Vinpearl is one of the famous resort and entertainment tourism service brands in Vietnam. To achieve this success, Vinpearl has implemented effective marketing strategies. Let’s analyze and learn about Vinpearl’s Marketing strategy in the article below.
Overview of the Vinpearl brand
Vingroup, formerly known as Technocom Group, was founded in 1993 in Ukraine. In the early 2000s, Technocom returned to Vietnam, focusing on investing in tourism and real estate with two initial strategic brands, Vinpearl and Vincom. In January 2012, Vincom Joint Stock Company and Vinpearl Joint Stock Company merged, officially operating under the Group model with the name Vingroup Corporation – Joint Stock Company.
The Group operates in three core business areas, including: Technology, Industry, and Trade and Services.
Vinpearl is the largest resort and entertainment tourism service brand in Vietnam. Vinpearl owns a chain of hotels, resorts, spas, conference centers, cuisine, 5-star golf courses, and entertainment areas according to international standards located in the most famous tourist attractions of Vietnam. Vietnam.
After 18 years of development, Vinpearl has 45 facilities in 17 provinces and cities nationwide, with a capacity of over 18,500 hotel rooms and villas, 3 theme parks and 2 amusement parks, 2 conservation parks and taking care of semi-wild animals, 4 golf courses, and is expected to continue expanding in scale in Vietnam and around the world in the near future. A pioneer in creating and upgrading tourism and resort services in Vietnam, the Vinpearl ecosystem provides an all-in-one experience, including hotel chains, resorts, and amusement parks. , safari, golf course, spa, cuisine, international standard 5* conference center system, integrated with modern commercial center and shophouse.
Analyzing Vinpearl’s Marketing Mix strategy
Vinpearl is one of the largest resort and entertainment tourism service brands in Vietnam. To achieve this success, Vinpearl has effectively deployed Marketing Mix strategies according to the 4P model.
So what is Vinpearl’s Marketing strategy? How has Vinpearl implemented its Marketing Mix strategy?
Vinpearl’s Marketing Strategy for Products
Products are always the core of every business, and a good product needs to meet the needs and desires of customers, otherwise competitors will lose market share or even be eliminated from the market.
In 2020, Vinpearl announced its strategy to diversify products/services and develop world-leading destinations, to contribute to affirming the class of Vietnamese tourism. In particular, Vinpearl identifies Entertainment as the spearhead of rapid and strong development, through high-class products of the new brand VinWonders; At the same time, we invite famous hotel management brands around the world to participate in managing a number of hotels in the chain to diversify options for domestic and international tourists.
According to the new strategy, the Entertainment sector will be repositioned, comprehensively upgrading current Vinpearl Land amusement parks and investing heavily to develop new entertainment areas nationwide. . The Vinpearl Land brand was renamed VinWonders with outstanding scale and stature, on par with major entertainment complexes in Hong Kong, Singapore, Japan….
Through the above product development and diversification strategy, it can be clearly seen that this brand currently has 4 main product/service segments:
- Hotels and resorts : Vinpearl Resort, Vinpearl Discovery, Vinpearl Luxury, Vinpearl City Hotels, Vinpearl Condotel, VinOasis, VinHolidays.
- Meetings and events : Vinpearl Convention Center, Almaz.
- Entertainment and entertainment : VinWonders, Vinpearl Safari, Vinpearl Golf
With a diverse product portfolio, Vinpearl brings many integrated utilities to customers. From there, it is possible to fully meet their basic needs when traveling.
Vinpearl’s Marketing Strategy on Price (Price)
Price is one of four important components in the marketing mix. It plays a decisive role in consumer purchases, and for companies, price plays a decisive role in competition in the market. Introducing a pricing strategy in marketing is important for businesses because it directly affects the sales and profits of the business.
According to McKinsey, just improving the price factor by 1% will increase profits by 6%. That has more impact than a 1% reduction in variable costs (which increases profits by 3.8%) or a 1% reduction in fixed costs (which increases profits by 1.1%).
By positioning itself as a high-end brand, targeting the high-income customer segment, the price when using products/services at Vinpearl is not low. The average price per night at Vinpearl Hotel ranges from 1,200,000 VND to 5,200,000 VND. For amusement park services, this price is lower (450,000-750,000 VND), but compared to competitors, this price is not highly competitive.
On the other hand, for a big brand like Vinpearl, quality standards are always top priority. Therefore, the initial investment capital is also very high, along with many other costs such as premises, promotional activities, etc. This causes the price to increase a lot.
Vinpearl’s Marketing Strategy on Distribution System (Place)
Through using the right distribution system, a company can increase sales and maintain positive figures over a longer period of time. This means a larger market share and increased sales and profits.
Precise positioning is an important activity that is focused on reaching the right target customers at the right time.
After 18 years of development, Vinpearl has 45 facilities in 17 provinces and cities nationwide, with a capacity of over 18,500 hotel rooms and villas, 3 theme parks and 2 amusement parks, 2 conservation parks and taking care of semi-wild animals, 4 golf courses, and is expected to continue expanding in scale in Vietnam and around the world in the near future.
Currently, Vinpearl integrates services and utilities to create entertainment and entertainment complexes concentrated in the three most famous tourist destinations in Vietnam such as: Nam Hoi An, Nha Trang, and Phu Quoc. These locations have pristine natural landscapes, blending beautiful natural scenery of the sea, forests and historical relics. Therefore, they have a strong attraction not only to foreign tourists, but even to local people.
With the right distribution strategy, Vinpearl is always the top name when it comes to resorts in famous tourist destinations.
Vinpearl’s Marketing Strategy on Mixed Promotion (Promotion)
Promotion is a necessary business activity to keep pace with the consumer market. Possessing nearly 300,000 followers on Facebook, Vinpearl certainly cannot ignore this platform in carrying out its promotional campaigns.
One of the outstanding promotional activities of this brand is “My Vinpearl Moment – Every moment with Vinpearl”. With the tourism industry starting to operate again after the COVID-19 pandemic, Vinpearl needs to boost sales as well as increase brand recognition. With the message “Every journey is a film recording memorable memories”, this campaign has aroused the desire to travel in many people.
With a total prize of up to 200 million VND, attracting hundreds of thousands of entries, as well as reaching millions of people. It can be said that this is one of Vinpearl’s most successful promotional campaigns.
Besides, Vinpearl not only focuses on the high-end segment but also pays attention to the lower segment. The proof is that this brand continuously launches a series of promotional programs such as Black Friday, Flash sale…
Along with that, Vinpearl also cooperates with airlines such as Vietnam Airlines or Bamboo Airways to launch economical combos, suitable for all needs and all audiences. In addition, this brand also cooperated with Techcombank, offering a refund every time customers pay with this bank card.
To become the “top of mind” of everyone, Vinpearl also owns a group of quality KOLs such as singer Quang Vinh, beauty queen H’Hen Niê… especially after the “century” wedding of Ong Cao Thang and Dong. Nhi, Vinpearl Phu Quoc has appeared on all newspapers and received more searches than ever.
Summary
Vinpearl is one of the famous resort and entertainment tourism service brands in Vietnam. To achieve this success, Vinpearl has implemented effective marketing strategies.
Hopefully through this article, readers will have a better understanding of the case study of Vinpearl’s marketing strategy, from which they can refer to implementing appropriate marketing strategies for their businesses.
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