To analyze the Marketing Strategy of the Vitasoy and its Future Expansion through Product Diversification in Hong Kong
In Partial Fulfillment of the Requirements
Higher Diploma in Marketing
Objectives of the project
Vitasoy started its development from soymilk, although it has developed a lot of drinks besides soymilk. The target market of Vitasoy is the Hong Kong citizens. In Hong Kong, the value stated in above could perform with others drinks, such as Coca-Cola, Ribena, etc. The market of soft drinks nowadays is getting saturated, so we are going to investigate the feasibility of developing new products and hence enlarge the market share for the future expansion. On the other hand, we would like to analyze their products for reconstruction of the product lines
Background for the study
Vitasoy has done lots of researches on the products in order to keep its leadership position in Hong Kong. However the soft drinks market is getting saturated. Actually products have been introduced to the market not only soft drinks, but also some kinds of food. The sub brand San Sui provides some soy related products like tofu. When we aware the situation, the number of competitors grows very fast, lots of the soft drinks are introduced into the market. Vitasoy should not only develop the new favors, Vitasoy has to create some new products, in order to keep the competitiveness in the field. Hence, we are going to do the analysis on the feasibility of product diversification some un-popular products from the existing product lines will be explore through the data analysis in our summary. We also study Vitasoy’s past marketing strategy to find out the expectation of the public and the future marketing direction.
The literature review let us analyze Vitasoy’s past marketing strategies, and understand more about Vitasoy’s history and other basic information. So reading the literature review is very useful and important. After reading the literature review, we can easily to collect the useful information and build up the basic concept about our topic. Also, reading the literature review not only get the basic information, but also the useful secondary information. This information has already generalized by others, so we can easily to get the main idea. When we are doing this project, this information can guide us to handle it.
1. Questionnaire survey
For the questionnaires’ result, we will mainly collect data about the perception of customers on Vitasoy’s products and the image of Vitasoy. Also, for the literature review, we will focus on the news, surveys and other reports about the Vitasoy. In the questionnaires, it has so many benefits in our project. First of all, the questionnaires can give us the primary information. The primary information let us understand more about the market’s needs and wants. This gives us the information to know which products make Vitasoy more successful. Also, we know more about the different consumers’ needs and wants, such as the high income people. Beside, the questionnaire lets us to collect much information and data more efficiently, so we can save time and resource for collecting it. In this point, we will have much time to handle the information and data. Before collecting the information and data, we need to design the questions. The questions should be standardized for the easy processing of data. 3.1 Research Questions
1) Why is Vitasoy successful in Hong Kong in the following aspects? a) Price b)Good Taste c)Nice Package
2) What is the critical factor when you buy the products of Vitasoy? 3) Under the same product category, which brand will you choose? 4) Through which channel will you buy the company’s product? 5) Within each product line of Vitasoy, which product does you like most? 3.2 Population and population size