EXECUTIVE SUMMARY
Voted the best chocolate in the world by The
Newyork Times in 2016, the Marou brand has quickly shaken the international chocolate market However, in the
The Marou brand remains relatively unknown to Vietnamese consumers, largely due to insufficient marketing efforts Our research indicates that the public lacks a clear understanding of what the organization represents, highlighting the need for more effective promotional campaigns to enhance brand awareness in the market.
The Covid-19 pandemic has significantly impacted the economy, leading to a sharp decline in revenue for many retail sectors, particularly small businesses like Marou The local bean-to-bar chocolate industry faces critical challenges as major craft chocolate companies experience difficulties, tourism remains stagnant, and demand for small businesses continues to dwindle.
In this research paper, we are going to launch a new product called Marou Lotus
The Seed chocolate bar aims to sustain business during the pandemic, enhance brand awareness for Marou, and generate strong momentum for the brand's recovery as the economy improves.
INTRODUCE COMPANY'S OVERALL 1 MAROU OVERVIEW
MISSIONS
Marou Chocolate is dedicated to crafting world-class chocolate from Vietnamese cacao while prioritizing strong relationships, quality standards, and sustainability Their commitment to sustainability is integral to their mission and business strategy, reflecting the belief that effective leadership in business and sustainability are interconnected Furthermore, Marou aims to support Vietnamese cocoa farmers by providing stable employment and fostering long-term development.
SITUATION ANALYSIS
MARKET DEMOGRAPHICS
Marou initially focuses on a select group of foreign residents in Vietnam As noted by the co-founder in an interview with Nikkei, "Vietnamese like chocolate, but they really see it as a flavoring, like on a cake or a Choco Pie." To shift this perception and enhance the appreciation of chocolate among Vietnamese consumers, Marou has been actively working in recent years to promote a deeper understanding of how to enjoy chocolate.
Marou has expanded its market share in the
In March 2021, Mekong Capital made a strategic investment in the Marou chocolate brand, aiming to expand its reach to local customers in the Vietnamese market The undisclosed funding will support Marou in tapping into this new consumer base.
A recent survey by Kantar Worldpanel reveals that chocolate consumption in the Vietnamese market experienced a remarkable doubling in volume during the first half of 2014 compared to the previous year.
2013 As a result, the chocolate business has gained 52,000 new customers and boosted average chocolate consumption per family by 24%.
In rural areas, the demand for chocolate-flavored liquids, such as milk and cereals, surged by 47%, attracting an additional 675,000 customers This trend has continued to rise in recent years, especially during the social isolation period prompted by the Covid pandemic.
Based on above statistics, the suburban and urban areas become one of the geographical sectors in which Marou hopes to increase its market share in the domestic market.
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Marou caters to chocolate enthusiasts aged 18 to 65, targeting individuals with stable incomes, Generation Z, and international tourists The following table provides a detailed overview of Marou's diverse clientele.
(foreigners in Vietnam Vietnam Varies
Gender Male & Female Male & Female Male & Female
Income Middle to high income Lower to Middle ( < 10 Middle to high income
(>10 million VND/month) million VND/month ) (>15 million VND/month)
Occupation Varies Student/Working Varies
Education College/University College/University Varies
- Customers who are regular consumers find in
Marou’s chocolate some of the following benefits: delicious snack, energy booster, health protection,
Some foreign tourists buy Marou products as souvenirs Furthermore, every Marou’s product, from design to packaging, is ideal as a gift for
Tet, Christmas, or Valentine's Day.
- Customers who are companies (restaurants, luxury hotels, cafes, bakeries) consider Marou’s products as a material for the production of a range of sweets or dishes in order to serve their consumers.
They usually use Google and social media ( Instagram, Facebook… ) to get information or read e-newspaper on website likeVnExpress, Vietcetera, Vietnamnet,
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MARKET NEEDS
In Vietnam, there is a growing awareness and concern for nutrition, quality, hygiene, and food safety among consumers As a result, many individuals are increasingly opting for high-quality organic products that are derived from natural sources This shift in consumer preferences presents an opportunity for Marou to target a niche market by offering healthier dark chocolate options that align with the health-conscious mindset of Vietnamese consumers.
Elegant packaging design: In Vietnam, chocolate and confectionery products are often given as a gift on special occasions (like the
Lunar New Year or Valentine’s Day) This has led consumers to seek out products that have premium-style packaging or artisanal packaging.
Many consumers prefer imported chocolate confectionery due to its perceived better quality and oftentimes more elegant packaging.
MARKET TRENDS
With rising disposable incomes and the younger generation's increasing exposure to Western culture, the chocolate confectionery market is experiencing significant growth Today, chocolate has become a popular and meaningful gift for loved ones, friends, and corporate clients, particularly on special occasions.
Valentine, Christmas and new year A much wider choice of chocolate confectionery is now greatly visible in front of the cashiers.
In Vietnam, the visual appeal of packaging often outweighs the actual product quality, leading consumers to perceive imported chocolate confectionery as superior due to its elegant design This preference for premium-looking packaging significantly influences purchasing decisions among Vietnamese shoppers.
MARKET GROWTH
Vietnamese chocolate has the potential to carve out a niche in the global market with its unique flavored cocoa, as the country enhances its chocolate production expertise Artisan chocolates made from cocoa grown in the Mekong Delta are sold in trendy food stores in cities like Tokyo, Hong Kong, and London, commanding prices up to eight times higher than standard supermarket chocolates In 2019, Vietnam sold 3,137 tons of chocolate, with the processed chocolate demand surging by 8.135% compared to 2018 The cocoa segment generated revenue of $51.2 million in 2021, and the market is projected to grow at an annual rate of 2.86% from 2021 to 2025.
Chocolate is favored by the urban middle and upper classes; however, it remains a luxury item relative to average income levels As demand for affordable products rises, the chocolate market is expected to experience even faster growth in the future than currently anticipated.
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SWOT ANALYSIS
Marou chocolate stands out for its premium taste, achieved through bean-to-bar technology and a meticulous manual production process Recognized as the world's first "bean-to-bar" Vietnamese chocolate, Marou was ranked first by The Daqian Times in 2018 The packaging reflects simplicity, drawing inspiration from cocoa leaves and beans, which are essential to the chocolate's creation With its unique design and high-quality handcrafted packaging, Marou's products exude beauty and luxury.
Marou is committed to producing clean cacao, ensuring that the ingredients in their chocolate bars meet strict standards Their dark chocolates contain no additional ingredients or flavors, highlighting the purity of their cacao.
Marou's market presence in Vietnam is limited compared to competitors like Snickers, KitKat, and Ritter Sport, as their products are not widely available in supermarkets or convenience stores, which are the primary shopping venues for consumers Additionally, Marou remains relatively unknown in Vietnam, with recognition mainly occurring during special occasions like Valentine's Day.
Marou embraces a tradition of regular chocolate consumption, yet its marketing strategies are somewhat restricted, primarily focusing on social media channels such as Facebook and Instagram.
A prominent Vietnamese start-up operates with a compact team of just 20 employees, showcasing its efficiency in handling all tasks This small workforce stands in stark contrast to larger companies in Vietnam, including well-known chocolate brands like Marou.
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The government is proposing policies to stimulate the growth of
Domestic products are gaining significance in Vietnam, leading to a rising trend of consumers choosing local items This shift is evident as Vietnamese shoppers increasingly embrace homegrown brands With innovative offerings tailored for Vietnamese tastes, Marou has the opportunity to captivate and engage customers effectively.
Marou is supporting the development of an agroforestry project in Madagui, a small town in Lam Dong province, by intercropping cocoa
Marou is seizing the opportunity to engage with Vietnamese farmers by providing them with seedlings and essential training in cocoa care This initiative not only enhances awareness of the brand's environmental impact but also aims to increase Marou's visibility among a broader audience.
In the aftermath of the pandemic, Marou faces potential jeopardy due to a significant shortage of labor and human resources, which are vital for a company's success This lack of workforce could adversely impact Marou's economy as well.
Vietnamese consumers are increasingly prioritizing a healthy lifestyle, opting for nutritional foods over chocolate confectionery due to the belief that chocolate contributes to weight gain and obesity Additionally, the intrusion of saline water into cocoa-growing regions, especially in the Mekong Delta provinces, is severely affecting Marou's cocoa production.
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COMPETITION
- Direct competitors: Marou is now competing with a variety of foreign chocolate companies which have a larger market share and influence Mars Inc is the dominant chocolate confectionery in Vietnam, with
With a market share of 12.7%, they have gained significant recognition among consumers, largely due to extensive advertising campaigns and a diverse product lineup that includes popular items like M&M’s and Snickers.
Kit Kat chocolate bars, produced by Nestle Inc., stand out as a key competitor in the market With a diverse range of flavors and ingredients, Kit Kat has established a strong brand presence and familiarity among consumers.
- Indirect competitor: besides chocolate bars,
Vietnam also has other biscuits/cookies/crackers and snacks with competitive and more affordable prices than
PRODUCT OFFERING
Until now, Chocolate Marou has offered 5 lines of product:
Marou's Pure Chocolate line features dark chocolate products named after the six provinces of origin, with each chocolate reflecting the unique flavor profile derived from the soil of its respective region.
- The second product line of Marou is the Flavoured Chocolate is which brings a full experience of what the soil of a land can provide: Kumquat 68%
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- The third product line is Limited Series :
At times, Marou discovers exceptional cocoa varieties with such remarkable flavors that blending them with any other ingredients would be a disservice to their unique taste.
- The fourth product line of Marou which is called Maison Marou is a pretty new product of
Marou, exclusively found in Sai Gon, aims to connect the unique flavors of Vietnamese chocolate with distinctive tastes derived from 65% cocoa cultivated in Ba Ria and Tien.
MAKETING STRATEGY
FINANCIAL OBJECTIVES
- Revenue & Profit: Increase the profit margin of each quarter through efficiency and return on economies of scale.
- Growth rate: increase the annual growth rate by one to two digits within three years.
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TARGET MARKET
Marou Chocolate primarily caters to foreign customers, particularly those from Western markets who have a preference for high-cocoa content and bitter chocolate bars Consequently, the brand initially concentrated on promoting its products for export.
However, in recent years, Marou has started to open up more to Vietnamese customers.
During the Covid-19 pandemic, Marou adapted to the challenges of decreased international tourism by prioritizing local customers They now target individuals aged 20 to 55 in major cities like Ho Chi Minh City and Hanoi, focusing on those who are financially independent and have a medium to high income This demographic seeks high-quality chocolate options that also offer health benefits.
POSITIONING
Marou's success story is a unique journey rooted in respect for authentic chocolate-making Unlike many chocolate brands that use pre-made chocolates to cut costs, Marou exclusively utilizes cocoa beans sourced from Vietnam's fertile provinces Their chocolates are crafted with a focus on long-term roasting at controlled temperatures, enhancing the distinct flavor profile Made entirely from pure dark chocolate without any additives, Marou's bars offer a rich, bitter taste balanced with the perfect cocoa percentage, resulting in a unique flavor combination that elevates them to the "masterpiece" category.
York Times once dedicated a separate article to Marou with the title "The best chocolate You've never tasted".
Marou is renowned not only for its "masterpiece" taste but also for its artistic packaging, which is both simple and unique Each chocolate bar is meticulously packed by hand, showcasing high-quality craftsmanship This distinctive design and luxurious packaging significantly contribute to Marou's success on the international stage.
The "Lotus Chocolate" bar by Marou enhances the brand's reputation with its unique chocolate texture and innovative packaging design The lotus flower, revered as the national spirit of Vietnam since ancient times, adds a cultural significance that sets this chocolate apart from others By incorporating the lotus flavor, Marou taps into the essence of Vietnamese traditions, creating a distinctive product The eye-catching packaging features lotus motifs, making it an ideal gift for Tet holidays and a meaningful token of affection.
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The comparison of cocoa content and prices among four chocolate brands highlights that informed consumers prioritize cocoa percentage as a key indicator of chocolate quality With a growing emphasis on health, shoppers seek chocolate bars with higher cocoa content and lower sugar levels Marou stands out for its superior cocoa percentage, although it is priced higher than its competitors In contrast, many consumers opt for M&M's due to its affordability and palatable cocoa content, making it a popular choice for children, while KitKat and Snickers offer a balance of quality and reasonable pricing.
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STRATEGY - 4Ps
Marou Lotus Chocolate 70% is a premium craft chocolate bar made from high-quality ingredients sourced entirely from Vietnam It features trinitario cocoa beans, a unique 18th-century blend of forastero variety, combined with renowned lotus seeds from Dong Thap province These cocoa beans are cultivated in various southern regions of Vietnam, including Tien Giang, Dong Nai, and Lam Dong, where the climate is ideal for cacao growth.
Discover Marou Lotus Chocolate 70%, a unique product inspired by Vietnamese culture and crafted for the local community This exquisite chocolate bar combines the rich, bitter notes of cocoa sourced from the finest soils with the creamy essence of lotus seeds, creating a perfectly balanced flavor As Marou's signature offering, it embodies the essence of Vietnam in every bite.
Marou Chocolate is renowned for its unique design and packaging, drawing inspiration from the beauty of leaves, cocoa beans, and cloud motifs that reflect Vietnam's folklore and tropical monsoon climate The packaging features hand-printed paper crafted by artisans in Cho Lon, with traditional silk-screened motifs in luxurious antique gold Each of the five product lines is represented by a distinct color—yellow, red, blue, green, and purple—symbolizing the hues of cocoa beans With its exquisite design and high-quality handcrafted packaging, Marou not only delivers a visually stunning product but also emphasizes environmental sustainability.
Inspired by the lotus flower, a symbol of Vietnam's national spirit, Lotus Chocolate showcases the beauty of the Mekong Delta, particularly in Dong Thap The packaging features elegant lotus motifs and cloud textures, highlighting the rich Vietnamese culture With its unique lotus fragrance and harmonious colors, Marou's chocolate bar exudes luxury and solemnity, making it an ideal gift for traditional occasions and holidays.
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Upon entering Maison Marou, visitors are immediately captivated by an impressive machine at work, rather than the typical serving counter or seating arrangements This striking feature sets the stage for a unique chocolate-making experience, showcasing the artistry and craftsmanship behind their renowned products.
"gobble" cocoa beans And this is exactly what Marou wants to bring in the customer experience - a real chocolate making process.
Customers purchasing six or more chocolate bars, whether individually or in sets, can personalize their experience by designing custom boxes They can utilize available stickers or request uniquely designed boxes that align with the theme of their gift.
Marou provides complimentary dry ice bags to ensure that chocolate remains intact and does not melt during long-distance transport This service is particularly beneficial for orders that require multiple days of shipping, guaranteeing the quality of the chocolate upon arrival.
Marou packages them in insulated boxes to give customers the best quality products.
5.2 PRICE STRATEGY 5.2.1 PRODUCT PRICING GOALS
Mainly targeting young generation and middle to upper income customers who frequently live in Vietnam's major cities, the product is oriented to pursue profit-oriented goals:
Quickly reach the desired profit
Expanding domestic market share Increase the maximum number of sales
5.2.2 THE RELATIONSHIP BETWEEN PRICE AND COMPETITOR'S PRODUCT
Marou Kit Kat Snickers Kinh Do M&M
The variety Various choice Few choice, Quite diverse, from normal to Diversity mainly boost no difference Few choice of model special version energy between the flavors
Price From 50.000 to From 15.000 to From 18.000 to From 38.000 to From 13.000 to fluctuates 100.000 NND 50.000 VND 27.000 VND 70.000 VND 50.000 VND
High High High Quite high High
Brand Mainly distribute Throughout Throughout Throughout Throughout coverage in Ho Chi Minh Vietnam Vietnam Vietnam Vietnam and Ha Noi city
5.2.3 MAJOR PRICING STRATEGY: VALUED-BASED PRICING
Since Vietnam opened its doors to the world in the 1990s, the chocolate market began to emerge, with local preferences still developing as chocolate was primarily seen as a special occasion gift However, advancements in technology have led to a growing consumer base that is increasingly aware of the health benefits of chocolate, sparking greater interest in this delightful treat As a result, numerous domestic chocolate brands have since emerged, catering to the evolving tastes of Vietnamese consumers.
To address the increasing demand for chocolate among Vietnamese consumers, we recommend implementing a value-based pricing strategy This approach will set product prices according to the perceived value that customers associate with our chocolate offerings.
Our pricing strategy is carefully crafted to align with the average income of three key client segments: businessmen and businesswomen, Generation Z, and tourists By analyzing competitor pricing and similar products in the market, we ensure that our prices are both competitive and appealing to our target audience.
OFFICIAL PRICE: 120.000 VND for the 80 gram bar / 60.000 VND for the 24 gram bar
Monthly Sales Break-Even 255,000,000 VND
Average Per-Unit Revenue 120,000 VND
Average Per-Unit Variable Cost 40,000 VND
Estimated Monthly Fixed Cost 165,000,000 VND
When a product is launched, we implement a premium pricing strategy, setting the initial price at 120,000 VND to maximize profits from customers willing to pay more Although sales volumes may be lower initially, the profit margins remain significant This high pricing strategy also helps to deter new competitors from entering the market quickly, allowing us to achieve our targeted profit levels efficiently.
In February 2022, we are introducing a special pricing initiative for consumers and businesses with partnership agreements to boost sales Customers who purchase chocolate in bulk during this promotional period will enjoy discounts, receive a membership card, and access various benefits for future purchases.
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Marou targets the high-end market with premium pricing, necessitating selective distribution through exclusive channels like F&B service chains, restaurants, hotels, and online platforms The brand has established new partnerships for this campaign, enhancing its reach in the luxury segment.
The Golden Lotus Lounge, situated in airports nationwide, offers a serene retreat for business class travelers Guests can indulge in a variety of delectable dishes, from savory options to delightful desserts Notably, the lounge features lotus chocolate at the dessert counter, which has become a favorite among discerning customers.
Pizza 4P's is a popular pizza chain with over 11 locations in the country's three largest cities, renowned for its specialty in cheeses and highly-rated desserts The unique pairing of desserts with Lotus Chocolate products offers customers an exciting culinary experience With a steady influx of guests, Pizza 4P's ensures that its delicious offerings are widely recognized and enjoyed by many.
ACTION PLAN
Create a campaign for new product 10/11/2021- 20/11/2021
Choose and complete the packaging design and
20/11/2021- 30/11/2021 color for new Marou Chocolate product
Complete website for product demonstration 25/11/2021- 20/12/202
Announcement of the upcoming launch of a new 21/12/2021- 31/12/2012 product of Marou
Sending chocolate bars to dynamic KOLs to 21/12/2021 - 31/12/2021 combine promotion for new product
Officially launching the new Marou products on 01/01/2022- 02/01/2022 Marou official Fanpage.
Promoting communication on social media with a 03/01/2022 - 11/01/2022 minigame called “Moment with Marou”
Airing articles talk about products and an
15/01/2022 - 15/02/2022 interview with the founder of Marou on
Run advertisement Marou be your Soulmate on
Launching activation booths in shopping malls 15/03/2022 - 30/6/2022 (Aeon mall, Vincom center, )
Maintain business operations and maintain sales 07/2022 - 11/2022 activities.
Distribution channel (Airport Lounge, Pizza
300.000.000 VND 4P’s, An Nam Gourmet, Amanoi)
Website (updating and adding new product
10.000.000 VND based on the available one)
Advertisements (clip on social media) 80.000.000 VND
KOLs (Luke Nguyen, Tang Thanh Ha, Khoai
Events (chocolate exhibition and activation 500.000.000 VND booths)
Cost incurred (crisis handling, support, keeping 60.000.000 VND contact with closed press and media, )
CONTROLS
We are implementing stringent control measures to monitor quality and customer service satisfaction closely This proactive approach enables us to address any emerging issues swiftly Additionally, we will closely track monthly sales by segment and channel, as well as monthly expenses, to identify any deviations from our strategic plan.
Agents Problem Possibility Affect Solution
1 Budget Lack of budget Medium High Estimate of expense incurred; contact early with partner to update prices
Budget overruns Low Low Planning and rational use of budget
2 Communication Customers and target Medium High Understand customer audiences do not psychology and needs respond to the and making realistic campaigns plan
3 Other risks Unexpected problems: Low Medium Has a professional crisis
Clip “Marou be your management team, has a soulmate” failed detailed plan for the possible risks
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Management, O (2015, September 18) From Bean to Bar: Expatriates in Vietnam Taste
Sweet Success Retrieved from Knowlegde Wharton: https://knowledge.wharton.upenn.edu/article/from-bean-to-bar-expatriates-in-vietnam- taste-sweet-success/#
NAM, C t (n.d.) SOCOLA THƯƠNG HIỆU VIỆT- TIỀM NĂNG VÀ THÁCH THỨC. Retrieved from Chocolate Figo: https://www.chocolatefigo.com/socola-thuong-hieu-viet- tiem-nang-va-thach-thuc
Vietnamese chocolate products are poised to enter the global market, showcasing the country's potential in the chocolate industry With a growing reputation for high-quality cacao, Vietnam is strategically positioning itself to capitalize on international demand The development of local chocolate brands and innovative production techniques further enhance the prospects for Vietnamese products on the world stage This emerging opportunity not only boosts the economy but also highlights Vietnam's rich agricultural heritage and commitment to quality.
Phillip Kotler, K L (2011) Marketing Management 14th Edition New Jersey: Pearson Highered.
Sam Maruta, V M (n.d.) Marou Faiseurs De Chocolat Retrieved from Marou Chocolate: https://marouchocolate.com/vi/
Vietnam, B (2014, February 25) The Key To Chocolate Confectionery Market In Vietnam Is
Cheap Price? Retrieved from B&Company Vietnam: https://b-company.jp/chocolate-en/
Wamucii, S (n.d.) Vietnam Chocolate Market Insights Retrieved from Selina Wamucii: https://www.selinawamucii.com/insights/market/vietnam/chocolate/
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