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MPP-P - Chỉ là điểm P thoai

Basic Economics (Đại học Kinh tế Quốc dân)

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INTRODUCTION
Jewelry serves not only as an adornment but also as a
representation of opulence and individuality. The jewelry industry
has become an essential component of the fashion industry and
consumer culture in the current market scenario. PNJ is a well-
established and prominent jewelry brand in Vietnam, known for its
exceptional quality and leadership in the industry. Through the
integration of traditional and innovative elements, this
establishment serves as both a retail destination and a platform for
distinctive and significant shopping encounters. Jewelry is an
essential component of contemporary life, where elegance and
aesthetics are valued and examined in unison. As a Junior Marketing
Analyst working in the Marketing Department of a domestic jewelry
company in Vietnam, with PNJ as the main focus, I am required to
create a report for approval by the Marketing Director. The report
will consist of two sections: Task 1 and Task 2.
a.About the company
Phu Nhuan Jewelry (PNJ) is
one of the leading jewelry brands
in Vietnam, with a history of
development spanning over half
a century. The company was
established in 1988 in Ho Chi
Minh City. With more than 30
years since its establishment,
from a small shop, PNJ has grown
into a large enterprise with a
network of stores and manufacturing facilities across the country.
With the vision of "To become the leading jewelry retailer in Vietnam
and one of the top enterprises in the region," PNJ focuses not only
on jewelry production and trading but also expands its activities to
related fields such as gemstones, gold, silver, watches, and jewelry-
related services. With the top
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has built a strong brand, highly regarded by customers. The

company constantly innovates in design and manufacturing
technology to meet the increasingly diverse and upscale market
demands.

In addition to business activities, PNJ also regularly participates

in social and charitable activities, contributing to the development of
the community and society. This also contributes to strengthening
and developing the reputation of the PNJ brand not only among
consumers but also within the community where it operates.

b. Purpose of this report

The objective of this report is to perform an analysis of PNJ
company's marketing strategy in addition to the external
environment and other factors that may affect the company's
business.

c. Sturucture of the report

This report is divide into two part:
 Task 1: about marketing concept. This section will focus mainly on
concepts and surrounding factors that affect the company's
operations.
 Task 2: about benchmark analysis. In this section, there will be a
comparison between the similarities and differences in the
marketing strategies and approaches of the companies
mentioned above.

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TASK 1. MARKETING CONCEPT

To determine the purpose of this report, it is necessary to have

a comprehensive understanding of marketing

a.Definition
Marketing is a process by which businesses exchange goods
and create value to satisfy customer needs and wants (Armstrong,
et al., 2014). According to the Brassington, F. & Pettitt, S., 2013.
Essentials of marketing. 3rd ed: Here are two commonly used and
widely recognized marketing descriptions. One interpretation is
favored by the Chartered Institute of Marketing (CIM) in the UK,
while another is provided by the American Marketing Association
(AMA):
 Marketing is the management process responsible for
profitably identifying, anticipating, and satisfying customer
requirements. (CIM, 2001)
 Marketing is the activity, set of institutions, and processes
for creating, communicating, delivering, and exchanging
offerings that have value for customers, clients, partners,
and society (AMA, 2007).
Both explanations aim to provide a concise overview of a wide-
ranging and complex subject. Despite their similarities, one draws
attention to a crucial element that the other neglects to mention.
(Brassington & Pettitt, 2013)
The broad concept of marketing is to build, cultivate, and improve
connections between consumers and other stakeholders while
earning a profit to meet the aims of everyone involved. You do this
by continuing to be devoted to each other while trading goods and
services. (Brassington & Pettitt, 2013).
Intending to become the leading jewelry retailer in Vietnam
and one of the leading businesses in the region with the slogan
"Faith and Style" (PNJ, 2024), and as one of the leading stores in the
field of jewelry, PNJ Jewerly's business philosophy is to serve the
desires, requirements, and
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consumers in Vietnam. This business has focused on its goods,

combining classic with innovation to deliver extremely sophisticated
products that celebrate the beauty of consumers and the lives of
consumers.

PNJ perceives marketing as a means to generate value for

clients and enhance sales volume. PNJ's jewelry collection, which is
specifically tailored for social media marketing, serves as a strong
witness to the effectiveness of this technique. This concept may
originate from particular challenges that Southeast Asian nations are
encountering. Kotler and Armstrong (2017) propose that companies
can effectively promote any product they manufacture through the
implementation of tactics such as advertising and personal selling.
Social marketing involves delivering value to consumers while also
taking into account long-term environmental and community
advantages. Given the wealth of information available, it might be
essential to elucidate the differentiation between authenticity and
imitation.

b. External Environment
1. Definition:
The phrase "external environment" refers to the elements that
affect a corporation outside of its internal walls (Shaikh, 2010).
Everything outside the company's borders that could have an
impact on the business is called external. They are vital for the
operation of the company, thus keeping an eye on them is
necessary.
There are two types of environments in marketing: the
microenvironment and the macroenvironment. The company, its
suppliers, marketing middlemen, buyer markets, competitors, and
the public are all part of the microenvironment and have an effect
on the company's ability to get new customers and serve existing
ones. Socioeconomic factors that have a big effect on the
microenvironment are part of
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demographics, economics, technology, politics, and culture (Kotler

and Armstrong, 2018).

2. Demographic factors:
Demographics is a market segmentation method that groups
customers based on traits like age, gender, income, occupation, and
family status. This allows businesses to tailor their marketing efforts
and messaging to specific customer needs. This accessible and less
data-intensive approach improves personalization, product
relevance, and advertising effectiveness. Other strategies like
psychographic, geographic, and behavioral segmentation may be
considered depending on the product, business size, and target
audience (mechanysm.uk).

Placing on jewelry serves as an emblematic representation of

daily existence, safeguarding both the epidermis and spirit. It
functions as a symbol of emotional connections and recollections,
preserving the vitality of our relationships with significant others.
These indispensable items are difficult to relinquish because they
serve as preservatives and lengthen our biographies (Petra Ahde-
Deal, 2013). Women have beauty demands that must be satisfied
for them to maintain an appealing appearance and receive
compliments from others (Ioannou, 2018). The correlation between
attractiveness and the pursuit of enjoyment and satisfaction derived
from one's appearance provides compelling evidence that
underscores the significance of beauty in women (Sari, 2022).
Consequently, in light of this context, PNJ has adeptly utilized
contemporary materials to produce output items that are
impeccable, refined, opulent, and suitable, in addition to fully
satisfying the prerequisites for augmenting the beauty of women of
all ages in terms of charm, sophistication, and grace.

3. Economical factors:
Consumers' purchasing power and spending patterns are
influenced by an extensive
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economic environment. Variables that exert a substantial influence

on the market include income, cost of living, interest rates, savings,
and financing patterns. For monitoring and assessing these factors,
businesses utilize economic forecasts. Organizational shutdowns are
not invariably the result of economic expansion or contraction.
(Kolter and Armstrong, 2017).
Economic issues have a substantial influence on customer
behavior and marketing methods. During periods of economic
recession, customers tend to prioritize purchasing critical goods and
services, which in turn prompts companies to make adjustments to
their pricing strategies and promotional activities. During periods of
economic expansion, individuals allocate their resources towards the
purchase of beauty products, so facilitating the growth and
expansion of firms operating in this industry. Economic conditions
have an impact on both operating costs and earnings. Additionally,
variations in currency exchange rates influence the expenses
associated with imported items and raw materials.

c. Roles of marketing departments

Modern marketing authority Peter Drucker once stated,
"Marketing is not only considerably more general than selling, but it
is not even a specialized activity. It denotes the entirety of the
enterprise. The comprehensive assessment of the enterprise is
centered on the outcome, specifically from the customer's
perspective. Thus, all facets of the organization must be imbued
with awareness and accountability regarding marketing.”
The marketing division plays a vital role in the expansion of an
organization, with a primary emphasis on sales operations. The
magnitude of revenue generated by sales endeavors has a direct
bearing on overall profitability. Consequently, the objectives of the
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department must be congruent with those of the company and the

organization at large.
The marketing department of PNJ assumes a critical function in
fostering communication and cooperation among other
organizational departments. They frequently collaborate with the
Department of Research and Development to comprehend customer
requirements and design new products consequently. Furthermore,
the marketing and sales departments collaborate to establish
promotional programs and facilitate the distribution of products.
Additionally, they collaborate with the finance department to
oversee marketing expenditures and ensure the efficient execution
of marketing campaigns. By collaborating, these departments assist
PNJ in attaining its business objectives and preserving its standing in
the jewelry industry.
The impact of consumers on the development of products and
services is significant, given that marketing and sales managers
invest a considerable amount of time in direct customer interaction.
The recommended course of action involves implementing
modifications to existing products and services, eliminating specific
services that are superfluous, or integrating innovative
enhancements into the organization's investment portfolio that align
with customer preferences. It is the responsibility of the Sales and
Marketing departments to establish the pricing and distribution
channels for PNJ's products.

Ensuring customer satisfaction and retaining the initial

clientele are both dependent on effective customer service.
consumer service initiatives are more cost-effective to invest in than
consumer acquisition. Marketing sector efficacy is enhanced by the
capacity of personnel to identify and resolve consumer issues.
Facilitating the integration of marketing and customer service
operations can contribute to the fulfillment of customer demands
and the expansion of a business's clientele.
TASK 2: BENCHMARKING ANALYSIS
Marketing mix: A crucial component of the marketing strategy
is the marketing mix. Itby Nhi
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organization's activities, from product manufacturing to revenue

generation. An amalgamation of marketing instruments is utilized in
concert to alter market reaction. This instrument is utilized by all
organizations to develop their marketing plan. From the 4Ps to the
7Ps, the marketing process has evolved.
According to Coursera Staff in 2024, the 4Ps of marketing
include:
 Product: The target market receives the services of the
organization. Products consist of visible and palpable
components. Products may be categorized into three distinct
categories. Actual products, augmented products, and
fundamental products comprise these categories.
 Price: The pricing model of a product or service determines its
level of success. A purchase might be deterred by a high price,
whereas a low price might deter purchases out of concern for the
product's quality and prospective profit margins. Consequently, it
is essential to select a price that is affordable for the target
market and aligns with organizational objectives.
 Place: The right place to market and sell your product is crucial
for reaching your target audience. Choosing the right location,
whether online or offline, can help connect with your target
audience and set you up for success. Avoid placing your product
in a location that your target customers don't visit.
 Promotion: Promotion is a strategic marketing strategy used to
effectively promote a product or service, ensuring it resonates
with its target audience.

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DIFFERENCES
DOJI SKYMOND LUXURY
Product Doji always strives to However, Skymond
provide its clients Luxury focuses on
with only the highest producing jewelry
quality products, such as rings and
sourced from accessories made
premium materials from quality
such as gold, silver, materials and pearls.
diamond, and
gemstones, in line
with their objective.
Price DOJI offers a choice Skymond Luxury is
of items at different positioned as a
price levels to cater luxury brand, which
to various budget is why their jewelry
ranges, including carries higher price
both economical tags that represent
solutions and high- the uniqueness and
end pieces. They superior quality of
often provide their items. Their
promotions and primary objective is
discounts in order to to provide
entice clients and consumers who are
boost sales. willing to spend in
high-end jewelry
goods with
outstanding value
and prestige.
Place DOJI has a Skymond Luxury
widespread chain of mostly works in high-
retail outlets end areas and
throughout Vietnam, exclusive shops,
strategically focusing on wealthy
positioned in
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urban areas and could employ a more

commercial discerning approach
complexes, offering to distributing their
clients easy products in order to
opportunities to preserve their brand
discover and acquire reputation and sense
their merchandise. of exclusivity.
Promotion DOJI utilizes a range Skymond Luxury is
of promotional dedicated to crafting
tactics, an atmosphere of
encompassing exclusivity and
traditional prestige by
advertising channels implementing
like television and strategic marketing
print media, as well campaigns, securing
as digital marketing celebrity
on social media endorsements, and
platforms and their actively participating
official website. in prominent events
and fashion shows.

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Similarities
DOJI SKYMOND LUXURY
Product DOJI and Skymond Luxury both provide
exquisite and opulent jewelry goods. Their
primary concentration is on creating
intricate patterns employing valuable
metals and jewels to meet the specific
preferences and likes of their intended
clientele.
Price Both businesses present themselves as
purveyors of high-end jewelry, which is
evident in their pricing tactics. They
establish pricing that correspond to the
perceived worth of their items, specifically
targeting rich clients who are prepared to
pay a higher price for superior quality and
exclusivity.
Place Both DOJI and Skymond Luxury intentionally
position their stores in prestigious areas,
such as high-end shopping malls or luxury
districts, in order to allure their desired
clientele. Their objective is to provide an
opulent shopping experience for clients by
carefully selecting places that align with
their brand image.
Promotion Both companies allocate resources towards
marketing and promotional endeavors in
order to amplify brand exposure and entice
customers. They employ many avenues,
including social media, advertising, events,
and partnerships with influencers or
celebrities, to convey their brand message
and exhibit their items to prospective
buyers.
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DOJI
Business Objectives:
 Enhance Market Presence: Boost the market share and broaden
the global and local reach of DOJI's offerings and solutions.
 Improve Brand Image: Bolster the brand's standing for excellence
and opulence in the jewelry industry.
 Drive Revenue Growth: Attain consistent and long-lasting growth
in revenue by boosting sales and profitability.
 Customer Satisfaction: Achieve optimal levels of customer
satisfaction by delivering great goods and services.

Strategies:
 Product diversification involves expanding the range of products
offered to accommodate a broader spectrum of client tastes and
demographics.
 Market Penetration: Enhance market dominance by focusing on
expanding client base in untapped market categories and
geographical areas.
 Brand Positioning: Establish DOJI as a high-end and exclusive
brand via well planned marketing and branding efforts.
 Emphasize innovation and design: Consistently generate novel
ideas and create fresh designs to maintain a competitive edge in
the market and appeal to customers.

Tactical Approaches:
 Marketing Campaigns: Execute focused marketing campaigns
across diverse channels such as social media, digital advertising,
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and conventional media to enhance brand exposure and entice

customers.
 Expand retail operations by establishing more stores in
strategically chosen areas to enhance accessibility and broaden
the scope of the client demographic.
 Customer Engagement: Deploy customer engagement initiatives
like as loyalty incentives, tailored services, and gatherings to
amplify customer loyalty and retention.
 Establish strategic relationships and collaborations with esteemed
luxury companies, renowned designers, or influential individuals
to capitalize on their extensive networks and elevate the
reputation of our brand.

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SKYMOND LUXURY
Business Objective:
The main goal of Skymond Luxury is to position itself as a top-tier
luxury jewelry brand, known for its refinement, sophistication, and
high standards of craftsmanship. The company's objective is to
secure a substantial portion of the high-end jewelry industry by
providing unique and elegant designs that specifically appeal to the
refined preferences of wealthy clients.

Strategies:
 Brand Positioning: Skymond Luxury aims to establish itself as an
emblem of opulence and sophistication. By employing
painstaking craftsmanship and innovative designs, the business
strives to distinguish itself from competitors and establish a
robust brand identity.
 Skymond Luxury focuses on product distinction via the provision
of exclusive and high-quality jewelry items that highlight creative
designs and premium materials. In order to preserve its
competitive advantage in the premium market, the company
endeavors to consistently innovate and introduce new collections.
 Skymond premium utilizes focused marketing tactics to connect
with rich individuals who possess a discerning taste for premium
products. The brand seeks to allure its intended audience and
cultivate brand allegiance through smart alliances, exclusive
gatherings, and focused promotional initiatives.
 Customer Experience: Skymond Luxury places great importance
on providing outstanding customer experiences, both through
digital channels and in-person interactions. The company aims to
surpass client expectations at every interaction, whether it is
through customized service in-store or a simple online buying
experience.

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 Tactical Approaches:
 Skymond Luxury frequently introduces special collections that
showcase limited-edition items, aiming to generate enthusiasm
and anticipation among clients.
 The company engages in strategic partnerships with renowned
celebrities and influencers to elevate its brand reputation and
expand its exposure to a broader demographic of affluent
consumers.
 Skymond Luxury prioritizes the creation of opulent and
welcoming retail spaces that accurately convey the brand's high-
end image and provide clients a fully engaging shopping
experience.
 Digital Marketing Initiatives: Skymond Luxury leverages digital
channels such as social media, email marketing, and influencer
partnerships to engage with its target audience and drive online
sales.

PNJ learn tactical approaches from Sky luxury and Doji

1. As a leading jewelry brand, PNJ could potentially learn tactical
approaches from Skymond Luxury and Doji in several ways:
2. Product Differentiation: PNJ could observe how Skymond Luxury
and Doji differentiate their products through unique designs,
premium materials, and limited-edition collections. PNJ could then
incorporate similar strategies to enhance its product offerings and
appeal to different segments of the market.
3. Brand Positioning: PNJ could analyze how Skymond Luxury and
Doji position themselves as luxury brands and convey prestige
and sophistication through their marketing messages and brand
image. PNJ could adapt similar branding strategies to elevate its
brand perception and attract upscale customers.
4. Customer Experience: PNJ could study how Skymond Luxury and
Doji prioritize delivering exceptional customer experiences, both
online and offline. By implementing similar practices such as
personalized service, exclusive events, and seamless shopping
experiences, PNJ can enhance customer satisfaction and loyalty.
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5. Digital Marketing Initiatives: PNJ could learn from Skymond Luxury

and Doji's digital marketing initiatives, including social media
engagement, influencer partnerships, and targeted advertising
campaigns. By adopting similar digital strategies, PNJ can
effectively reach and engage with its target audience online,
driving brand awareness and sales.

 Overall, by observing and studying the tactical approaches of

Skymond Luxury and Doji, PNJ can identify successful strategies
and best practices to incorporate into its own marketing efforts,
ultimately strengthening its position in the competitive jewelry
market.

Conclusion:
Finally, marketing encompasses a comprehensive approach to
engaging with the market, understanding customer desires and
requirements, and delivering value through a range of activities
including pricing, design, research, and distribution of products and
services. Marketing plays a vital role in developing and nurturing
long-term relationships with customers. Positioning a business apart
from its competition and successfully reaching the target audience
with its offerings.

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REFERENCE LINK
1. Cửa hàng trang sức PNJ: https://www.pnj.com.vn/
2. Cửa hàng trang sức DOJI: https://trangsuc.doji.vn/
3. Cửa hàng trang sức SKYMOND LUXURY:
https://skymond.com.vn/
4. Kotler, P. and Amstrong, G. (2017). Principles of
Marketing. London: Prentice Hall
5. Brassington, F. and Pettitt, S. (2012). Necessity of
marketing. 3rd edition. Harlow: Pearson
6. Sari, M., Ayuningtyas, C. D., Cristin, S., & Rahyadi, I.
(2022). BEAUTY OF WOMEN FROM IDEAL APPEARANCE
AND UNDERSTANDING OF BEAUTY STANDARDS: A
LITERATURE REVIEW. INFOKUM, 10(5), 686-699.
https://doi.org/10.58471/infokum.v10i5.1124
7. Armstrong, G., Kotler, P. & Opresnik, M. O., 2018.
Principles of Marketing. 17th ed. London: Pearson.
8. PNJ, 2021, Câu chuyện PNJ, Available at:
https://www.pnj.com.vn/cau-chuyen-pnj.html
9. DOJI, 2019, Doji và những chiến thuật marketing bậc
thầy, Available at: https://trangsuc.doji.vn/tin-trang-
suc/doji-va-nhung-chien-thuat-marketing-bac-thay
10. Nhung D., 2022, 3 CHIẾN LƯỢC MARKETING CỦA
PNJ GIÚP TRỞ THÀNH “ÔNG LỚN” NGÀNH TRANG SỨC,
Available at: https://oriagency.vn/chien-luoc-marketing-
cua-pnj
11. Hạnh, 2023, Chiến lược Marketing của PNJ - "Đầu
tàu" ngành trang sức Việt Nam, Available at:
https://marketingai.vn/chien-luoc-marketing-cua-pnj-
dau-tau-nganh-trang-suc-viet-nam-19449509.htm
12. PHÂN TÍCH CHIẾN LƯỢC MARKETING CỦA PNJ –
THƯƠNG HIỆU TRANG SỨC HÀNG ĐẦU VIỆT NAM,
Available at: https://www.navee.asia/kb/chien-luoc-
marketing-cua-pnj/#h-2-1-chi-n-l-c-c-a-pnj-v-s-n-ph-m
13. Shaikh Saleem, 2016, Strategic Management
14. What Is Demographics: Marketing Explained,
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marketing-glossary-a-z/what-is-demographics-
marketing-explained/
15. Coursera Staff, 2024, Available at:
https://www.coursera.org/articles/4-ps-of-marketing
16. Petra Ahde-Deal, Women and Jewerly, 2013

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