Rationale of the study
The advent of the Internet has revolutionized digital technology, enhancing global connectivity and transforming consumer interactions As a result, customers now prefer to seek product and service information online or through social media rather than visiting physical stores According to Philip Kotler, marketing is essential for creating and communicating value to meet customer demands and maximize business profit In developing economies like Vietnam, effective marketing is crucial for businesses to engage with customers and establish a strong initial impression of their products and services With the increasing number of companies emerging, the importance of marketing in shaping first impressions has never been greater.
ENUY Corporation Joint Stock Company is a new enterprise focused on investing in healthcare equipment to enhance the quality of life for Vietnamese families As public interest in health care grows, there is an increasing demand for tourism development, aesthetic hospitals, fitness centers, and various entertainment options In response, ENUY Corporation aims to support and improve the health of the Vietnamese population Being a young company in a competitive market, ENUY faces challenges in development and expansion; thus, effective marketing strategies are essential for establishing and strengthening its market position.
I see that the importance of role and position of marketing in expanding and developing the business especially with a new age enterprise, so that I decided to
Trần Anh Dũng xii CQ55/51.01 choose to research the topic " The role of Marketing in developing and expanding company at a start-up company ”
Aims of the study
This study is to assess marketing strategy of ENUY Join-stock company through answering three following questions:
Can digital marketing be used effectively in ENUY JSC?
What strategies are being used that have effective and viable Digital Marketing activities?
How to improve the efficiency of digital marketing activities at ENUY JSC?
Methods of the study
In order to collect data to correctly answer research questions, it is essential to collect data through observations, interviews, recording and researching
Scope of the study
The research focuses on the efficiency of Marketing Activities at ENUYCorporation joint stock company from 2019 to 2020 and suggestions to improve this activity.
Organization of study
The research paper consists of 3 chapters :
LITERATURE REVIEW
Overview of startup company and marketing
1.1.1 Definition of start-up company.
A startup is an early-stage company founded by 1-3 entrepreneurs aiming to meet a perceived market demand through the creation of a viable product, service, or platform.
In the initial phases of launching, most startups rely on self-funding from their founding team, while 66% seek external funding through investors or loans to support their business endeavors.
Scott W Johnson, the owner of WholeVsTermLifeInsurance.com, has a very practical answer to the question “what is a startup?”
A startup is a relatively new company in its early stages of branding, sales, and hiring Employees in startups often need to take on various roles using limited tools, while the company struggles with low name recognition and minimal income This environment typically involves little planning and can present challenging circumstances.
A startup is defined as a company aiming for rapid growth and scalability, often leveraging technology, according to Ian Wright, founder of Merchant Machine While all startups begin as small businesses, not all small businesses qualify as startups The key distinction lies in startups' ambition to evolve beyond their initial status, aspiring to eventually outgrow their startup phase.
Trần Anh Dũng xiv CQ55/51.01 small business owners are more than happy for their small businesses to remain small businesses.”
A start-up can be defined in two primary ways: by considering it as a new business or by emphasizing its entrepreneurial spirit and mindset Essentially, a start-up refers to a newly established and emerging business venture.
However, a start-up mentality can include existing businesses, as long as they operate with the same attitude on which they were founded:
Fast-paced – whether that’s making decisions and changing priorities quickly, or growing and scaling the business in a concentrated amount of time, things move fast at start-ups.
Founders play a crucial role in the success of a start-up, as they are typically one to three individuals who drive the business's operations With a strong commitment to their vision, these founders seek to implement innovative ideas that can bring about significant market change, often fueled by personal motivation and connection to their mission.
Start-ups typically rely on self-funding or seek investments from angel investors and venture capital firms, which foster a closer partnership between investors and founders Unlike traditional financing sources, angel investors often provide not only capital but also valuable mentorship and guidance to help the start-up succeed.
A key distinction between a start-up and a small business lies in their scope; start-ups often possess ideas with global market potential, while small businesses typically serve specific local markets This global perspective is why many start-ups are technology-driven, offering products or services that can be accessed with just an internet connection.
A start-up is characterized by its ambition to grow and scale rapidly, often beginning as a small operation with one or two individuals This drive to expand and serve a larger market distinguishes it from other types of businesses.
Trần Anh Dũng xv CQ55/51.01
Limitations – whether it’s resources, size, time (or a combination of all three), start-ups are lean operations.
A start-up is defined as a new business, although the specific definition has evolved over time Typically, a business is classified as a start-up if it is in its initial years of operation, usually within the first five years of trading.
One of the primary goals of a start-up is to address a specific problem by offering a new or improved product or service that outperforms existing options This innovative approach frequently involves navigating uncharted territory without established guidelines for achieving success.
To be considered a start-up, it is essential to be a registered business, regardless of whether you have one team member or ten Without the appropriate paperwork and formal business status, your venture remains merely an idea.
Team culture is crucial in a start-up, as it emphasizes the significance of each individual and the collective group in shaping the business's success While opinions may vary on the ideal number of team members, it's clear that a small team fosters a direct and meaningful impact on the overall performance of the company.
Starting a new business, especially a start-up, comes with significant uncertainty and unknowns, fostering an environment ripe for experimentation This volatility means that conditions can shift rapidly, often on a daily basis In the world of start-ups, risk and failure are inherent, as numerous ideas and concepts are tested, leading to both successes and setbacks.
1.1.2 The difference between a small business venture and a start-up
How these entities think about growth
Startups distinguish themselves from traditional businesses by their inherent focus on rapid growth, as they typically offer products or services that appeal to a vast market In contrast, many conventional businesses do not possess this scalability potential.
Trần Anh Dũng xvi CQ55/51.01
THE STUDY
A brief introduction about The ENUY Joint-Stock Company
2.1.1 General information of ENUY JSC
Vietnamese name: Công ty Cổ phần ENUY
International transaction name: ENUY Joint-Stock Company
Head Office: 2nd Floor, Tech Garden, 298B Khuat Duy Tien Street, Thanh Xuan District, Hanoi.
Email: mentor.enuy@gmail.com
Website: https://enuy.com.vn/
Slogan: Make SIMPLE make HAPPY
Fan page: https://www.facebook.com/enuycorp
After 6 years of operation and development, ENUY Corporation is still a young company that is constantly trying to learn, perfect and develop itself, bringing products to customers Best products and services for customers.
ENUY Corp envisions becoming a leading multinational technology company in Asia within the next 20 years, aiming to rank among the top five in the region and extend its influence globally Committed to its mission, ENUY seeks to transform and elevate the prestige and pride of the Vietnamese people on the international stage.
Helping customers successfully increase profits and compete fairly with companies around the world
ENUY empowers partners to transform into influential enterprises by offering valuable products and services that benefit society The goal is to evolve into a prominent domestic and international corporation, enabling fair competition with businesses globally.
ENUY has two primary missions: serving customers and contributing to the nation The organization aims to restore the prestige and intellectual pride of the Vietnamese people on the global stage.
Currently, ENUY is training over 3,000 young individuals passionate about Marketing and Sales, providing them with professional knowledge and a supportive work environment Our training emphasizes ethical values such as honesty, commitment, and a dedication to delivering 100% quality We encourage our trainees to think creatively, take initiative, and foster a culture of teamwork, love for the company, and a commitment to customer satisfaction.
ENUY empowers customers to boost profits and compete equitably on a global scale By partnering with us, businesses can evolve into mindful and influential enterprises, offering valuable products and services that benefit society Our mission is to support partners in their growth journey, enabling them to become prominent domestic and international corporations capable of fair competition with businesses worldwide.
Figure 2.1.2.1: Board of ENUY Joint-Stock Company
The organizational structure of ENUY is led by the Director, who represents the company legally Supporting the Director is the Deputy Director, responsible for managing operations and overseeing the company's performance ENUY is divided into four distinct divisions, each containing its own departments, managed by a Manager or Team Leader These leaders are tasked with executing professional duties, coordinating with the Board of Directors, and recommending rewards and disciplinary actions.
The director serves as the chief manager and supervisor of all business operations, overseeing personnel and cooperative activities within the organization As the highest-ranking official, the director is responsible for making critical decisions that shape the business's direction, focusing on developing and executing strategies aimed at fostering growth and enhancing profitability.
1 Having responsible for the planning and overall strategic direction for the company.
2 Giving a goal, direction and strategic development of the company
3 Operating and having responsible for the entire operation of the company.
4 Encouraging employees to achieve the current goals and future expectations of the company's board of directors on sales growth, profitability, product quality, talent development and other activities.
The Deputy Director holds a senior position within the executive team, acting on behalf of the Director during their absence This role involves making decisions and managing tasks typically assigned to the Director, ensuring continuity in leadership and operations.
The Deputy Director plays a crucial role in assisting the Director with the management and operation of the company, taking on responsibility for the outcomes of assigned operations This position involves establishing goals and policies to effectively manage the department.
The marketing department plays a crucial role in a company's success by researching and developing market strategies that connect the business with its products and customers Effective marketing activities not only enhance brand visibility but also foster strong relationships, ultimately driving the company's growth and profitability.
The business department plays a crucial role in formulating the company's strategic plan, setting business targets, and determining the methods to achieve those goals It is essential for identifying and establishing partnerships both domestically and internationally to foster market development and expansion.
The accounting department plays a crucial role in a company's success by consistently monitoring production and business operations It identifies the necessary capital requirements, evaluates funding sources, and selects effective business leverage methods to enhance capital acquisition and increase the company's income.
Accounting department helps manage control the fiancial situation of the business, after that the director will build the suitable strategy to the company.
Administration Department has respomsible for 5 works:
To be in charge of recruitment and training
To evaluate the eddiciency of human resources work
To Maintain good working atmosphere
To handle disputes in buisness.
2.1.3 Human resource situation at the company
The labor statistics at the end of 2018, 2019 and 2020 are as follows:
Over the past three years, the company's workforce has experienced significant growth, with an increase of 45 employees in 2019 compared to 2018, followed by a further rise of 55 employees in 2020 relative to 2019 This trend indicates a rapid expansion of the company's labor force.
Currently, the company employs a total of 133 individuals, with 58% being female and 42% male, highlighting a significant representation of female employees This gender distribution is largely attributed to the company's focus on a unique product that predominantly involves female staff.
The target of the company and the results
The company's goal is to establish itself as a leading provider and distributor of healthcare equipment in Vietnam, delivering top-quality products that offer exceptional experiences for customers.
Revenue of goods and services The deduction from revenue
Net sales of goods and services Cost of goods sold
Figure 2.2.1: The business performance of ENUY from 2017 to 2020
Revenue of goods and services 10,366,936,318 12,129,315,493 14,792,671,397 18,071,399,651
Net sales of goods and services 6,427,283,843 7,056,273,646 8,545,273,944 10,531,748,379
(Source: Accounting department of ENUY JSC.)
Unit: VND million Table 2.2.2: The business performance of ENUY JSC from 2017 to 2020
Over the past four years, the demand for healthcare has consistently risen, with revenue showing steady growth Notably, in 2017 and 2018, revenue increased by nearly 20% year-over-year, and in 2019, it surged by 22% compared to 2018, driven by a stronger domestic market This growth can be attributed to heightened consumer awareness of health, significantly influenced by the rise of online shopping platforms like Tiki, Shopee, and Lazada In 2019, ENUY supplied over 35,000 products, indicating a positive development trend in the healthcare sector.
Unit: Number Chart 2.2: The number of products bought (2018-2019)
The table shows the change in the number of products sold in 2 years 2018 and
In 2019, the company experienced significant growth, selling nearly 40,000 products, a substantial increase from over 15,000 in 2018 This trend indicates that the company's business activities are being executed effectively, showcasing a successful expansion in product offerings over two consecutive years.
In the central of Vietnam
Chart 2.3: Product consumption in different areas
Customers use the most in the Northern provinces, followed by the South and the final product is less preferred customers in Central
The graph shows that users are most concentrated in the north of Vietnam with 47%, less than in the south with 36% and the lowest in the central region with 17%.
Because the North and the South have more specific provinces and high living standards, they can easily afford to invest a certain amount of money on health.
RECOMMENDATION
Orientations of ENUY Join-stock company development
Marketing is essential for a company's growth and expansion, playing a crucial role in its overall business activities As marketing efforts increase, so does the potential for the company to thrive and succeed.
Creating value for individuals and businesses is essential for effective marketing It not only addresses customer needs but also expands brand visibility, allowing more potential customers to discover the products This increased exposure enhances the chances of reaching consumers, ultimately leading to higher sales and profitability for businesses A well-crafted marketing strategy is crucial for driving revenue growth.
Developing business strategies coupled with the application of appropriate marketing policies as one of the core strategies of enterprises in Vietnam, especially for ENUY SJC
Modern marketing employs a variety of tools to enhance both external and internal marketing efforts, ensuring that every individual within the organization acts as a marketer This collective responsibility is crucial for driving business development and success.
Strengthen marketing activities associated with the company's development goals. Bringing products to consumers Create subconscious customers about the company's brand and products.
Solutions to improve the activities marketing
Enterprises must identify development goals in terms of size of business, production facilities, sales, profits, and then have appropriate marketing strategies for businesses to achieve the goals.
A manager plays a crucial role in shaping a business's development strategy and marketing plans, while also inspiring and motivating employees to reach their established goals.
Every employee in the company should be a skilled marketer with a solid understanding of product knowledge, particularly in areas such as accounting, human resources, and especially sales and marketing This expertise enables us to engage in marketing activities for potential customers who have not yet utilized our products but are in need of them.
Effective collaboration between the sales and marketing departments is crucial for a company's success The sales team, being the primary point of contact with customers, gathers valuable feedback and insights regarding the company's products and services This information is essential for identifying issues and opportunities, which should be communicated to the marketing department to enhance overall performance and customer satisfaction.
ENUY Joint-Stock Company is a dynamic organization with a youthful and enthusiastic workforce However, the limited experience of younger employees highlights the crucial role of leadership in providing guidance and motivation To foster professional growth, the company should implement training sessions and skill development programs Additionally, encouraging employees to pursue self-improvement through external courses in areas such as creative content and design can further enhance their competencies.
Trần Anh Dũng 59 CQ55/51.01 with an appropriate salary and get reward with excellent individuals monthly, quarterly or individuals with successful advertising campaigns.
The marketing department will develop targeted plans and strategies that align with customer needs, emphasizing the psychological aspects of consumer behavior This approach aims to foster a sense of comfort, effectively achieving advertising goals in a subtle, non-intrusive manner.
Strengthening the organization of marketing department
An effective marketing strategy requires a well-organized and dynamic structure, where tasks are allocated based on each employee's skills and expertise Efficient organization empowers the marketing team to maximize their potential while fully leveraging technology in their activities Consequently, seamless coordination within the marketing department is crucial for adhering to the established strategy.
The current marketing department comprises three individuals: one overseeing the overall marketing strategy, another focused on marketing and sales, and the third managing digital media The digital media manager is responsible for creating content and images for 3 to 4 daily posts on the fan page, in addition to website management and seeding activities This workload highlights a significant shortage of human resources for digital marketing, indicating a pressing need for better work allocation and additional personnel in this area.
To alleviate the content team's workload, the marketing department should consider hiring one or two graphic designers or sourcing design products from the company's design department Additionally, investing in a collaborator system is essential, as it taps into a valuable human resource that can significantly enhance efficiency.
Trần Anh Dũng 60 CQ55/51.01 seeks to enhance their experience by collaborating with 5 to 6 individuals who possess a strong understanding of trends and customer psychology, without demanding high salaries These collaborators can effectively assist with seeding strategies and manage straightforward tasks such as scheduling posts and sourcing engaging quotes from books It is essential to have at least 2 team members dedicated to seeding efforts to ensure success.
3 people in charge of creating content for fan page The team of collaborators will also have a leader who in charge of monitoring performance and reporting work to the manager.
To enhance our presence across the North, Central, and South regions of Vietnam, it is essential to refine our marketing strategies This includes implementing targeted marketing activities that effectively promote sales, such as hands-on experiences and eye-catching advertising boards.
The greater the level of brand exposure, the marketing activities should be concretized, built in line with online and offline marketing.
To enhance market presence, the company should establish new showrooms in major cities like Ho Chi Minh City, Hue, Da Nang, Can Tho, and Nghe An, where there is a high population density and a significant number of residents with average or above-average income.
Ho Chi Minh City, Hue, Da Nang, Can Tho, Nghe An, Places with a high population density, people with average income or higher.
The company can enhance brand visibility by expanding its showrooms in popular shopping centers like Aeon Mall and BigC, attracting a larger audience This strategic move will allow potential customers to engage with the brand directly, fostering a better understanding of its offerings Additionally, it provides an opportunity to gather insights on user needs, which can inform future product development and marketing strategies.
3.2.4 Marketing online channels - Building a presence on social media
In the modern business world, it's hard to succeed without some strategic social network communication In the modern business world, it's hard to succeed
Trần Anh Dũng 61 CQ55/51.01 emphasizes the importance of building strong relationships with preferred companies, leveraging social networking to enhance brand awareness By identifying the social media platforms most utilized by customers, businesses can establish direct connections, gaining valuable insights into customer needs and preferences regarding their products and services.
Facebook, Google, YouTube are one of the most popular channels, the most searched product on these channels.
Expanding and developing the fan page of the company to increase the level of interaction and product awareness for customers Create a familiar name product, brand companies with customers.
To boost engagement on your fan page, focus on creating captivating and creative posts that resonate with your audience Shift away from static product images and instead utilize dynamic videos and appealing visuals Ensure that the content remains aligned with your company's product direction while prioritizing topics that genuinely interest your followers.
Motivating customers to make decisions
Customers prefer straightforward decision-making After a busy day, they seek simplicity rather than sifting through numerous options to find the right product or service for their needs.