Wealthy Health is a new foreign company targeted market in Vietnam with their Marine supplement products. Although most consumers in Vietnam did not known about the brand before, but the products from Wealthy Health are convenience and easy to use for everyone who buying it. With essentially simple design of packaging and easy to swallow capsule, the product can approach to potential customers without any difficulty. Consumers may not see the result immediately, however the natural ingredients and special marine extracts in the products have been extensively researched and tested from Wealthy Health will be a strong factor to convince consumer to purchase.
‘In general, the rate of diffusion can be postulated as positively related to relative advantage, compatibility, trialability and observability but negatively related to complexity’ (Cateora et al, p378).
Vietnam's rapid economic growth over recent years has increased demand for imported goods, creating significant opportunities for Australian exporters of functional foods, dairy, meat, fast moving consumer goods, wheats and grains, and services. Over the past decade, the health supplement sector is one of the fastest growing food sectors, according to the chairman of the Vietnam Association of Functional Foods, (222). Wealthy Health will get great advantages when enter into enormous potentiality market in Vietnam.
Retail sector in Vietnam is much higher in comparison to the growth rates throughout the rest of the Asia- Pacific region, which currently top out around twelve per cents. (111). The popular distribution channel for health supplements products in Vietnam is direct selling with 55 %, then chemists, pharmacies with 35%, and the last 10% is through specialty stores. Wealthy Health should follow up with this split level of distribution to build up the best marketing strategies in Vietnam. This distribution channel is really suitable with the buying behaviour of Vietnamese consumers. People are able to buy health supplement products in so many different convenience stores or even in street shops. However, direct sale from Wealthy Health exclusive stores or distribute to chemist/ pharmacies are safe way to delivery Marine supplement products to the customers. Many middle – high end customers would like to buy the genuine foreign brand with high quality. They can afford to spend up to $100 (VND 2million) a week on these substances, a huge amount that has led to a proliferation of dietary supplement outlets in the country. It brings opportunities for company like Wealthy Health with its high quality products and the reputation that has been built over years in Australia.
As mentioned above, the main targeted customers of Wealthy Health are middle class groups with the age range from over 30 to middle age. Those people are more likely to concern about their health problems as they get older. Base on economic growth, urbanization and changing lifestyles are associated with transformations in the food systems of developing country (Pingali 2006). Vietnam is one of the developing countries which were becoming a key market of interest for health supplements retail business. The spending habits of Vietnamese consumers are moving toward modern retail shops that are suitable with the business development strategy of Wealthy Health.
Advertising a new product range in Vietnam is very much the same with any other country via advertising media such as Television, radio, newspaper and health magazines. A sales promotion program in Vietnam may be conducted in various forms, including the use of samples or gifts, discounts, vouchers, contests, lucky draws, and customer reward programs. However it is lightly different with particular healthy supplement products, because consumers are not familiar with the products range and products knowledge. One of the great ideas in Vietnam for bringing products closer to the consumer is exposition. Normally, the goods…