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Ho Chi Minh City University of Economics and Finance – UEF

Lecturer’s name: Nguyen Minh Quan

Course Name: Brand Management

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Ho Chi Minh City, October 23th, 2023

PROLOGUE

I want to begin by expressing my deep gratitude to the University of Economics and Finance in Ho Chi Minh City for including the Brand Management course in the curriculum. I would also like to extend my heartfelt appreciation to our lecturer, Mr. Nguyen Minh Quan, for his guidance and the invaluable knowledge he has shared with me during my studies.

Throughout my time in Mr. Quan's class, I have acquired a wealth of valuable knowledge, cultivated a positive and effective learning mindset, and developed a strong sense of commitment when it comes to my academic pursuits. I firmly believe that the insights he has imparted will serve as valuable assets that will prepare me for the future. The Brand Management course is an engaging and incredibly beneficial subject that I am confident will greatly benefit my future career. However, I acknowledge that my existing knowledge has its limitations, and I have relatively limited practical experience. Despite my best efforts, I'm aware that my essay may contain imperfections and inaccuracies in various places. I kindly request Mr. Nguyen Minh Quan's review and feedback to help me improve my essay.

In closing, I would like to extend my best wishes to Mr. Nguyen Minh Quan for good health and success in his professional endeavors, as well as happiness in his personal life. I am genuinely grateful for everything!

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Table of Contents

CHAPTER I. THEORETICAL BASIS...8

1. Unique selling point...8

6. Strategic management branding process...17

6.1 Identifying and Developing brand plans. Brand Positioning:...17

6.2 Designing and Implementing Brand Marketing Programs...20 1 | P a g e

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6.3 Measuring and Interpreting Brand Performance...22

6.4 Growing and Sustaining Brand Equity...23

5. Unique Selling Point...31

CHAPTER III. BRAND ELEMENTS...33

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4.2 Targeting...74

4.3 Positioning...75

CHAPTER VI. STRATEGIC BRANDING PROCESS...78

1. Step 1: Identifying and Developing Brand Plans...78

2. Step 2: Designing and Implementing Brand Marketing Programs...83

3. Step 3: Measuring and Interpreting Brand Performance...85

4. Step 4: Growing and Sustaining Brand Equity...87

4.1 Brand Strategy Anchored in Product Value...87

4.2 Brand Strategy Focused on Core Offerings...88

4.3 Building Brand Confidence...88

CHAPTER VII. RISK MANAGEMENT...90

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Figure 1: Service of Baemin...29

Figure 2: Baemin USP...31

Figure 3: Baemin Name...32

Figure 4: Logo...33

Figure 5: Color...34

Figure 6: Baemin Font: BM Daniel...35

Figure 7: Baemin Font: BM Lucas...36

Figure 8: Mascot...37

Figure 9: Customer App...38

Figure 10: Rider App...38

Figure 11 Merchants App...39

Figure 12: Uniforms...40

Figure 13 Friendly, professional riders...42

Figure 14: User-friendly application...43

Figure 15: Baemin's strong brand recognition...44

Figure 16: Increased smartphone usage:...48

Figure 17 Baemin Campaign 1...53

Figure 18: Baemin Campaign 2...53

Figure 19: Baemin x Momo...55

Figure 20: Brand Reputable...57

Figure 21: Savvy Customer...59

Figure 22: Economic downturns...60 5 | P a g e

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Figure 23: Brand proliferation...61

Figure 24: Increased competition...63

Figure 25: Food app delivery...64

Figure 26: Slogan...67

Figure 27: Geographic Segmentation...69

Figure 28: Targeting...74

Figure 29: Percentage of Baemin...75

Figure 30:Positioning Map...76

Figure 31: Compaihn 3rd Birthday Baemin...82

Figure 32: Baemin 3 years old...84

Figure 33: Baemin compaign thanks...85

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CHAPTER I. THEORETICAL BASIS

1. Unique selling point

A unique selling point (USP), also called a unique selling proposition, is a marketing statement that differentiates a product or brand from its competitors. A USP might boast the lowest cost, the highest quality, the most experience, the first in its product class or another trait that sets the offering apart from the competition. A unique selling point can be thought of as "what you have that competitors don't."

A successful USP promises a clearly articulated benefit to consumers, offering them something that competitive products can't or don't offer. The USP should also be compelling enough to attract new customers. It carefully balances what the customer wants with what the business does well or what it can deliver that the others cannot. The idea is to make the product or brand stand out from the competition in some unique way.

The USP should appeal to what the customer cares about and clearly differentiate the company's offering from everyone else.

2. Brand elements What is brand management?

Branding is a fundamental element for businesses as it entails establishing a distinct identity for a company's offerings. It can also facilitate the cultivation of customer loyalty and an emotional connection with the company. While branding can be intricate, grasping the fundamentals is crucial before embarking on a brand strategy.

Brand management, also referred to as Marketing, assumes responsibility for the comprehensive administration of a brand. This encompasses various components, from product development and marketing to advertising and public relations. All these elements collaborate to craft a specific image or reputation for a brand. The aim of brand 7 | P a g e

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management is to craft a robust and positive reputation for a brand, leading to heightened sales and market presence.

This process enables companies to craft a unique identity for their products or services in the marketplace. An effective brand management strategy has the potential to foster customer loyalty and expand market share. Firms must comprehend the diverse facets of brand management to construct a resilient brand identity.

Why Is Brand Management Important?

Brand management is of utmost importance for several compelling reasons. It plays a vital role in establishing an emotional bond between the customer and the company, fostering customer loyalty, and enhancing the long-term value that customers bring. Additionally, effective brand management empowers a company to command a higher price for its products or services.

Principles of Brand Management

Brand management principles to consider include:

Brand Equity: Your brand’s reputation is key. You want customers to trust the brand, so they’ll buy more or recommend it to a friend. Your brand name should be recognized in a positive manner, drawing people in.

Brand Loyalty: Brand loyalty is like brand equity when customers buy your product solely out of loyalty to you. This helps with word-of-mouth advertising and reputation to keep folks coming back.

Brand Recognition: Brand recognition can be self-explanatory but is still a key factor for the success of your business. You want your brand to be recognized by more and more people in a positive light to attract more business. They won’t even have to know your brand name and can still recognize your product.

Brand Management Strategies Do More, Be Unique:

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Do you have a unique, eye-catching angle on what it is you’re selling? What sets your product apart from the competition? Why should people want to buy your product?

Focus on your why. Remember why you loved your brand in the first place, and whatever that feeling is, use it to help with your branding.

Do you have an evaluation plan? Evaluate what performs well and what doesn’t. Be prepared to do this again and again over the lifespan of your business.

When something works, do more of it. If something doesn’t, reevaluate how you can make it better. The key to branding is to continue evolving.

Digital Marketing

Digital Marketing is the key to the future. There are so many things to consider when starting a brand and having a digital marketing component is one of them. From amazing visuals to social media strategy, digital marketing covers it all.

It may be worth it to invest in a graphic designer and social media manager. Humans (and especially those who shop) are inherently visual, so having a great design is

imperative for good branding.

Likewise, with digital marketing, everything is online these days. This is where your brand messaging will come to play as well, as you can really highlight what you want your brand to say and be. If your business is not online, you’re virtually

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Creates brand awareness and recognition Increases pricing and value of product Grows sales through loyal customers 3. SWOT analysis

What is SWOT analysis:

SWOT (strengths, weaknesses, opportunities, and threats) analysis is a framework used to evaluate a company's competitive position and to develop strategic planning. SWOT analysis assesses internal and external factors, as well as current and future potential. A SWOT analysis is designed to facilitate a realistic, fact-based, data-driven look at the strengths and weaknesses of an organization, initiatives, or within its industry. The organization needs to keep the analysis accurate by avoiding pre-conceived beliefs or gray areas and instead focusing on real-life contexts. Companies should use it as a guide and not necessarily as a prescription.

Components of SWOT Analysis: Every SWOT analysis will include the following four categories. Though the elements and discoveries within these categories will vary from company to company, a SWOT analysis is not complete without each of these elements:

Strengths: Strengths describe what an organization excels at and what separates it from the competition: a strong brand, loyal customer base, a strong balance sheet, unique technology, and so on. For example, a hedge fund may have developed a proprietary trading strategy that returns market-beating results. It must then decide how to use those results to attract new investors.

Weaknesses: Weaknesses stop an organization from performing at its optimum level. They are areas where the business needs to improve to remain competitive: a weak brand, higher-than-average turnover, high levels of debt, an inadequate supply chain, or lack of capital.

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Opportunities: Opportunities refer to favorable external factors that could give an organization a competitive advantage. For example, if a country cuts tariffs, a car manufacturer can export its cars into a new market, increasing sales and market share. Threats: Threats refer to factors that have the potential to harm an organization. For example, a drought is a threat to a wheat-producing company, as it may destroy or reduce the crop yield. Other common threats include things like rising costs for materials, increasing competition, tight labor supply. and so on.

Benefits of SWOT Analysis: A SWOT analysis won't solve every major question a company has. However, there's several benefits to a SWOT analysis that make strategic decision-making easier.:

A SWOT analysis makes complex problems more manageable. There may be an overwhelming amount of data to analyze and relevant points to consider when making a complex decision. In general, a SWOT analysis that has been prepared by paring down all ideas and ranking bullets by importance will aggregate a large, potentially overwhelming problem into a more digestible report.

A SWOT analysis requires external consider. Too often, a company may be tempted to only consider internal factors when making decisions. However, there are often items out of the company's control that may influence the outcome of a business decision. A SWOT analysis covers both the internal factors a company can manage and the external factors that may be more difficult to control.

A SWOT analysis can be applied to almost every business question. The analysis can relate to an organization, team, or individual. It can also analyze a full product line, changes to brand, geographical expansion, or an acquisition. The SWOT analysis is a versatile tool that has many applications.

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A SWOT analysis leverages different data sources. A company will likely use internal information for strengths and weaknesses. The company will also need to gather external information relating to broad markets, competitors, or macroeconomic forces for opportunities and threats. Instead of relying on a single, potentially biased source, a good SWOT analysis compiles various angles.

A SWOT analysis may not be overly costly to prepare. Some SWOT reports do not need to be overly technical; therefore, many different staff members can contribute to its preparation without training or external consulting.

4. Factors responsible for branding challenges 4.1 Savvy customers

Become more experienced with marketing, more knowledgeable about how it works, and more demanding. Current marketing environment has cast number of sources of information that consumers may consult. Empowered consumers play an active role in a brand's fortune

4.2 Economic downturns

A severe recession that commenced in 2008 threatened the fortunes of many brands. Changes in economy impact consumers' purchasing power. Research suggest that during recession, many consumers bought lower-priced brands and many became the switchers to less expensive products.

4.3 Brand proliferation

Marketers have increasingly added new products under their brand umbrella Multiple product brands complicate the decision-making process for marketers. As large number of brands engage in expansion, channels of distribution become clogged, and brands struggle to get products on the shelf.

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4.4 Media transformation

Erosion or fragmentation of traditional advertising media and the emergence of interactive and nontraditional media, promotion, and other communication alternatives. Marketers are spending more on nontraditional forms of communication.

4.5 Increased competition

Both demand and supply factors have contributed to the increase in competitive intensity:

Demand for many products and services has flattened and hit the maturity stage, or even the decline stage, of the product life cycle

On the supply side, new competitors have emerged due to factors such as globalization, low priced competitors, brand extensions, deregulations

4.6 Increased costs

The cost of introducing a new product or supporting an existing product has increased rapidly, making it difficult to match the investment and level of support that brands received previously

4.7 Greater accountability

When it comes to brands, accepting responsibility and demonstrating accountability has been something of a contentious issue. In 2021, brands who don’t take responsibility for their impact on the world at large are losing their popularity, especially among younger generations.

Brand accountability can be complex. It involves a multi-layered approach to marketing, online presence, and business, as well as the willingness to shift focus away from solely profits and towards the “greater good”. For brands, demonstrating

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accountability means looking at societal problems and actively using their status and power to address them.

5. STP marketing model 5.1 Segmentation

At this stage, we conduct market research (including buyers, their needs, behavioral characteristics,...), then classify the products we are selling to hit the potential customer segment of the business. The reason why STP strategy analysis must perform the first market segment is because the market is extremely diverse. Besides, with limited resources, businesses cannot meet all the needs of all customers.

Market segmentation in STP strategy

There are many criteria that help market segmentation refer to such as: Segmentation by geographic location

Segmentation by age, gender

Segmentation by consumer behavior characteristics Segmentation by social class

Market segmentation helps businesses allocate resources effectively to focus on investing in "core" products, obtaining the highest profit as well as increasing competitive advantages in the market.

5.2 Target market

After researching, evaluating and segmenting the market, enterprises need to proceed to select the target market for their products. Choosing the right target market helps businesses devise appropriate marketing strategies and achieve the best results. It's not just a big market — because this lucrative piece of the pie is a playground for

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businesses with strong potential; but also unexplored niches. Applying the gap of the market to create new demand is the goal businesses need to aim for.

6 steps to target the right market:

Step 1: Learn and gather information about the niche Step 2: Get to know your existing customers Step 3: Analyze the collected data Step 4: Who Your Competitors Are

Step 5: Understand the features and uses of the products Step 6: Finally, evaluate the work performance

5.3 Positioning

Market positioning in STP strategy Product positioning in the STP strategy

Being different makes it special. Having decided to enter a market, businesses need to develop products that differentiate themselves from competitors' products. The key here is: Position the product in the mind of your target customer. Because only when positioning the brand of the product in the market, making consumers know and use the product, thereby bringing revenue to the business, that is the most important goal. If you fail to do that, your products will soon be eliminated. Of course, letting customers choose to buy and trust the products of the business instead of the products of other competitors is not easy.

Here are 4 ways to position products by segment:

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Positioning by price and quality Positioning by attribute/benefit Positioning by user

Positioning by competitors

6. Strategic management branding process

6.1 Identifying and Developing brand plans. Brand Positioning: Brand positioning model

Brand positioning refers to the distinctive place that a brand holds in the minds of its customers. It shapes how customers perceive a particular brand by linking emotions, characteristics, sensations, and sentiments to it. These connections set it apart from the competition.

Typically, positioning is the rationale behind customers choosing a particular brand, even if its product doesn't inherently differ from that of its competitors.

Positioning forges a connection between the customer and the company. It acts as a steadfast presence in the customer's subconscious, ensuring that the company comes to mind whenever they encounter any of its products or a distinct feature that sets it apart.

Types of Positioning:

Value-Based Positioning: A value-based brand positioning strategy aligns the brand with the value customers derive from purchasing or using its offerings.

Features-Based Positioning: In highly competitive markets with similar products, companies often position their products by emphasizing specific product attributes such as price, quality, or other detailed features, depending on the product category.

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Problem And Solution Based Positioning: They identify pain points and challenges consumers face and incorporate solutions into their communication and marketing strategies to promote their products.

Experience-Based Positioning: The primary focus is on creating a distinctive and differentiated customer experience that sets the offering apart from the competition.

Brand Resonance Model:

What is Brand Resonance Model: The brand resonance model can be visualized as an equity pyramid, representing the journey from brand recognition to brand loyalty. It

consists of three tiers: Awareness, Attitude & Behavior, and Loyalty. At the pinnacle of this pyramid, certain brands have reached the state of brand resonance. These are the brands that have successfully crafted a strong brand identity and have become the benchmark for all other brands.

Brand Resonance Model: The Brand Resonance Model serves as a tool to comprehend how individuals perceive brands and the products or services they offer. It offers a visual representation of the decision-making process consumers go through when considering a purchase:

Brand Salience: Marketers are responsible for generating awareness about their product and establishing a connection between the product and the brand.

Brand Performance: On the brand level, marketers assess how the product functions and how effectively it meets customer needs.

Brand Imagery: This aspect addresses the psychological associations customers have with the product.

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Brand Judgments: Consumers form judgments about brands by amalgamating various performance aspects and the brand images associated with them.

Brand Feelings: It pertains to the emotions customers attach to the product. Customers can develop emotions related to brands in terms of enjoyment, security, self-esteem, social acceptance, and more.

Brand Resonance: signifies the psychological connection between the customer and the brand. It represents the top level of the pyramid, which every company aspires to attain. The primary focus here is on building a strong relationship with customers, ensuring repeat purchases, and fostering brand loyalty through consistent communication.

Brand Value Chain:

What is Brand Value Chain: The Brand Value Chain encompasses all the functions provided by a company to its customers, including marketing, product/service quality, pricing, customer experience, and more. To achieve success, it is essential for the brand value chain to remain seamless and uninterrupted. It extends beyond the initial marketing expenditure to be truly effective.

There are four stages in building the brand value chain:

Marketing Programs Invesment: These are the diverse investments made within your company, which can include products, services, employees, communication, commerce, and more. To positively impact this stage, it's essential to know how to communicate your brand, through which channels, and how employees share information about your brand.

Customer Mind-Set: This represents how customers perceive your brand, encompassing brand awareness, associations, attitudes, loyalty, and behaviors. To have a positive influence on this stage, it's

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crucial to understand whether your customers view your brand as distinct, whether you're considered the top brand, and whether they recommend your brand to others.

Market Performance: This is the result of customers' positive disposition when product/service sales increase.

Shareholder Value: This is the outcome of positive market performance and will enhance the brand value, along with financial impacts, affecting stock prices, P/E ratios, and market capitalization. 6.2 Designing and Implementing Brand Marketing Programs

Desigining Marketing Programs

At core of building brand equity is marketing programs or strategies. Marketing initiatives play a pivotal role in enhancing brand recognition and shaping the desired brand image. Marketing strategies can be tailored around aspects such as product, pricing, and distribution channels.

Reason why modern world is different can be understood from consumer as well as company’s perspective. Companies maintain extensive databases to store consumption behavior data, allowing for the analysis of this data to create products and services that meet consumer expectations. Marketing tactics can be executed through means such as email campaigns and engagement on social networking platforms, ...

Traditional marketing activities revolve around product, pricing, and channel distribution. However, efforts are always on to make sure marketing activities truly reflect brand image and develop strong brand equity. One the marketing concept developed is called experiential marketing. This unique concept is associated with brands and experience consumer has with it.

Product remains first frontier for consumer to create opinion for brand. Marketing strategy around product is to highlight not only core benefits but also process or easy by which purchase is done there by creating a long-term relationship with consumer where periodical information exchange can occur.

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Pricing is crucial for brand image. To establish price, product cost should not be the only consideration. But consumer perception for potential product value and sensitivity to price is also of equal importance. Marketers must develop marketing programs keeping in mind above discuss points to build a strong consumer-based brand equity.

Integrating Marketing Communication:

Effective marketing communication follows a straightforward cycle that necessitates understanding certain key elements. Marketers begin by comprehending the status of brand awareness and brand image in the minds of consumers.

Once consumer attention is captured, the communication should be thoughtfully structured to effectively convey the message without leaving consumers perplexed. The crucial aspect is assessing the effectiveness of the communication, determining if it has steered consumers in the desired direction.

Marketers have an array of marketing options at their disposal, each with its unique strengths and weaknesses. Advertising stands out as one of the most prevalent forms of marketing communication, encompassing channels like television, radio, magazines, newspapers, and direct approaches.

To design a complete marketing communication program, marketers have to ensure that they are able to establish connection with consumer and able to effectively communicate about brand, there by creating a strong brand awareness and image. This will ensure in creating a strong consumer-based brand equity. Leveraging Secondary Brand Association

Marketers possess several avenues to aid in the leveraging process. These options encompass associations with other companies, countries, and distribution channels.

Another set of options pertains to the brand's image, involving the use of brand ambassadors, event sponsorships, and related activities. Secondary brand associations

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become valuable, especially when consumers lack awareness of a new or upcoming brand. This lack of awareness can result in consumer indifference toward the brand. Above listed of association within current company’s infrastructure, however association can also be developed with brand from different company

Another way of association is through usage of logos, characters from brands, franchise of other product category.

However, if consumers are unaware of the association with the company, there is a limitation in knowledge transfer, which may not yield benefits for the brand. Furthermore, even if consumers possess brand knowledge, it is crucial to ascertain the degree of relevance it holds for the current brand. Marketers some come up with right mix of above strategies to convey right brand knowledge to consumers. It has its challenges but overall success of secondary association in building strong brand equity cannot be ignored.

6.3 Measuring and Interpreting Brand Performance

Brand measurement should have the capacity to forecast the forthcoming cash flow linked to the brand, consequently influencing the overall company's value. Additionally, it's vital to emphasize that marketing programs aim to influence consumer behavior. The entire process, commencing from the development of marketing programs and culminating in the financial cash flow as the result, is assessed using the brand value chain. This essentially serves as a roadmap for the progression of brand equity. This process involves:

Data collection: Gather relevant data through various sources, including market research, surveys, social media analytics, website traffic, and sales data.

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Compare with competitors: Compare your brand's performance metrics with those of competitors and industry standards. This helps in understanding how your brand stacks up in the market.

Analyzing customer feedback: Analyze customer feedback, reviews, and sentiment analysis to gauge customer satisfaction and identify areas for improvement.

Evaluating key indicators such as brand awareness, customer loyalty, and market share.

Therefore, brand measurement should be able to project future cash flow associated with brand which can lead overall value of the company. Other part, which needs to be strongly put forward, is that marketing programs are looking to change consumer action. The results of this evaluation provide valuable insights for adjusting strategies andimproving brand performance. This assessment should be conducted regularly, and the information should be reported to relevant stakeholders within the organization.

6.4 Growing and Sustaining Brand Equity What is Brand Equity?

Brand equity is a fundamental element of a business's brand strategy, and it comprises three essential components:

Brand Awareness: This pertains to the visibility of your brand and how frequently your intended audience identifies it. High brand awareness can lead to a stronger preference

for your brand, even when products or services are like competitors'.

Brand Associations: These are the connections and perceptions that consumers associate with your brand. These associations encompass the emotions and

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experiences your brand may evoke. Positive brand associations can significantly boost your brand equity.

Brand Loyalty: This measures the degree of customer loyalty to your brand. Loyal customers not only remain faithful to your brand when alternatives exist but also advocate for your brand, serving as word-of-mouth marketers.

Brand equity plays a crucial role in delivering substantial value to businesses, offering a range of advantages that drive long-term growth and profitability. This intangible asset functions as a potent competitive edge, enabling companies to nurture customer loyalty. When customers trust and recognize a brand, they are more inclined to choose it over competitors, even when it commands a higher price, thereby elevating profit margins.

What is Brand Architecture?

There are three fundamental models: Branded House, Endorsed Brands, and House of Brands. These models assist us in determining the organization of brands within a single company, each with distinct approaches.

In addition, there is a fourth model, the Hybrid Model, which combines elements of the ones. Each brand architecture type has its unique advantages and drawbacks:

Branded House (Monolithic): The primary brand and its sub-brands share a common visual identity, although there may be minor variations.

Endorsed Brands: The main brand provides support to sub-brands, which have some level of distinct design, yet they all benefit from the visibility of the main brand.

House of Brands (Pluralistic): The main brand is not connected to the sub-brands, each of which possesses entirely unique identities.

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Hybrid Model: This approach combines various methods. It typically occurs when a company begins with one product or service (following monolithic architecture) but as the company expands, entirely new brands are either developed or acquired. Managing Brand Equity?

Initially, start by conducting a thorough evaluation of your brand's current position, which encompasses its reputation, and the way consumers perceive it. This necessitates meticulous market research and a competitive analysis. Continuously evaluating how your brand is perceived is crucial for the effective management of brand equity.

However, you cannot remain static for an extended period. Swiftly and skillfully adapting to shifts in market trends and consumer preferences is a vital component of preserving your brand's relevance and competitiveness.

Anticipating future trends based on data analysis and market research is crucial to remaining ahead of the curve. Make use of social media monitoring tools and platforms for gathering customer feedback to keep abreast of consumer preferences.

Finally, maintaining uniformity across all points of contact is fundamental for reinforcing your brand's identity and value proposition. This applies to all aspects of your business, from customer service interactions and marketing materials to your social media presence and even your office decor.

7. Risk management What is Risk Management:

Risk management involves the identification, evaluation, and regulation of financial, legal, strategic, and security risks that may affect an organization's capital and earnings.These risks may arise from diverse origins, such as financial 24 | P a g e

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instability, legal responsibilities, strategic management missteps, accidents, and natural calamities.

To reduce risk, an organization needs to apply resources to minimize, monitor and control the impact of negative events while maximizing positive events. A consistent, systemic, and integrated approach to risk management can help determine how best to identify, manage, and mitigate significant risks.

Risk Management Process

Three important steps of the risk management process are risk identification, risk analysis and assessment, and risk mitigation and monitoring.

Idenrify risk: Risk identification is the process of identifying and assessing threats to an organization, its operations, and its workforce

Risk analysis and assessment: Risk analysis involves establishing the probability that a risk event might occur and the potential outcome of each event. Risk evaluation compares the magnitude of each risk and ranks them according to prominence and consequence.

Risk mitigation and monitoring: Risk mitigation refers to the process of planning and developing methods and options to reduce threats to project objectives. A project team might implement risk mitigation strategies to identify, monitor and evaluate risks and consequences inherent to completing a specific project, such as new product creation. Risk mitigation also includes the actions put into place to deal with issues and effects of those issues regarding a project.

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CHAPTER II. INTRODUCTION

1. Overview

Baemin, operated by Woowa Brothers Vietnam in collaboration with the global tech giant Delivery Hero, stands out as the leading online food delivery app in Vietnam. Covering all 21 provinces and cities, Baemin efficiently processes numerous orders every second, catering to the varied culinary preferences of customers across the country. This success is attributed to the seamless collaboration between Woowa Brothers' expertise and Delivery Hero's worldwide presence, enabling Baemin to dominate Vietnam's food delivery market. Additionally, Baemin's ability to adapt to local tastes, offer a wide range of restaurants, and provide a user-friendly interface has built its reputation for dependable and customer-focused service. This is evident in consistently high customer satisfaction ratings. Baemin's extensive reach and diverse menu options have established it as the top choice for those looking for convenient and varied dining choices in Vietnam.

2. History

In December 2010, Woowa Brothers introduced Baedal Minjok, the world's very first food delivery application, marking the start of a story that blended technology with everyday life. Fast forward to February 2019, after a decade of learning, gaining experience, and improving their services, Woowa Brothers took a strategic step by acquiring VNMM and establishing Woowa Bros Vietnam locally. This move gave birth to Baemin, with the vision of becoming a prominent food tech company, nurturing the food ecosystem in Vietnam.

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In May 2019, Chubby Cat (Mèo Mập) made its debut in Ho Chi Minh City as Baemin's first destination. Baemin dedicated its inaugural year in this bustling metropolis, which is Vietnam's largest and financial hub, with a strong commitment to winning the hearts of local users. During this time, Baemin attentively listened to and understood its customers, adjusting its operations to meet their needs.

By December 2020, after two years of operation in Vietnam, Baemin had risen to become one of the top 3 food delivery companies in the market. This success was attributed to its unique branding strategy and unwavering efforts to provide outstanding user experiences, as evidenced by its top-ranking in customer satisfaction.

In December 2021, thanks to the continuous love and support of its users, Baemin maintained its position as the number one choice for customer satisfaction for another year. Not content with that achievement, Baemin expanded its geographical coverage, reaching 21 provinces and cities by the end of 2021, making it the largest food delivery app in Vietnam in terms of geographical reach.

By September 2022, Baemin had earned recognition as one of the top 5 e-commerce service providers in the Vietnamese market, despite being the youngest enterprise in this esteemed list.

Today, Baemin continues its journey to establish itself as a leading food tech company, enhancing people's lives with happiness and convenience. Currently, the Baemin app sees 20,000 downloads per month, 82.6 million weekly accesses, and enjoys immense loyalty from its customer base.

3. Vision and Mission 3.1 Vision

Baemin's vision in Vietnam is epitomized by their mission, articulated by Mr. Kiwan Ihn, Managing Director of Woowa Brothers Vietnam: "Our aspiration is to 27 | P a g e

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transform Baemin into a compassionate companion, offering customers a different, improved, and more convenient way of life in the future." He emphasized that the company's core strategy consistently revolves around creating value for their merchant partners, customers, and delivery personnel, while building trust within the community. Baemin's mission emphasizes the utmost importance of elevating the customer experience, and the company is committed to daily endeavors to enhance that experience further by valuing customer sentiments. As a leader in food technology, Baemin believes that their proven track record of delivering exceptional customer experiences in Korea can be replicated successfully in Vietnam.

3.2 Mission

Baemin's vision for the Vietnamese market is captured in the slogan "Delivering everyday happiness to your door!" This vision revolves around providing a convenient and delightful food delivery experience every day. Baemin is dedicated to delivering fresh and tasty meals to customers' homes, ensuring they can savor great food without stepping outside. This highlights the emphasis on ease and adaptability, catering to the fast-paced lifestyle of today. The core of this vision lies in enhancing people's lives by delivering delicious meals, enabling individuals to find happiness in their everyday dining moments, whether at home with family and friends. Moreover, Baemin pledges to deliver happiness directly to customers' doors, offering a personalized food delivery service that isn't bound by time or location. This vision underscores Baemin's commitment to bringing happiness to everyone, not just through food delivery but also by enhancing the joy and convenience of daily culinary experiences.

4. Service

In addition to its core food delivery service, Baemin prides itself on its diverse verticals, including Baemin Mart (Đi Chợ), Baemin Studio, Mama Woo, and Lazy Bee. These initiatives contribute to building a comprehensive ecosystem. At the heart of 28 | P a g e

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Baemin's strategy lies an unwavering focus on customer experiences, ensuring their needs are met through innovative solutions designed to enhance convenience and overall quality of life.

Figure 1 : Service of Baemin

A significant aspect of Baemin's operations involves optimizing food delivery logistics. The company strategically places a network of riders around city food hubs, incentivizing them for rush-hour and short-distance deliveries. This approach ensures swift and efficient delivery services for routine orders. Collaborations with top chain merchants enable Baemin to reduce food preparation times and offer cost-effective solutions to customers.

Baemin is not only known for its diverse range of cuisines but also for its dedication to enhancing customer journeys through interactive features within its app, such as the Event Area (Khu Sự Kiện), Food Blog (Blog Bàn Ăn), and Signature Collections (Bộ Sưu Tập Signature).

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Recognizing the growing importance of grocery delivery services, especially during extended periods of a pandemic where consumers prioritize convenience, speed, and safety, Baemin introduced Baemin Mart in 2020. This feature enables customers to shop for fresh foods from the comfort of their homes. Baemin has expanded its offerings by partnering with Youth Market, a popular Korean supermarket in Vietnam, offering trendy and exclusive products in categories like personal care, health, functional foods, food, and beverages.

Baemin Studio serves as an online hub showcasing aesthetic stationery, offering well-designed and high-quality products that bring joy and satisfaction to customers' daily routines. It reflects Baemin's commitment to quality and enhancing daily life experiences. To cater to diverse local needs, Baemin introduced Mama Woo, its first-ever home-meal replacement product line for Vietnamese consumers. Mama Woo offers high-quality, convenient packaged foods that can be prepared within 10 minutes, featuring 28 popular Korean cuisines researched and developed by experienced Korean chefs. Stringent standards for food quality, hygiene, and safety are maintained throughout the production process.

Additionally, Baemin's latest beauty line, Lazy Bee, aims to simplify busy lives and enhance users' beauty experiences anytime, anywhere. The products are crafted from natural ingredients like green tea, turmeric, ginseng, and chamomile. With Lazy Bee, users can indulge in moments of joyful skincare, regardless of their hectic schedules.

5. Unique Selling Point

Baemin's Unique Selling Point (USP) in the Vietnamese market revolves around its distinct specialization in the food and grocery delivery service sector. This clear focus sets them apart from multi-service platforms like Grab and Shopee. Baemin is dedicated to providing a tailored and concentrated experience, specifically catering to customers' food-related needs.

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In terms of practical advantages, Baemin fine-tunes its delivery network and features to ensure swift and efficient service, addressing consumers' desires for

convenience and speed. This allows customers to enjoy tasty meals without lengthy waiting times. Additionally, Baemin's specialization in food delivery enables them to establish robust supply partnerships, reducing food preparation times and lowering order costs, offering tangible benefits to their customers.

However, Baemin's USP goes beyond mere functionality. They also provide emotional benefits to their customers. Through their focused and professional approach, Baemin demonstrates their commitment to fulfilling specific needs and bringing happiness into customers' everyday lives. Their aim is to deliver happiness right to the doorstep of every individual, not just through food but also by offering a convenient and joyful delivery experience.

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Figure 2: Baemin USP

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CHAPTER III. BRAND ELEMENTS

1. Brand name

The brand name "Baemin" originates from South Korea and carries a profound meaning regarding the company's commitment to providing convenient food and grocery delivery services to the community. The name "Baemin" is a combination of two words in the Korean language, " " (bae) and " " (min). " " represents the act of delivery and배 민 배 transportation, while " " is associated with people and the community. The name can be민 understood as "Delivering to Everyone" or "Delivering to the Community."

Baemin is deeply committed to providing a delightful and hassle-free food delivery experience for everyone, enabling them to relish delectable meals in the comfort of their homes without the need to venture outside. The choice of the name "Baemin" underlines the company's dedication to enhancing customer experiences while also showcasing its commitment to community service and fulfilling customer needs.

Essentially, this brand name is not only concise and memorable but also signifies interactivity, customization, and Baemin's promise to offer convenient food and grocery delivery services accessible to all.

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Figure 3: Baemin Name

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2. Logo

In Vietnam, Baemin's logo is a striking blend of a gentle mint green color and bold "Baemin" text. The mint green hue embodies freshness, purity, and creativity. The text "Baemin" is presented in a simple and contemporary font (BM Daniel), promoting a sense of ease and memorability.

Mint green in the logo signifies the freshness and safety associated with food and groceries, emphasizing cleanliness. Meanwhile, the "Baemin" text conveys the brand's professionalism and dedication to fulfilling customer requirements. This logo encapsulates Baemin's objective: to offer a convenient and enjoyable delivery experience while instilling confidence in the quality and professionalism of their service.

3. Color

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Figure 4: Logo

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The predominant color featured in Baemin's logo, mint green, holds profound significance and has a substantial impact on both the brand and its customer base. Mint green is commonly associated with feelings of freshness and purity, particularly within the realm of food and cuisine, where cleanliness and safety are of utmost importance. This color choice invokes a sense of calmness and serenity, contributing to positive

emotions and enhancing the overall customer experience.

Additionally, mint green is linked to creativity and contemporaneity. In Baemin's context, it can symbolize the utilization of cutting-edge technology and innovative solutions to meet the demands of food delivery in the modern world. The color also conveys a message of trust and safety, which is paramount in the food delivery industry. It encourages customers to have confidence in the quality and safety of the products they receive.

In essence, Baemin's use of mint green in its logo imparts a feeling of freshness, safety, and purity, while also emphasizing tranquility and modernity. This choice of color reaffirms Baemin's commitment to providing top-notch and convenient food delivery services, while fostering a sense of trust among its customers.

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Figure 5: Color

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4. Fonts 4.1 BM Daniel

BM Daniel is a unique font crafted exclusively for the Vietnamese market through a collaboration between Baemin and Rice Creative. This typeface was meticulously designed after a deep understanding of the local market and the distinct characteristics of Vietnamese street food culture. BM Daniel ingeniously incorporates diacritics at a consistent cap height, infusing the characters with a dynamic quality and enabling a more engaging connection with the playful content expressed through this font.

Figure 6: Baemin Font: BM Daniel

Recognizing its excellence, the BM Daniel font was honored with the 2020 Type Champions Award and the prestigious "Best of the Best" award in the Brand and Communication Design category at the 2021 Red Dot Awards ceremony.

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4.2 BM Lucas

In August 2023, Baemin introduced its new font called "BM Lucas" with the mission of delivering daily happiness to people's homes. This is the brand's second font design after "BM Daniel." BM Lucas draws inspiration from the classic Cooper Black font, allowing users to stretch and adjust it horizontally and vertically and customize its colors to suit their preferences.

The inspiration for BM Lucas comes from everyday street food materials and the labor of food vendors. Baemin crafted this font specifically for the Vietnamese market, where one can easily recognize the familiar Cooper Black font on the signs of street food vendors, from rice stalls to bakeries and noodle shops.

Figure 7: Baemin Font: BM Lucas

5. Mascot

Baemin has strategically crafted an appealing brand image, featuring two prominent mascots that resonate with their target audience. Not only have they introduced a cute

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