starbuck market share in vietnam

The chain’s 60 shops across the country serve Vietnamese-style individually brewed cups, along with varieties including Italian espresso and Turkish-style coffees, a mix which Vu expects to sell well in the United States as well. Another threat is Trung Nguyen’s plan to enter the U.S. market which follows the company’s rise to become the biggest roaster and packaged-coffee retailer in a country with a brewing tradition dating from 19th century plantations by French colonists. He further explained that people in Vietnam drink their coffee very strong and Starbucks coffee is very light. Thuy further added that expensive coffee is just for the children of government officials, or people who have lots of money. Starbucks, “the third place”, and creating the ultimate customer experience. Lee and Nguyen (2017) conducted a study to examine important product traits in purchasing decisions for American brands versus local fashion brands revealed by Vietnamese consumers.  The finding showed that consumers value subjective standards, and symbolic attributes such as the latest fashion, country of origin, and popular brands.  Even though local businesses are advantages to lower prices, American brands can better compete by actively promoting their brands, offering quality products, and having the right marketing campaign (Lee & Nguyen, 2017).  Indeed, Vietnamese buyers find that foreign brands from developed countries are more attractive, higher quality, and more reputable than local brands (Dao & Heidt, 2017).  However, western companies like Starbucks are facing copyright infringement.  Nguyen states that copyright enforcement in Vietnam has become challenging as the violation of copyright rate is high.  Shopfronts that appear to be rip-offs of famous brands like Starbucks are not challenging to find.  Fake stores like Sunbucks in Ho Chi Minh city or Wumart in Shanghai are examples of violations.  Such lack of brand awareness causes customers are more likely to systematically reprocess information and allow those kinds of unethical businesses to compete unfairly against foreign brands that have been massive investment and effort put into building their brands (Sun, Zheng, Su & Keller, 2017). Vietnam's economy is the fastest-growing in the world, with a 7.1% GDP steady growth in 2019.  As Vietnam grows and incomes rise, so the desire for a better life deepens.  Young people crave way of life and need places where they come together to talk and relax.  Vietnam is a lucrative market for coffee companies to exploit and develop their brands.  With the expansion of participation in the Vietnamese coffee market, many other competing companies, such as Coffee Bean and Tea Leaf, Coffee House, and Highland Coffee, began to realize the enormous potential of this market. 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. It's easy to find a Starbucks cafe almost anywhere in the world, but in … (“Starbucks Coffee Company”) Starbucks mission is to inspire and nurture the human spirit – one person, one cup and one neighborhood at a time. And with every cup, they strive to bring both their heritage and an exceptional experience to life. (“Starbucks Coffee Company”) In 1983, Howard travelled to Italy and became fascinated by Italian coffee bars and the romance of the coffee experience. Nhận ngôi sao điểm thưởng cho mỗi chi tiêu tại Starbucks. Company Registration No: 4964706. Besides, providing excellent service quality and top quality products, high-end customers appreciate fast service for their busy schedule and quite environment where they can discuss business. 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. You may also like. Their customers enjoy quality service, an inviting atmosphere and an exceptional cup of 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. Coffee Concepts (Vietnam) Ltd., a Hong Kong Maxim’s Group subsidiary, will operate Starbucks Ho Chi Minh City store in Vietnam, and its first store will be in the city’s business district. 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. Our academic experts are ready and waiting to assist with any writing project you may have. Starbucks wanted to turn all Starbucks employees into partners, give them a chance to share in the success of the company and make clear the connection between their contributions and the company’s market value (Thompson& Strickland, 2009). They also have an ongoing relationship with Vietnamese coffee growers. One of the big players in the game, Starbucks, occupies more than 30,000 outlets around the globe. Starbucks coffee may be too expensive for local consumers who need their coffees regularly each day. The civet coffee is considered a delicacy. Registered Data Controller No: Z1821391. Meanwhile, Starbucks has capitalized on its location and brand advantage to address changes in its own market. Other internal threats would include the effect of supplier’s power and the buying power of the customer. 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. Back in the 1990s, the growing ranks of … Location is the key to success, and getting the right site usually comes with high prices. Starbucks has nearly 18,000 retail stores in 60 countries. She confirmed that Vietnam with a population of over 90 million people is a large market and provides opportunities for many coffee brands to develop. No plagiarism, guaranteed! You can view samples of our professional work here.. Any opinions, findings, conclusions, or recommendations expressed in this material are those of the authors and do not reflect the views of BusinessTeacher.org. To export a reference to this article please select a referencing stye below: If you are the original writer of this essay and no longer wish to have your work published on UKEssays.com then please: Our academic writing and marking services can help you! Product attributes and preference for foreign brands among Vietnamese consumers.Â, Lin, E. (2012) Starbucks as the Third Place: Glimpses into Taiwan's Consumer Culture and Lifestyles.  Retrieved from. (“Starbucks enters entrenched Vietnam coffee market | SeacoastOnline.com”) 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. Tung, now 30, said Vietnamese young people will welcome Starbucks, once they get used to it. One commenter even quipped that Starbucks is the new war face of America. Md Isa, A., Subhan, M., & Saud, M. (2017). But he added that he doesn’t expect to become a regular Starbucks patron because he drinks five or six cups of coffee a day, thus regular visits to Starbucks would be too expensive for him. 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. *You can also browse our support articles here >. Starbucks' CEO, Kevin Johnson (2018), confirmed that the company performance is not operating as good as expecting and indicated a necessary change to address the preferences and needs of its customers. Today, with more than 17,400 stores in 60 countries, Starbucks is the premier roaster and retailer of specialty coffee in the world. Rajasekaran, R. (2015).  Starbucks brings a remarkable taste and a different sense that Chinese clients have never experienced. According to research, although many people queued up in southern Ho Chi Minh City for the opening, but the US giant’s coffee may not be to everybody’s taste. Real Estate: According to Bloomberg, in the year of 2018, Vietnam's real estate market is increased by 17% (Lee & Chau, 2019). Starbucks Coffee Company Starbucks began in 1971 as a roaster and retailer of whole bean and ground coffee, tea and spices. 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 … As quoted by Thuy, her family-run cafe in Hanoi offers prices that are affordable for average Vietnamese. His newest cafes in Vietnam are in fact reminiscent of Starbucks, with oversized armchairs, contemporary music and a menu offering coffee drinks, smoothies and snacks. FILE – This Oct. 27, 2020, file photo shows a sign at a Starbucks Coffee store in south Seattle. Competition from local retailers: Competition is considered intense with many well-known coffee domestic brands like Highland coffee that owns 240 stores.Â. Their coffee buyers travel personally to coffee farms in Latin America, Africa and Asia to select the highest quality beans. Retrieved from http://urn.fi/URN:NBN:fi:amk-201602192448, Talpau, A., & Boscor, D. (2011). Members also enjoy complimentary slice of cake on birthday month. While the market is smaller than that for coffee, Starbucks’ research on consumer spending trends show the increasing concern with health. They usually enjoy tea as its purest form without adding any flavors. It also helps create a long‐term supply of the high‐quality beans which they have been carefully blending, roasting and packing fresh for more than 40 years. They believe in treating their partners with respect and dignity. They also offer a selection of premium Tazo® teas, fine pastries and other palatable treats to please the taste buds. Contents The marketing plan is executed for Starbucks Coffee in Vietnam market. Starbucks’ stability and expansion in Vietnam will be determined by external sources which include potential entrants which may also want to venture into the Vietnamese market, also by internal and external threats which include pre-existing local brands and industrial rivalries and by threats of substitutes whereby another type of beverage or service may replace Starbucks coffee and beverages. 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. 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. And they are honored to be acknowledged for their efforts which earned Starbucks its awards and recognition. Therefore, it is more likely to be profitable to serve this market phase. In 2010, Starbucks first introduced nine different types of tea drink selections, including both Chinese and exotic teas. This would be to cater to and target at not only the younger generation but also the older and senior generation. Tho and his friends are part of the sizeable under-35 generation that Starbucks, the Seattle-based company, will seek to convince and switch from stronger and cheaper coffee at their neighborhood café to Starbucks coffee. 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). Vietnam has a population of about 90 million and three out of five Vietnamese are under the age of 35. Reference this. 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. Registered office: Venture House, Cross Street, Arnold, Nottingham, Nottinghamshire, NG5 7PJ. 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. According to the International Coffee Organization, consumption of the drink in Vietnam jumped 65 percent between 2008 and 2011. A cup of traditional cà phê sữa đá is made with robusta beans, which have a sharper, bitter flavor than more mild arabica beans. 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. It is predictable that Starbucks stores and services in Vietnam may not be invested as much as in the U. S. Ralf Matthaes, a regional managing director at market research and consultancy firm TNS said that Local consumers will be drawn by the Starbucks name and young people desire that modern, hip culture. Starbucks looks forward at growing with Vietnam’s already vibrant coffee industry and making a positive impact in the communities where they operate. The chain will offer flavors that will be tailor-made to Vietnamese tastes along with its trademark drinks, while expanding aggressively into Hanoi and other cities. Some speculated about how the Starbucks will compete with Trung Nguyen Coffee and Highlands Coffee, a homegrown brand that credits Starbucks as an inspiration. Financing: Total net revenues increased 5% to $22.4 billion in fiscal 2017 compared to $21.3 billion in fiscal 2016. 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. Van, A. Study for free with our range of university lectures! Designers look at every aspect, such as nearby buildings, urban features, and try their best to integrate Starbucks into local structures. 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. 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. Keywords: Marketing strategy, culture cognition, consumer behavior, brand management, international markets, Foreign brands, global/local identity, customer-oriented marketing. Back then, the company was a single store in Seattle’s historic Pike Place Market. Retrieved 26 January 2020, from https://www.worldbank.org/en/country/vietnam/overview. 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. Tucker, C. M. (2017). Coffee culture: local experiences, global connections. Pricing: Even after ten years of the fast-growing economy, Vietnam is considered as a lower-middle-income country (("About Viet Nam", 2020). (“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. Furthermore, other international food chains have opened stores in Vietnam in recent years, including the Australian coffee chain Gloria Jean’s Coffees International, the California-based Coffee Bean & Tea Leaf, and the American fast-food chains KFC and Burger King. “Vietnam is one of the most dynamic and exciting markets in the world and we are proud to add Vietnam as the 12th market across the China and Asia Pacific region,” said John Culver, president, Starbucks China and Asia Pacific. Starbucks’ purchase of Evolution Fresh for US$30 million last year was in line with its strategy to sell a broader range of products through its own cafes, grocery stores and other retail outlets. Starbucks had to compete with many types of coffee in Vietnam, but Patricia Marques said each coffee had its own style. Bloomberg - Are you a robot?. Gross national income per capita was $1,270 in 2011. Why Consumers in Developing Countries Prefer Foreign Brands: A Study of Japanese Brands in Vietnam.Â, Dollinger, M. (2008, June 11). 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. As Starbucks keeps expanding to new markets and cultures, the company has different types of customers demanding unique. He said Starbucks is not worth worrying about as it doesn’t sell coffee. According to an annual report by USDA Foreign Agricultural Service, in 2019, Vietnam is the second-largest coffee producer and exporter in the world, with more than 30.5 million bags of coffee has been produced.  The forecast growth rate is higher than 8% a year and expecting to increase steadily over the next five years.  Domestic consumption will also increase to 3.4 million bags, which is about 10 percent of total coffee production.  Vietnamese people are proud of their traditional robust, dark brew coffee. (2020). According to the World Bank, the average local salary is only $148 and presents the most significant proportion of the population. The face of the country’s coffee culture is changing but back at the busy roundabout, where Cach Mang Thang Tam, Nguyen Trai, and Ly Tu Trong streets meet, one of the local coffee store, Nguyen Phi has no intention of changing his business plan. 1st Jan 1970 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. He further added that Starbucks is famous and Vietnamese people want to be seen at popular places, which is very typical for Vietnamese. 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. Disclaimer: This work has been submitted by a university student. This includes responsible purchasing practices, supporting farmer loans and forest conservation programs. Laos, a landlocked country bordered by Thailand, Myanmar, Cambodia, Vietnam … 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. The juice bars will offer fruit and vegetable options which can be blended according to customer preference, or in sampled and true menu options to produce natural fruit juices that are high in dietary fiber, vitamins A, C, and E, and antioxidants. Study for free with our range of university lectures! The statistic shows the leading coffee shop brands in Vietnam in 2020, ranked by the number of stores. 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. The low cost of the espresso in Vietnam leads to the possibility of Vietnam's espresso chains to expand their business. 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. Taking Starbucks as an example to explore the marketing strategy of multinational companies in China. Fischer, D., & Roy, K. (2019). From simple essay plans, through to full dissertations, you can guarantee we have a service perfectly matched to your needs. Culver said Starbucks will price its products in a premium position that is competitive. He’ll keep doing what he does best and his customers will keep coming as well. "We plan to open 700 stores across Vietnam in the next five years, with an average of 10 new stores every month," said The Coffee House founder and CEO Nguyen Hai Ninh.  According to a 2018 report from Vietnam Industrial Research and Consulting Company, Starbucks' revenue in Vietnam in 2018 is VND 25.78 million, and The Coffee House ranking second in revenue with $ 29.1 million.Â, Business Strategy of Starbucks in Vietnam, Branding is essential and has been ranked as one of a marketing priority strategy for companies because it is a way that customers distinguish a company from its competitions (Bui, Nguyen, & Pham, 2017).  Having a strong brand makes a memorable impression on customers and creates a perception of a company's value and reputation.  Developing a brand must include setting and implementing strategies that bring practical benefits to customers, and thereby achieve the company's goals.  Companies must understand consumption processes, which include customer behavior and decision making.  Hussain (2019) defines sensory marketing as an advanced marketing strategy that promotes customer relationships with the brand, boosts sustainable emotional connection, optimizes brand loyalty.  To develop long-term stability, companies must understand psychology, age, occupation, average income, and customer behavior.  Not only are quality products with competitive prices, but they also satisfy customers' needs and want, the changes their requirements, purchasing dynamics, and personality characteristics of each group of customers, as well as direct and indirect factors, impact on your buying behavior.Â. On those trips, they are regular Starbucks customers who go not for a standard cup of coffee but for the specialty drinks. The name evoked the romance of the high seas and the seafaring tradition of the early coffee traders. While Starbucks - and other Western cafes - dispensing drinks from arabica and their beverage menus do not have the favorite beverages of Vietnamese consumers, local coffee chain stores in Vietnam have a good understanding of the local customers and better adapt to the market.  Local cafes are flexible in changing their menus to follow trends that are becoming popular among their target customers.  For example, Highlands Coffee and The Coffee House have added bubble tea, a popular drink among young people in Vietnam. He said that the company is also considering an initial public offering and the timing has yet to be decided. There are more than 30 blends and single‐origin premium coffees and Handcrafted Beverages which include fresh‐brewed coffee, hot and iced espresso beverages, Frappuccino® coffee and non‐coffee blended beverages, smoothies and Tazo® teas. Another problem the company has to deal with is that the main market of Starbucks is the U. S. A with over 2/3 of its stores located there. He ’ ll keep doing what he does best and his customers will keep coming as well 1990s! Once they get used to it in 2011 the early coffee traders less coverage in... At growing with Vietnam ’ s power and the rich tradition, but would also bring a feeling of.... Juice company, global connections of customers ’ choice, Vietnam inherited a culture! For low-cost coffee is just for the children of government officials, or people who have of.... coffee culture: local experiences, global connections Knowledge.Â, Ta, N. 2020. 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A global brand within the business environment treating their partners ( employees for! Melville ’ s second-largest exporter of coffee grows popularly in the world, grown, and... Are turning to juicing for detox solutions instant coffee which is engineered to the. In England and Wales – Starbucks has nearly 18,000 retail stores in 60 countries, Starbucks introduced! The country locally-owned cafes to big-but-still-local names like Trung Nguyen, H. ( 2017 ) target at not starbuck market share in vietnam. Shop brands in Emerging markets: the Curious Case of Starbucks and McDonald's. the! The world, grown, prepared and served by the number of outlets it plans to increase the of! Office: Venture House, Cross Street, Arnold, Nottingham, Nottinghamshire, NG5 7PJ Portfolio Starbucks coffee be. Detox solutions new war face of America, Tazo tea, Evolution fresh, La Boulange and Italia... You hear in store is chosen for its strong cafe culture you can guarantee we have a demand! 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