ndividualassignment marketing mkt101 topic analysis of factors affecting consumer buying behavior th true milk

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INDIVIDUAL ASSIGNMENTMARKETING

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I.THEORETICAL BASIS (4 factors influencing consumer behavior)

1. Culture influences2. Social influences3. Personal influences4. Psychological influences

II.CUSTOMER BUYING BEHAVIOR OF TH TRUE MILK

1. The overview about TH TRUE MILK

2. Analysis of customer buying behavior for TH TRUE MILK

III.STRENGTHS, WEAKNESSES, AND CHALLENGES FOR THTRUE MILK

1. Strengths2. Weaknesses3. Challenges

IV.THE SOLUTIONS FOR TH TRUE MILK

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I.THEORETICAL BASIS

Consumers' buying behavior directly affects the decision to buy the product of this businessor not. Buying behavior includes all wants and requirements and it requires businesses tolearn carefully, so that businesses can be closer to the needs and wants of customers to beable to satisfy and meet their needs, in addition, to offer reasonable marketing strategies,bring profits and high sales performance.

Buying behavior of customers is influenced by four main factors: cultural, social, personal, andpsychological. Businesses need to focus on learning and carefully analyzing these four factors to beable to understand customers in the most specific way, ensuring the best and most effective productmarketing program.

1. Cultural influences

Culture: Each culture has its own unique identity,so when entering a specific market, it is necessary tounderstand the cultural identities as well as thecustoms, to create specific strategies, suitable for themarket, customer needs, and attitudes.

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b. Lifestyles

Lifestyle reflects each person's outlook on life. Everyone has their way of life expressing theirindividuality. Businesses themselves also need to learn about each lifestyle group to have suitableproducts.

c. Occupation

People's shopping needs are also based on their jobs. They will tend to buy products that best servetheir job, marketers need to identify occupational groups that have a lot of interest in their productsand services.

d. Personality

Whether living in the same environment or socialclass, people have different personalities andneeds. Meeting and satisfying each person's needsis always a difficult issue due to the diversity ofpersonality and characteristics of each person.

The three cognitive processes are as follows:

● Selective attention: the tendency for people to screen out most of the information to which

they are exposed.

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support what they already believe.

● Selective retention: retaining information that supports existing attitudes and beliefs.

c. Learning

Learning describes changes in an individual’s behavior arising from experience.

d. Beliefs and attitudes

A belief is a descriptive thought that a person has about something based on knowledge, opinion, orfaith.

Attitude describes a person’s relatively consistent evaluations, feelings, and tendencies toward anobject or idea.

II.CUSTOMER BUYING BEHAVIOR OF TH TRUE MILK1. An overview of

TH TRUE MILK or full name is a dairy food

joint-stock company TH TRUE MILK is acompany under TH group, established in 2009 inNghe An. This is a 100% company specializing inthe production and supply of milk and dairyproducts. Although this is a new brand that hasexisted for more than 10 years, when compared to

long-standing enterprises such as Vinamilk, MocChau..., it is undeniable that its superior position

and popularity in the market segment is undeniable. TH TRUE MILK's dairy market in Vietnam.According to retail market measurement data as of March 2021, TH TRUEMILK has reached a 30%

market share in the fresh milk segment in urban retail channels. At the same time, TH Dairy JointStock Company has affirmed its position in the dairy industry with the evidence of ranking 2nd in the

top 10 prestigious food companies in 2020, the dairy and dairy products industry group.

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Group in investing in an industrial dairy farm, modern milk processing technology, and a completedistribution system. The TH TRUEMILK project has been started in 2009 with the import of beef

farming technology from Israel, and thousands of cow breeds from New Zealand. TH TRUEMILK

is increasingly formed and developed with the welcome of the first cow "Moc", followed by theconstruction of the first dairy factory in Nghia Dan, Nghe An with an investment of 1.2 billion VND.And so, the first dairy product was born on December 26, 2010, TH TRUEMILK milk officially

entered the Vietnamese dairy market, reaching consumers across the country. In 2011, THTRUEMILK opened the first TH Mart store with humane activities such as the project "For the sakeof Vietnamese stature" and "Working together - Nurturing talents", helping poor children in Nghe Anprovince.

In 2013, Inaugurated TH Fresh Milk Factory (phase I) with the most modern dairy farm, the largestindustrial scale in Southeast Asia on July 9, 2013. In 2015, just 5 years after the launch of the firstproduct, TH TRUE MILK is the enterprise that owns the largest dairy herd in Vietnam with a herd

size of up to 45,000 heads, on a farm area of 8,100 hectares. in Nghe An. TH TRUEMILK Group

inaugurated TH's first dairy farm in Moscow province, Russia on January 31, 2018. Next, to theChinese market in 2019 when the first batch of Vietnamese dairy products was allowed to be officiallyexported to the Chinese market, becoming the first Vietnamese enterprise to be granted a code by theGeneral Department of Customs of China. The transaction allows the export of fresh dairy products to

China. With a series of achievements created, TH TRUEMILK has been constantly and has been and

is becoming a trusted milk brand of customers in Vietnam and around the world.

2. Analysis of customer buying behavior for TH TRUE MILK

a. Cultures:

The culture of drinking milk has become part of the cultural identity of theVietnamese people. With the habit of using milk every day to replace protein from meat orfish, Vietnamese people consume milk every day. TH TRUEMILK has been and continuesto follow the path of producing clean, hygienic fresh milk, bringing safety to consumers with

their slogan "True Happiness". As a pioneer company that laid the foundation in producing

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contributing to preserving the culture of drinking milk and consuming the milk of Vietnamesepeople from different countries. animals with the criterion "delicious, clean and nutritious".

● Subcultures:

- The Vietnamese culture of drinking milk is gradually changing. Instead of consuming animalproducts such as cows or goats, Vietnamese people are now more and more inclined to drinkplant-based products. And TH TRUEMILK did not ignore that trend. Besides the productionof cow's milk that has passed the rigorous

pasteurization tests that are so familiar in the market,

TH TRUEMILK has also produced nut milk made

from nutritious nuts such as macadamia, almonds,walnuts, and other flavorings such as turmeric, gacfruit, red-brown rice to meet the demand for plant

milk, while ensuring safety and nutrition no less than animal products.

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to live a life with nutritious and healthy

products. And TH TRUEMILK has also

produced products according to the needs ofcustomers. TH TOPKID Organic productwas born, providing nutrition and safety toall ages, especially children and the elderly.The product is obtained directly from dairycows raised on organic farms that say no to weight gainers, no excess of antibiotics, and eventhe feed for cows does not contain pesticides, therefore completely ensuring food safety andhygiene and the highest standard of nutrition. In addition, the product also contains calciumcontent and an abundant source of vitamin D; DHA, Folic Acid; Vitamin C, and vitamins ofgroup B.... ensure the optimal development of young children, and help children developcomprehensively, this is a product that has solved the headache of parents when giving theirchildren using milk.

●Social class:

TH TRUEMILK focuses on affluent families and families with children.

These are families with stable incomes, in addition, they can afford better and more nutritiousproducts, especially from nature. TH TRUEMILK has constantly improved and upgraded itsdairy factory to fully meet those needs with clean, safe milk, and diverse natural products.Therefore, the price of the product is slightly higher but it is completely worth it for thequality of the product.

b. Society:

Social influences also affect the buying behavior of consumers. Typically, when anew product appears, society rushes to buy it, thereby also stimulating the curiosity ofconsumers and they want to buy about the experience and try it out.

●Family:

TH TRUEMILK targets female customers who have families and young children,

female customers, aged 15-35. They are mothers, so the interest in the nutrition of the productis obvious. Families in Vietnam, often have a tradition of giving their children milk from a

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a habit, their children also have a tradition of consuming milk when they get married.Therefore, TH TRUEMILK has targeted the above target group to give families thenecessary peace of mind about their children's comprehensive development future when usingtheir product line. They are committed to safety and quality, increasingly creating nutritionalproduct lines, and becoming a trusted product for mothers when buying products for theirfamilies.

● Group:

When customers realize that a certain group of people they use and enjoy withproducts from TH TRUEMILK, they tend to be influenced and want to buy them.

●Social role:

TH TRUEMILK offers a higher price than the market, so to affirm the status

of those who can consume the above product line must also be people of the middle and upperclasses, they have economic and income. higher and pay more attention to nutrition thanconventional dairy products to ensure their health. TH TRUEMILK has also responded by

offering products according to TOPKID organic technology or nut milk to meet the

nutritional needs of customers.

c. Personal influences

●Ages:

TH TRUEMILK focuses on female customers, aged 15 to 35 and focuses on

audiences from 25 to 35, or objects in urban areas, focusing on big cities with active andmodern living. They are concerned about the health of themselves and their families.

●Occupation:

Customers from all occupations but mainly housewives or people with fairlyhigh incomes in the society, who are starting to pay attention to nutritional and healthyproducts.

●Lifestyle:

TH TRUEMILK's customers are usually people who have a healthy lifestyle

and care about their own health, so they need products that are really nutritious, clean, and

can bring them good health. In addition, TH TRUEMILK also builds for customers a

"green" lifestyle when implementing the program to keep the box in exchange for anenvironmentally friendly canvas bag.

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●Personality:

TH TRUEMILK brings natural, clean, and nutritious products, so their

customers are also people who like a healthy lifestyle, they like to mingle and love nature,and like nutrition and safety for themselves and their families.

d. Psychological influences

●Motives:

TH TRUEMILK customers may come to the company with different motives.

They feel safe and confident with the quality of milk they will buy, or their family has atradition of using TH TRUEMILK milk, or they feel that this milk brand will give them

positive energy when they watch advertised by TH TRUEMILK in the media. For example,

women will prefer to use Organic products or TH TRUEMILK's nut milk rather than freshmilk from cows because they may prefer frugality and nature.

● Perception:

-Selective attention:

Humans always pay special attention to the things around them.

They may tend to be interested in things that they are motivated to buy or that are differentfrom other brands they have seen or come across. Therefore, TH TRUEMILK has launched

many unique product lines to create that attraction. Consumers choose to buy THTRUEMILK because their commitments and safety are shown right on the packaging with

the three-star symbol, or organic products according to TOPKID technology, dairy productsfrom nuts make them curious and excited about the product.

-Selective distortion:

Each person tries to force the information they receive into theframework of their own thoughts. Selective distortion describes the tendency of people to

assign personal meanings to information. As when considering Vinamilk's dairy products andTH TRUEMILK's dairy products, marketers will have higher appreciation for Vinamilk

such as low price and popularity, in addition to many flavors and varieties, but what if Thatcustomer has more sympathy for TH TRUEMILK they will still buy TH TRUEMILK andwin many good compliments for the company such as higher quality and nutrition, beautifulpackaging to ensure safety, so that price is reasonable. deemed affordable.

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-Selective retention:

People will forget a lot of what they learn. They tend to withholdinformation that supports their attitudes and beliefs. Therefore, when hearing about the goodthings about TH TRUEMILK and other milk brands, TH TRUEMILK's customers will

have selective memories, they will surely only remember the good points of THTRUEMILK milk but forget about the good points of other milk brands, because they have

quite carefully considered TH TRUEMILK when thinking about which milk to buy.

● Learning:

Maybe when using so many different types of dairy products, there is an urge tobuy TH TRUEMILK milk from the experiences they feel from other dairy products. Theyfeel that the nutrition and purity are not equal to TH TRUEMILK, so they tend to choose

TH milk over other brands.

● Beliefs and attitudes

- Beliefs:

TH TRUEMILK has successfully built trust with customers and committed to hj

the high level of safety and nutrition that comes from their products. So that when customersare asked about quality, they have a firm belief and high reliability when they use the productwith the highest satisfaction. .

- Attitudes:

Attitudes describe good or bad judgments based on a person's sustained

perceptions, emotional feelings, and action tendencies toward a certain object or idea. THTRUEMILK gives customers with good services, good products and beautiful packaging,

motivating them to buy and try. From there build up good reviews about the product and theyhave a good feeling about the product and prioritize using them. In addition, there may be badreviews due to the price because they are used to using low-priced and popular products like

Vinamilk or Dutch Lady.

III.STRENGTHS, WEAKNESSES, AND CHALLENGES FOR THTRUE MILK

1. Strengths

a. Professional and highly qualified staff

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fresh milk production technology to Vietnam: milk production in a closed chain from green pasturesto clean cups of milk, application high technology, creating clean, nutrient-rich fresh milk.

About the staff, TH TRUEMILK owns a team of employees with high technical level, eager to learn

and quick to absorb. The production staff are all trained by experts and farmers in Israeli dairyfarming techniques.

b. Stable source of investment capital

TH TRUEMILK owns stable capital from Bac A Bank. TH TRUEMILK's projects consulted and

invested by Bac A Bank have started construction in 2020:

● High-tech dairy farming and milk processing project in Hoa Thuan border town, Quang Hoadistrict, Cao Bang province with a total investment of 2,544.5 billion VND

● To build a concentrated breeding farm with a herd of 10,000 dairy cows and a milk processingfactory with a capacity of 49,000 tons/year.

● High-tech dairy farming and milk processing project in Vinh Gia and Vinh Phuoc communes,Tri Ton border district, An Giang province with an investment of up to VND 2,655 billion

c. Famous brand

According to a report by an international market research company in the dairy industry, the brandawareness index of TH TRUEMILK in the minds of customers is 27%, overall brand awareness is85%, and the loyalty index is very high. is 29%.

These indicators can be understood that in 10 respondents, when it comes to milk, the image of THTRUEMILK will appear first in the minds of 3 people, 8-9 people are aware of the brand and 3

people say are loyal customers who love and are willing to engage with the brand.