Marketing Strategies for a Local Consulting Firm for Foreign Investors in Vietnam: Empirical Lessons
Chapter 1
Introduction
Vietnam is changing and developing rapidly. The most decisive phase of reform in the economy was initiated in 1989. The new economic policies seek to mobilize the potential of all sectors of the economy. The private sector and foreign investment are being actively encouraged. Vietnamese market becomes attractive for foreign investors. Recently, there are a lot of foreign investors come to Vietnam to investigate, explore new market. Up to 1993, there are 105 foreign investment projects getting the investment licenses from SCCI (State Committee on Co-operation and Investment). Total foreign investment capital is 972 millions USD. (See Appendix 1).
The first place foreign investors come to seek the useful advice is Vietnamese Firms Consulting Foreign Investors (VFCFI). To meet the high demand a lot of Vietnamese Consulting Firms have been established lately. However, consultancy is a fresh field and the newly-established firms are facing abundant difficulties such as lack of experiences, do not understand market economy system, cross-cultural problems, etc. Among them, marketing is a strange but hot issue. "How to set up the marketing strategies?" is a really serious question to every VFCFI.
1.1. Statement of the problem
The number of VFCFI has been increased quickly accordingly to the supply-demand economics law. Actually, it is a promising market for the consulting firms. Yet, customer satisfaction remains as a complicated problem. What kind of services should be offered in which specific industry? And how to provide excellent services to meet the needs of customers? These are current questions facing by every VFCFI. Clearly, an approach to the effective marketing strategies is very important for any VFCFI.
1.2. Objectives of the Study
In order to improve business activities, especially marketing activities in the VFCFIs, the followings are the fundamental objectives of the study:
Introduction
Vietnam is changing and developing rapidly. The most decisive phase of reform in the economy was initiated in 1989. The new economic policies seek to mobilize the potential of all sectors of the economy. The private sector and foreign investment are being actively encouraged. Vietnamese market becomes attractive for foreign investors. Recently, there are a lot of foreign investors come to Vietnam to investigate, explore new market. Up to 1993, there are 105 foreign investment projects getting the investment licenses from SCCI (State Committee on Co-operation and Investment). Total foreign investment capital is 972 millions USD. (See Appendix 1).
The first place foreign investors come to seek the useful advice is Vietnamese Firms Consulting Foreign Investors (VFCFI). To meet the high demand a lot of Vietnamese Consulting Firms have been established lately. However, consultancy is a fresh field and the newly-established firms are facing abundant difficulties such as lack of experiences, do not understand market economy system, cross-cultural problems, etc. Among them, marketing is a strange but hot issue. "How to set up the marketing strategies?" is a really serious question to every VFCFI.
1.1. Statement of the problem
The number of VFCFI has been increased quickly accordingly to the supply-demand economics law. Actually, it is a promising market for the consulting firms. Yet, customer satisfaction remains as a complicated problem. What kind of services should be offered in which specific industry? And how to provide excellent services to meet the needs of customers? These are current questions facing by every VFCFI. Clearly, an approach to the effective marketing strategies is very important for any VFCFI.
1.2. Objectives of the Study
In order to improve business activities, especially marketing activities in the VFCFIs, the followings are the fundamental objectives of the study: