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The grand opening of the HCM City store marked Vietnam as Starbucks’ 12th market in the Asia Pacific, and adding up to its chain of some 3,400 stores in the area. He developed Trung Nguyen from a shop he founded as a student into a coffee retailer with more than 3,000 employees. Copyright © 2003 - 2020 - UKEssays is a trading name of All Answers Ltd, a company registered in England and Wales. Taking Starbucks as an example to explore the marketing strategy of multinational companies in China. Back in the 1990s, the growing ranks of … He’ll keep doing what he does best and his customers will keep coming as well. According to the World Bank website, Vietnam had reached what the World Bank calls lower middle-income status in 2009, with per-capita income having increased more than 10-fold since the ruling Communist Party started market-oriented reforms in 1986. According to Sara Senatore, a New York-based analyst at Sanford C. Bernstein & Co, prices may still be less than the U.S. because of lower income and operating costs in Vietnam. They also offer a selection of premium Tazo® teas, fine pastries and other palatable treats to please the taste buds. GROUP 3 - KAKAKA Lecturer: Mr. They will also work to significantly reduce their environmental footprint through energy and water conservation, recycling and green construction. Starbucks' mission statement is "to inspire and nurture the human spirit – one person, one cup and one neighborhood at a time," emphasizing direct experience in daily work, life, and entertainment (Starbucks, 2020).Â. Architect Tran Cao Tho,a 32-year-old architect and his friends sipped their coffees from low, wooden stools on the sidewalk as motorbikes whizzed by and street singers dropped in. Starbucks believes that China provides an appropriate business opportunity, with economies of scale, increasing human energy spending and coffee culture boom, even although China is a tea-making country. Starbucks already operates more than 3,300 stores across 11 countries in the Asia-Pacific region, and its entry into Vietnam marks the latest round in a campaign to attract Asia’s emerging middle classes despite a stagnating U.S. economy. Tho whose morning routine includes a cup of drip coffee at Hanoi’s Cafe Hanh said that he like his coffee black, dark and strong and that he would go to Starbucks once in a while for the ambience, but not for the coffee as the flavor is too light. According to Anthony Emms, managing partner at Stanton Emms Strategy Consultants in Singapore, which advises international food and beverage companies on Asian markets, he commented that Vietnam’s economy has slowed recently in part because of a problematic banking sector, but Starbucks’ upmarket brand will appeal to the growing Vietnamese middle class, and that he doesn’t believe there is a massive barrier to Starbucks in Vietnam and further added that Starbucks is not really a coffee but is a food-service concept. So who is Starbucks’ targeted customer in Vietnam? The rest of the world has also caught on to the great flavour of the Vietnamese coffee bean and the country is now one of the top coffee exporters in the world. (“Starbucks Coffee Company”) Starbucks have always believed in the importance of building a great, enduring company that strikes a balance between profitability and a social conscience. Looking for a flexible role? FILE - This Oct. 27, 2020, file photo shows a sign at a Starbucks Coffee store in south Seattle. Business Assignment Starbucks also offers Ready‐to‐Drink (RTD) beverages which include Starbucks® bottled Frappuccino® coffee drinks, Starbucks Discoveries® chilled cup coffees, Starbucks Doubleshot® espresso drinks, Starbucks Doubleshot® Energy+Coffee drinks;Seattle’s Best Coffee® Iced Lattes, Starbucks Refreshersâ„¢ beverages, Tazo® bottled iced and juiced teas. The Vietnam coffee market is price-sensitive.  Foreign brands have been struggling to profit from this market as local Vietnamese chains offer very competitive prices. All work is written to order. (“Starbucks opens first store in coffee-loving Vietnam”). All work is written to order. They continuously try to provide customers with a high stage of value and satisfaction, not only by focusing on the scope of its products but also at the experiences that they offer. Registered Data Controller No: Z1821391. Vu said he intends to build a “coffee empire” and a global brand within the next 10 years, rivaling Starbucks. The company also offers Chinese dishes to blend in with its beverages, such as moon cakes and Chinese puddings, to associate with Chinese festivals. Liu, S. M., & Yang, X. T. (2015). Their customers enjoy quality service, an inviting atmosphere and an exceptional cup of coffee. Starbucks® Ice Cream is also available in Super‐premium coffee and coffee‐free flavors. The company said it plans to open the shop in the… Key factors in opening a high-end coffee chain in Hanoi City, Vietnam through analyzing customer satisfaction. They usually enjoy tea as its purest form without adding any flavors. Coffee can replicate and symbolize the global influence of Western coffee culture while showing the uniqueness of a particular locality or cultural context (Tucker, 2017).  With the continuous integration of Chinese and Western tastes, Starbucks has encouraged emotional connections with consumers and improved their experience. The low cost of the espresso in Vietnam leads to the possibility of Vietnam's espresso chains to expand their business. Starbucks Coffee Company Starbucks began in 1971 as a roaster and retailer of whole bean and ground coffee, tea and spices. While it’s consumed as a morning pick-me-up in parts of the western world, it’s a social activity that takes place throughout the day here. Their healthy foods and snack options which include a wide menu to support vegetarian and vegan lifestyles will also be available. Nowadays, things are different.  Companies build marketing strategies based on an understanding of value customers (Baidya, Maity, & Ghose, 2019).  The function of marketing is to make a profit based on satisfying the wishes and needs of the customer.  To understand and influence people's requirements, marketers need to follow a culture of market penetration, especially in an international environment.  Each key market has its cultural heritage. Laos, a landlocked country bordered by Thailand, Myanmar, Cambodia, Vietnam and China, has so far reported only 24 COVID-19 infections, according to a tally kept by the Johns Hopkins University. He said Starbucks is not worth worrying about as it doesn’t sell coffee. Well, it has happened – Starbucks has finally. Starbucks, entering Vietnam in 2013, has one store for every 1.7 million people in Vietnam, which is much lower than other ASEAN countries like Malaysia, Thailand, or Cambodia. (2019). Dang Le Nguyen Vu, whose Trung Nguyen Group owns 55 cafes in Vietnam, said he welcomes Starbucks and doesn’t view the American newcomer as a threat. He had commented on an email to The Associated Press that Starbucks is looking forward to growing with Vietnam’s already vibrant coffee industry and making a positive impact in the communities where they operate. (“Starbucks enters entrenched Vietnam coffee market | SeacoastOnline.com”) Starbucks will have to battle entrenched tastes, local brands, international rivals and the thousands of neighborhood coffee shops that dot Vietnam’s streets. Starbucks has conducted several types of research on Chinese consumer's preferences and Eastern and Western aromatic mixtures, creatively combining a variety of beverages to delight local consumers. Location is the key to success, and getting the right site usually comes with high prices. (2020). Starbucks promoted a campaign based on the Chinese market, which offers custom beverages to fulfill Chinese taste and local approval. Joints like Starbucks and Coffee Bean and Tea Leaf succeed at higher-priced specialty drinks, while coffee carts focus on their classic offerings at extremely low prices. Some stores even feature shelves lined with books that customers are encouraged to browse including books that inspire and encourage young Vietnamese patrons. Brand Portfolio Starbucks Coffee, Seattle’s Best Coffee, Tazo Tea, Evolution Fresh, La Boulange and Torrefazione Italia Coffee. Dang Le Nguyen Vu, founder and owner of Trung Nguyen, which operates about 60 cafes in the country, isn’t threatened by his newest competitor. He left Starbucks for a short while to start his own Il Giornale coffeehouses and returned in August 1987 to purchase Starbucks with the help of local investors. You may also like. Real Estate: According to Bloomberg, in the year of 2018, Vietnam's real estate market is increased by 17% (Lee & Chau, 2019). Reference this. When the first Starbucks store opened in Seattle's historic Pike Place Market in 1971, it meant to be a different kind of company that not only selling coffee but also focusing on a feeling of connection.  The company's mission is to inspire and nurture the human spirit – one person, one cup, and one neighborhood at a time (Starbucks, 2020).  The company sets its stores to become a place where everyone is welcomed to spend their time while enjoying excellent service and exceptional beverages.  As of June 30, 2019, Starbucks has 30,000 stores across over 80 countries and 300,000 employees.  The company has become the largest roaster and retailer of specialty coffees in the world. Their employees, whom they call partners, are at the heart of the Starbucks Experience. We've received widespread press coverage since 2003, Your UKEssays purchase is secure and we're rated 4.4/5 on reviews.co.uk. We're here to answer any questions you have about our services. The company has strong ethical values and ethical mission statement. Information in this assignment should not be used to form the basis for any kind of financial or investment advice, as the content may contain inaccuracies or be out of date.. 4316 words (17 pages) Business Assignment, 4th Nov 2020 Laos, a landlocked country bordered by Thailand, Myanmar, Cambodia, Vietnam … Starbucks said it was monitoring the coronavirus situation but is still aiming at an opening in summer 2021. The purpose of this literature review is to examine the challenges that Starbucks is facing in the Vietnam market.  This literature review will present the company's international strategy plan and analyze specific elements that influence the company's future business.  This paper also examines Vietnamese consumers with their perceptions and experiences of Starbucks as a foreign brand.  Lastly, this literature suggests potential improvement for Starbucks in Vietnam. Do you have a 2:1 degree or higher in business or a related subject? Has potential to consider co-branding with other food and drink manufacturers and also brand franchising to manufacturers of other goods and services. Starbucks has acquired this market with its localization and personalization strategies. A case study of Starbucks.Â, Nguyen, H. (2017). (“Starbucks Coffee Company”) Starbucks have always believed in serving the best coffee possible and it is their goal for all of their coffee to be grown under the highest standards of quality, using ethical sourcing practices. Cà phê espresso của chúng tôi, latte của bạn. Compared with other Asian markets which Starbucks has recently entered, the Seattle-based company faces a unique scenario in Vietnam, where French-inspired coffee culture rules supreme, two homegrown chains have established presences and family-run sidewalk cafes are as many as noodle shops. Rajasekaran, R. (2015).  Starbucks brings a remarkable taste and a different sense that Chinese clients have never experienced. (NaturalNews) Starbucks, the coffee shop that is renowned for its seemingly limitless coffee varieties, is opening a new chain of juice bars in response to the growing health trend towards unprocessed and whole foods. One of the big players in the game, Starbucks, occupies more than 30,000 outlets around the globe. To bring people together, inspire change and make a difference in people’s lives are all part of being a good neighbor. However, Emms said that Starbucks would risk alienating some of its potential clients if it didn’t include Vietnamese drip coffee on its menus here. (“Starbucks Coffee Company”) Today, Starbucks connect with millions of customers every day with exceptional products and nearly 18,000 retail stores in 60 countries. Retrieved from https://www.vn.undp.org/content/vietnam/en/home/countryinfo.html, Baidya, M. K., Maity, B., & Ghose, K. (2019) Innovation in Marketing Strategy: A Customer Lifetime Value Approach.  Retrieved from http://jbm.nccu.edu.tw/pdf/volume/2502/JBM-vol-2502.pdf#page=80, Dao, K., & Heidt, T. (2017). (“sustainable competitive advantage analysis | blekko”) Competitive advantage is defined as the strategic advantage one business entity has over its rival entities within its competitive industry. Nhận ngôi sao điểm thưởng cho mỗi chi tiêu tại Starbucks. One of the customers, Angelica R. from Salt Lake City said she can’t wait till Evolution is worldwide so she could go back again. And the music you hear in store is chosen for its artistry and appeal. Otherwise, a lower price will have to be charged and the net effect will be zero. Starbucks, “the third place”, and creating the ultimate customer experience. Company Registration No: 4964706. Gross national income per capita was $1,270 in 2011. Designers look at every aspect, such as nearby buildings, urban features, and try their best to integrate Starbucks into local structures. Vu’s focus on specialty beans and roasting includes a variety called “Legendee” created to mimic the flavor of coffee brewed from beans that are recovered from the feces of civets, a weasel-like rodent. Due to a steady growth economy in the last couple of years, a part of the population sees a significate increase in their income. As Starbucks keeps expanding to new markets and cultures, the company has different types of customers demanding unique. He further explained that people in Vietnam drink their coffee very strong and Starbucks coffee is very light. He further added that more than 60 per cent of Vietnam’s population was born after the Vietnam War ended in 1975, and there is a strong demand among youth in Hanoi and Ho Chi Minh City for branded clothing and accessories, regardless that the labels often are fakes, and average annual income is only about $1,500. Customer demand can be seen in the number of people purchasing bottled mixed vegetable and fruit drinks, seeking dietary reparation or preventative health measures against a wide array of illnesses. Does western culture impact customer loyalty for western multinational companies in Malaysia? Van, A. Starbucks will have to compete with Trung Nguyen Coffee and Highlands Coffee, a homegrown brand as well as other coffee chains that have opened stores in Vietnam in recent years and who have more experience catering to the Vietnamese love of strong coffee, including the Australian coffee chain Gloria Jean’s Coffees International, the California-based Coffee Bean & Tea Leaf, and Nestle instant coffee which is engineered to suit the Vietnamese palette is sold widely in Vietnamese supermarkets. (“Starbucks opens first store in coffee-loving Vietnam”) Starbucks opened its first cafe in Vietnam in Ho Chi Minh City as part of its strategy to expand across Asia, and plans to add more shops throughout the country. On those trips, they are regular Starbucks customers who go not for a standard cup of coffee but for the specialty drinks. Financing: Total net revenues increased 5% to $22.4 billion in fiscal 2017 compared to $21.3 billion in fiscal 2016. In HANOI, Vietnam, Nghiem Ngoc Thuy has been providing coffees to thirsty Vietnamese for 20 years in her colonial-style villa with peeling shutters, and she and her customers aren’t too worried that Starbucks will alter their time-tested coffee traditions. Therefore, the demand for low-cost coffee is substantial. One local coffee store owner, Nguyen Phi whose shop is located in the chaotic traffic in the roundabout just west of the New World Hotel and of Phi’s newest neighbour and competitor, Starbucks commented that they don’t operate on the same battlefield and belong to two different businesses. This will become a weakness when the company expands to other countries including Vietnam. Starbucks said it was monitoring the coronavirus situation but is still aiming at an opening in summer 2021. The first Starbucks store is opened in District 1, Ho Chi Minh city in January 2013 and after 5 years, Starbucks Vietnam has more than 30 stores in 4 cities Ho Chi Minh City, Ha Noi, Hai Phong and Da Nang. But you won’t find the traditional style in a Starbucks… Competition from local retailers: Competition is considered intense with many well-known coffee domestic brands like Highland coffee that owns 240 stores.Â. Starbucks is the world's number one brand in coffee and coffee-related products.  The company has 30,626 retail locations around the globe.  Entering the Vietnam market in 2013, Starbuck has brought its dominant coffee culture to the country that is well known for its passion for coffee.  Despite the high expectation of the company's success, Starbucks has also moved slower than expected.  Eight years after its entry, the number of Starbucks stores reaches just 34, which is much lower compared to 4,100 Starbuck stores in China, 326 in Indonesia, and 330 in Thailand.  Local coffee chains are challenging the giant with lower prices, convenience, and localization experience.  The Vietnam Starbuck has announced the plan to close some stores in the next few years due to poor performance (Vietnam Investment Review, 2018).  Starbucks is struggling in a coffee market that worth more than $5.9 billion (USDA Foreign Agricultural Service, 2019).  The purpose of this paper is to examine the challenges that Starbucks is facing in the Vietnam market, learn the company's strategies to overcome difficulty, and analyze factors that influence the company's future business. Contents The marketing plan is executed for Starbucks Coffee in Vietnam market. Vietnam market now has many brands with a variety of food and drinks such as Mc Donald’s, KFC, Lotteria, Pizza hut, Popeyes, Jollibee and indispensable, is the Starbucks Vu said Trung Nguyen, which exports coffee to about 60 countries, will expand to at least 200 retail outlets in two years. Jinlong Wang, president of Starbucks Asia-Pacific, said the company plans to expand across Vietnam in a way that celebrates the country’s coffee culture and heritage. Venue options, which range from mobile coffee carts to locally-owned cafes to big-but-still-local names like Trung Nguyen, are pretty much unlimited. Our academic experts are ready and waiting to assist with any writing project you may have. Thuy further added that expensive coffee is just for the children of government officials, or people who have lots of money. Why Starbucks has less than 3% of Vietnam’s billion dollar coffee and tea... As the world’s second largest coffee exporter, Vietnam knows its … Health foods now represent a $50 billion industry, and Starbucks has been very open about their intention to expand into the market and establish themselves as a major player. Some speculated about how the Starbucks will compete with Trung Nguyen Coffee and Highlands Coffee, a homegrown brand that credits Starbucks as an inspiration. Starbucks is struggling in a coffee market that worth more than $5.9 billion (USDA Foreign Agricultural Service, 2019). It is their goal that 100% of their cups will be reusable or recyclable by 2015. It would be tourists and guests of the New World Hotel and young Vietnamese, who are seeking to try this internationally-known brand and perhaps to impress others with it, who would also likely to be there as well. Starbucks said it was monitoring the coronavirus situation but is still aiming at an opening in summer 2021. Vietnam is the world’s second-largest coffee producer and it has dozens of local chains as well as small coffee shops on nearly every street corner which present a major challenge for Starbucks to break into the crowded market. The people who go into a Starbucks may want to show that they are modern and stylish and a coffee lover will go to them instead. Starbucks looks forward at growing with Vietnam’s already vibrant coffee industry and making a positive impact in the communities where they operate. Senatore further added that Starbucks doesn’t compete directly with the local coffee shops, just the same way that McDonald’s or KFC doesn’t compete directly with the local fast-food vendors. Starbucks' Entry into Tea-Drinking India.Â, Starbucks.  (2018).  Retrieved from https://stories.starbucks.com/press/2018/starbucks-announces-strategic-priorities/, Sun, L., Zheng, X., Su, M., & Keller, L. (2017). And Nestle instant coffee which is engineered to suit the Vietnamese palette is sold widely in Vietnamese supermarkets. A company’s relative competitive advantage will depend on the type of structure the value chain of the company has versus the competitors and also the position of the cost drivers in each activity. Starbucks has far less coverage than in regional countries. VAT Registration No: 842417633. Starbucks revenues in Vietnam exceed target VietNamNet Bridge – The Starbucks Corporation, one of the world’s leading coffee brands, has claimed initial success in Vietnam. They also hope to contribute one million volunteer hours each year to their communities by 2015. Coffee becomes a part of their daily life.  The market for specialty coffee in Vietnam is worth more than $5.9 billion in 2020 (USDA Foreign Agricultural Service, 2019).  That makes Vietnam become an attractive target for global cafe chains.  The domestic coffee market has fierce competition with well-known foreign coffee brands such as Starbucks, Highland Coffee, Gloria Jeans, and Coffee Bean competing against each other and with local chains, such as Phuc Long, Chot Nho Cafe, and Trung Nguyen Coffee.  The five largest coffee chains represent 15.3% of the market share, of which Highlands Coffee takes 7.2%, while Starbucks holds about 3%.  Foreign brands have been struggling to reach this potentially profitable market as local Vietnamese chains offer low prices, adapt more quickly with new trends, and have more significant quantities of stores and perform better than their foreign chains. *You can also browse our support articles here >, https://doi.org/10.1080/08961530.2012.650142, Developing a Business or a Career in Business, About Viet Nam. The Vietnam Starbuck has announced the plan to close some stores in the next few years due to poor performance (Vietnam Investment Review, 2018). A first time customer, Nguyen Ngoc Tram, 17 explained to Tuoitrenews that as this is the first time she tasted a US coffee brand name, she was very eager to buy her first Starbucks cup and was willing to queue for more than 30 minutes to be able to sip her Vietnamese Starbucks coffee. It is well-known that Vietnam is the origin country of coffee.  There is a long history of coffee drinking in Vietnam.  From the past, through many ups and downs of history, coffee still has a place in Vietnamese life.  Coffee has appeared in Vietnamese society since the French colonization turned Vietnam into a colony.  The Central Highlands is the largest coffee area in the country with the best quality coffee.  Arabica and Robusta are the two types of coffee that are most popular in Vietnam.  The steady growth of the coffee industry shows that coffee has become an inseparable part of people's daily lives in Vietnam.  Vietnam is among the top five Asian countries in terms of per capita coffee consumption after Japan, South Korea, and Thailand (Pham, 2020).  According to the World Bank, in 2019, the total population of Vietnam is approximately 97.60 million, which 70% of the population is under 35 years of age. Reference this. (“Starbucks Coffee Company”) In 1983, Howard travelled to Italy and became fascinated by Italian coffee bars and the romance of the coffee experience. Achieving competitive advantage strengthens and positions a business better within the business environment. This is not an example of the work produced by our Essay Writing Service. Retrieved from http://www.fastcompany.com/887990/starbucks-thirdplace-and-creating-ultimate-customer-experience. Culver said Starbucks will price its products in a premium position that is competitive. And with every cup, they strive to bring both their heritage and an exceptional experience to life. FILE – This Oct. 27, 2020, file photo shows a sign at a Starbucks Coffee store in south Seattle. Starbucks has nearly 18,000 retail stores in 60 countries. Starbucks will price its products in a premium position that is competitive. Vietnam’s coffee culture stretches back to the late-19th century after France colonized the country. Le Suan, one of Phi’s customers, agrees that while he now lives in the United States, he grew up in Vietnam and defaults to local coffee joints when he returns to his home country for a visit. Copyright infringement in Vietnam: recognizing the reasons and suggesting some solutions.Â, Pham, T. (2020). We're here to answer any questions you have about our services. And both Phuong and Nga love the taste of Starbucks and accept the price. We've received widespread press coverage since 2003, Your BusinessTeacher.org purchase is secure and we're rated 4.4/5 on reviews.co.uk. Thưởng cho mỗi chi tiêu tại Starbucks also a wide menu to support vegetarian and vegan lifestyles will also available. Vietnam 's espresso chains to expand their business the leading coffee shop in! Include complimentary handcrafted beverage of customers demanding unique best to integrate Starbucks into local structures percent between 2008 2011! 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