar, prevent slipping and prevent air from
entering after closing the lid and prevent the jam inside the jar from overflowing.
The third is the spoon, the spoon is designed with wood to create a luxurious and
impressive look for the product. The spoon is included with the Jam jar with a reasonable
length for consumers to conveniently use without having to use any other tools.
The last part is the glass jar to contain the jam inside, made of safe glass material
with information about certification and safety standards, such as "BPA-free" (free of
bisphenol-A) or "Lead-free" (lead-free). The use of glass material to contain the product
with many purposes such as ensuring the flavor of Jam is always of high quality, storing
for a long time without changing the composition of Jam and finally consumers can reuse
the design. positively affecting the environment. In addition, the jar body is also designed
with a place to hold the spoon, which brings certain convenience to the user.
Step 3: Prototype
At this stage, the team presented a finished product sample of TH True Jam
Figure 16: Final Product
Step 4: Product use testing
In step 4, after the product is completely designed, we will ask questions to test the
product usage through 3 methods including Alpha, Beta and Gamma.
Alpha testing: In this stage, we will conduct an internal survey with employees in
the company. They will test the product and evaluate criteria such as quality, taste,
packaging, etc. Our goal is to collect the above opinions and adjust the product
accordingly.
Here are the questions:
Rate your satisfaction with the tested Jam product.
Is the sweetness of the product just right?

Does the product retain its flavor when used with other foods (e.g., when heated,
mixed with other foods, etc.)? If not, does the taste change too much?
Is the product design convenient and easy to use?
Beta testing: next stage of the product development process. During this stage, we
will release product samples and then provide product survey samples for customers to
experience. The goal is for customers to try out the TH True Jam product and then collect
feedback to improve shortcomings. For Beta testing, we will ask the same 3 questions as
Alpha testing and 2 additional questions:
Rate your satisfaction with the tested Jam product.
Is the sweetness of the product just right?
Is the product design convenient and easy to use?
Do you have any suggestions for improvement?
Would you be willing to buy this product if it were released to the market?
Figure 17: Beta testing survey form
Gamma testing: the final stage of the product development process. At this stage,
we will give the product to a group of longtime customers to use and give us feedback so
we can improve the product one last time before officially launching it to the market.
How has the quality of the product been over time? Has it improved or decreased?
Have you encountered any difficulties with the product design during use?
Is the product easy to store?
Compared to competitors, will you continue to support and trust TH True Jam
products?
PHASE 5: LAUNCHING PRODUCT
1. Step 1: Market testing
For this new product development project - TH True Jam, we decided to use the
Controlled Sale to comprehensively review and evaluate the product and development
potential in the market. Controlled sales allow the company to have an initial view of
customer acceptance and feedback on the product in a controlled environment.
Reasons to choose the Controlled Sale:
This can be done in various forms such as Informal selling, Direct marketing, Mini
markets & Scanner market testing.
The cost of implementation is cheaper than other methods.
Data is authentic because it's a direct customer experience and recorded right there.
In line with the upcoming product line are B2B product lines, products are brought
directly to customers.
Get results quickly, as customer feedback will be collected immediately.
Identify product strengths and weaknesses through initial customer feedback.
This method is more secretive than other methods, which can ensure that it does not
reach out to competitors.
Implementation process:
We will select a group of potential customers or cafes, restaurants, bakeries,.... to

perform an assessment. We will send free or discounted product samples to the selected
group of customers. After experiencing the product, we will invite them to submit a
review or take a survey to collect initial customer feedback on the upcoming product.
From there, it is possible to record and perfect the product better before officially
launching to the market.
2. Step 2: Launching Strategy
2.1. Target market description
Demographic:
+ Gender: Women will be the target market of TH True Milk’s new Jam product
as virtually 85% of core customers are females who mostly determine their family
shopping in grocery stores, meal preparation etc. Marketing should be targeted on the
modern Vietnamese mothers, who are interested in a balanced meal that will not only
please her family’s palate but also have its nutritional value. Messaging, imagery and
promotional strategies must contain clues as to the female perspective while not reducing
images for women relentlessly. The aim is appealing to dreams of being caring but
multisided moms via modern style.
Although women will constitute virtually all the potential shoppers, men have a
15% share that is significant as secondary purchasers. Family content featuring both
genders will give inclusivity. Modern fatherhood can be emphasized with quality TH
products on special occasions which capture the sensitive user inclinations. Channels and
placements, although a female-led themed approach is appropriate; they must still be
open to all household purchasers. In general, these jams’ target skews female but with a
bit of male appeal to ensure the largest possible consumer base for TH True Milk is
wholesome new line.
+ Income: With a price range of VND …to… , customers with middle incomes
and above can select TH True Jam as a viable option for their family meal.
+ Age: The core target is women aged 25-44, comprising around 90% of expected
customers. This captures modern moms in their late 20s through early 40s focused on
raising young kids. Approximately 75% fall between ages 25-39, with 15% from 40-44.
Secondary targets make up the remaining 10%, including women 20-24 (5%) and 45-50
(5%).
The jams' sweet flavors, nutrition, portion control, and convenience hold maximum
appeal for moms providing quick snacks and breakfasts their school-age children will
love. Some interest extends slightly beyond age 44 to reach older moms whose influential
role remains. But the key sweet spot centers on peak years of family meal preparation.
Under 20 and over 50 crowds represent very minor customer segments as the messaging
misses their core needs.
+ Geographic: The primary target will be urban areas in Vietnam's major cities
including Hanoi, Ho Chi Minh City, Da Nang, and Hai Phong, making up over 70% of
projected sales. Cities with populations over 1 million are key. Secondary targets
encompass smaller cities of 500,000+ residents, like Hue and Can Tho, expected to
contribute 20-25% of sales.
Products will be available nationwide but with a higher assortment focused on

metro supermarkets and hypermarkets where sampling and marketing activations can
efficiently reach core consumers. Digital and social targeting will concentrate on urban
centers.
The jams' premium brand positioning aligns best with busy, health-conscious city
lifestyles and higher incomes. However, some expansion beyond major hubs leverages
existing TH distribution and brand presence. Strategic geographic focus ensures
investments maximize reach to modern moms in Vietnam's largest population centers.
+ Psychographic: The core consumer is the modern, health-conscious urban

mom who prioritizes convenience and quality nutrition when feeding her family. With a
busy yet nurturing lifestyle, she values kitchen activities like cooking and baking to
create lasting memories. Her interests span nutrition, wellness, and curating an
aspirational yet practical household. She has a contemporary mindset willing to pay more
for trusted brands aligned with her standards of natural, minimally processed foods.
Above all, she is a practical multi-tasker relying on time-saving solutions that don't
sacrifice on wholesomeness for her doting family. TH's jam products perfectly fit her
need for quick, nutritious snacks and breakfasts she can feel good about serving.
Behavioral:
Purchase Drivers:
Convenience and ease of usage, especially for packing school lunches
Brand trust and alignment with quality nutritional values
Appealing flavor variety to satisfy kids' tastes
Natural, real fruit ingredients and no artificial additives
2.2. ATAR Model
According to the General Statistics Office, Vietnam's average population in 2023

will reach 100.3 million people. In which, the number of people aged 25-44 corresponds
to 62.2%. Therefore, get a lead of 100,300,000 x 62.2% = 62,386,600 people
The ATAR forecasting model is often used to help marketers forecast sales volume,
sales revenue, and profit contribution – primarily to new products, through 4 factors:
A - Awareness
T - Trial
A - Availability
R - Rebuy ( or Repeat )
We start with a potential customer base of 62,386,600 people
The percentage of consumers who will know about new products:
A = 62,386,600 x 60% = 37,431,960 people
The percentage of consumers willing to try new products:
T = 37,431,960 x 20% = 7,486,392 people
The percentage of consumers who find the product available in the market:
A = 7,486,392 x 75% = 5,614,794 people
Percentage of consumers who are currently using new products and ready to buy
again:
R = 5,614,794 x 50% = 2,807,397 people
CONCLUSION
In conclusion, with the help of the ATAR forecasting tool, we have determined the
market potential for its new jam product aimed at urban Vietnamese moms. Among a
total target market of 62.3 million consumers aged 25-44, conservative figures were used
regarding awareness (60%), trial (20%), accessibility (75%), and repeat purchase (50%).
Assuming that each stage of the target audience passes through the rest of the phases used
in the analysis, the analysis finally gave an estimated figure of 2.8 million repeat
customers. In the end, the ATAR model and the data-based estimates for the awareness-
to-loyalty funnel focused on the total addressable demand and the most probable
consumers replacing the returning customers. This will help establish a starting point of
market potential among the modern, convenience focused mothers who represent the
priority launch segment.
REFERENCES
1. https://webchuyennghiep.com.vn/chien-luoc-san-pham-cua-th-true-milk/
2. https://igenz.net/chien-luoc-marketing-cua-th-true-milk/
3. https://maludesign.vn/en/news/analyzing-the-marketing-strategy-of-th-true-milk/
4. https://giaiphapmarketing.vn/chien-luoc-marketing-cua-th-true-milk/
5. https://chuyengiamarketing.com/kenh-phan-phoi-cua-th-true-milk/
6. https://nghecontent.com/quang-cao-sua-th-true-milk/
7. https://nongnghiep.vn/th-doanh-nghiep-san-xuat-thuc-an-chan-nuoi-cho-bo-sua-
tot-nhat-viet-nam-d335377.html
8. https://aglobal.vn/blog/thi-truong-sua-xu-huong-tieu-dung-hien-nay-su-anh-
huong-2084792728
9. https://viracresearch.com/thi-truong-sua-2023-tong-quan-va-trien-vong/
10. https://amis.misa.vn/30576/chien-luoc-kinh-doanh-cua-th-true-milk/
11. https://www.marketingstudyguide.com/atar-formula/
12. https://metric.vn/sua-tuoi-vinamilk

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MINISTRY OF EDUCATION & TRAINING

HOA SEN UNIVERSITY

PRODUCT MANAGEMENT SUBJECT

FINAL RROJECT REPORT

WORK CONTRIBUTION RECORD TABLE.................................................................11

PHASE 1: OPPORTUNITY IDENTIFICATION.............................................................13

1. Marketing plan information that businesses are implementing.....................................13

1.1. TH's Marketing Strategy on Product.................................................................13

1.2. TH’s Marketing Strategy on Price......................................................................13

1.3. TH’s Marketing Strategy for its distribution system........................................14

1.4. TH's Marketing Strategy on Promotion.............................................................16

2.1. Market Analysis....................................................................................................18

2.1.1. The growth situation of Vietnam's F&B industry......................................18

2.2. Resource Analysis.................................................................................................20

2.2.1. Financial resources:.......................................................................................20

2.2.2. Material resources:........................................................................................21

2.2.3. Technological resources and facilities:........................................................22

2.2.4. Energy resources:..........................................................................................23

2.2.5. Human resources:..........................................................................................24

2.2.6. New resource..................................................................................................24

2.3. Analysis of resources that businesses have not yet implemented.....................25

2.3.2. Product Price..................................................................................................26

2.3.3. Milk Quality Assurance and Distribution System......................................26

2.4. Analysis Macro Environment..............................................................................26

2.4.1. Economic environment..................................................................................26

2.4.2. Political environment....................................................................................27

2.4.3. Socio-cultural environment..........................................................................27

2.4.4. Technology and Science Environment.........................................................28

2.4.5. Natural environment.....................................................................................28

2.4.6. Demographic environment...........................................................................29

2.6. Analysis Microenvironment.................................................................................29

2.7. Five opportunities in the market.........................................................................32

PHASE 2: CONCEPT GENERATION............................................................................33

1. Methods to generate ten ideas........................................................................................33

1.1. Find out customer’s needs:..................................................................................33

1.2. Conducting a competititor’s product analysis:..................................................35

3.1. TH Greek yogurt lines..........................................................................................39

3.2. TH milk tea and bubbly milk tea drinks............................................................39

3.5. TH’s Colostrum cake............................................................................................41

PHASE 3: PRODUCT CONCEPT EVALUATION.........................................................41

PHASE 4: PRODUCT DEVELOPMENT........................................................................69

Step 4: Product use testing................................................................................................71

PHASE 5: LAUNCHING PRODUCT..............................................................................74

1. Step 1: Market testing....................................................................................................74

2. Step 2: Launching Strategy............................................................................................75

2.1. Target market description...................................................................................75

2.2. ATAR Model.........................................................................................................77

Figure 1: TH products in hotel..........................................................................................11

Figure 2:TH promotion campaign.....................................................................................13

Figure 5: Dairy and Egg products market in 2023............................................................15

Figure 6: Market share chart of domestic dairy industry in 2022......................................16

Figure 7: Sunflower fields are planted to feed cows.........................................................17

Figure 8: FVF clean fruits and vegetables.........................................................................17

Figure 9: TH currently has 15 modern automatic irrigation rigs.......................................18

Figure 10: Factory production and packaging line............................................................19

Figure 11: Rooftop solar panel system at TH's farm.........................................................19

Figure 12: Well-trained and professional staff..................................................................20

Figure 13: TH dairy farm in a cluster of farms in Moscow...............................................21

Figure 14: Product Label...................................................................................................54