Use Gantt chart or spreadsheet to present your action plan. The action plan should spell o, Exams of Digital Marketing

Download Use Gantt chart or spreadsheet to present your action plan. The action plan should spell o and more Exams Digital Marketing in PDF only on Docsity! NATIONAL ECONOMICS UNIVERSITY INTERNATIONAL SCHOOL OF MANAGEMENT AND ECONOMICS ------------------------------- INDIVIDUAL ASSIGNMENT Digital Marketing Full name : Nguyễn Bảo Linh Class : BBAE-I3B ID : 11202171 Words count : 1634 Ha Noi , 11 March 2023 Table of Contents 1.1 Company background:...........................................................................................................3 1.2 Overview of main contents:...................................................................................................3 2.     Situation Analysis......................................................................................................3 2.1. Digital Environment Analysis :............................................................................................3 2.1.1. Micro digital environment analysis........................................................................................................3 2.1.2. Macro digital environment analysis......................................................................................................5 PEST framework.................................................................................................................................................5 2.1.3. Opportunites & Threats of digital environment of MoMo:..................................................................6 2.2. Channels Audit :.....................................................................................................................7 2.2.1. Current Digital tools.................................................................................................................................7 2.2.2. Strength-Weakness...............................................................................................................................11 2.3. SWOT analysis:.....................................................................................................................12 2.3.1. SWOT matrix:.........................................................................................................................................12 2.3.2. Evaluation and conclusions about MoMo’s current situation, the level of intergration among channels.............................................................................................................................................................12 3. Conclusion.....................................................................................................................13 References.........................................................................................................................13 Table of tables Table 1. Customer Analysis.........................................................................................................4 Table 2. Competitor's strengths and weaknesses........................................................................5 Table 3. PEST Analysis of MoMo e-wallet...................................................................................6 Table 4. SWOT Matrix of MoMo................................................................................................12 Tables of figures Figure 1. Youtube ads of MoMo e-wallet.....................................................................................8 Figure 2. Influencer advertiseing campaign of MoMo e-wallet on Tiktok.....................................8 Figure 3. Articles of partner newspapers advertising about MoMo wallets...................................9 Figure 4. LED of MoMo e-wallet in partnership with Gojek........................................................10 Figure 5. SEO about keywords “postpaid wallet” and “e-wallet” of MoMo..................................10 Figure 6. MoMo e-wallet website...............................................................................................11 Figure 7. MoMo's Landing Page................................................................................................11 Table 2. Competitor's strengths and weaknesses Zalopay Viettelpay Shopee Pay (Airpay) Strength - Availability of user data from companies and large amount of capital (Vy, 2020) - The application does not need to be linked to a bank account (Zalo , 2022) - The huge amount of user data is available - The application does not need to be linked to a bank account (Viettel, n.d.) - Easily connect banks, validate data, and rapidly identify (Nguyen, 2021) - Certain banks do not impose fees for withdrawing funds from the wallet to the linked bank account (Nguyen, 2021) Weakness - Accounts are at high risk of being hacked - Offers, discount codes are not attractive (Nguyen, 2021) - Less consumer services. - Not in the game industry - Not very popular at online sales sites and need a bank account to use (internet banking) (Nguyen, 2021)  Indirect competitors These rivals are either new to the e-wallet sector or may already be there but are not yet well- liked in Vietnam. Specifically: In overseas countries, e-wallets like PayPal, Skrill, Payeer, etc. are expanding (Nguyen, 2021). Competitors may or may not participate such as: postal money transfer services, etc (Nguyen, 2021) 2.1.2. Macro digital environment analysis PEST framework Table 3. PEST Analysis of MoMo e-wallet Political Economic Social  Technology  Government financial task rules are still In the first 6 months of 2023 reached According to the survey, 85% of According to the statistics of The subject to sudden modification, which might have an impact on the company's business strategy. As a result, all financial transactions must closely adhere to and comply with rules such as: Law on prevention and combat of money laundering and the law on keeping confidential information related to customers in accordance with the law (Hoa, 2021) 3.72%, higher than the growth rate of 1.74% in the first 6 months of 2020 (General Statistics Office, 2023). In addition, mobile payments will overtake other forms of payment in Vietnam, with a CAGR of 30.2% predicted for the country's mobile payment market between 2020 and 2027 (Hung, 2022) Vietnamese people owning e-wallets and payment applications, 71% of them use it at least once a week. In recent years, Vietnamese consumers have a habit of shopping in stores,supermarkets, etc, tend to pay e- wallets. At the same time,most e- commerce platforms have also integrated additional payment methods via electronic payment wallets (Gosell, 2023) Statista, in 2026, the number of e-wallet users in Vietnam will reach about 70 million users. Almost half of the 129.5 million mobile customers use 3G or 4G. The strong mobile penetration rate in the nation demonstrates that people are prepared for mobile digital payment options. (Vũ, 2023) 2.1.3. Opportunites & Threats of digital environment of MoMo: Opportunities  O1: Huge market potential: Robocash Group figures show that between 2018 and 2022, the number of Vietnamese e-wallet users rose dramatically, from 12.3 to 41.3 million. It is predicted that 150 million people would utilize it by July 2030. (Túc, 2022)  O2: Potential in rural areas: In recent years, internet coverage in rural areas has been expanded, the number of internet users and smart devices in rural areas has increased; People's awareness and level of awareness about the role of e-commerce transactions is increasing.  O3: Government policy to encourage the use of cryptocurrencies : The Government has allowed a pilot license to use telecommunications accounts to pay for goods and services. At the same time, the Government's vision to 2030 for a cashless society (Khang, 2021)  O4 : The number of smartphone users increases: According to the information I have just provided in the technology section, we can see that Vietnam is a potential country for electronic services. Threats  T1: Momo faces stiff competition: Customers may easily and rapidly modify their preferences and demands owing to the favorable pricing and services of other e-wallets on the market today. To date, more than 30 enterprises have joined this fruitful industry as e-wallet service providers.  T2: The security of e-wallets is still not high : The reality is that many consumers are reluctant to utilize mobile payment due to the high danger of fraud, identity theft, and financial loss.  T3: Habit of using cash: A portion of Vietnamese customers opt to pay in cash because of the habit of using cash and the widespread fear of fraud and other hazards in the payment process. (Trí, 2023) 2.2. Channels Audit : 2.2.1. Current Digital tools - Paid Media:   + Online   Social Media: oFacebook Ads: As of July 21, 2023, MoMo is now running 62 advertising about the company's new campaigns on social media due to its high activity and interaction there (Facebook, 2023) o YouTube Ads: To target new users who download and utilize the app, the majority of MoMo employ YouTube in-stream advertisements. MoMo will get a lot of new users as a result and be able to boost brand publicity.  Social media:  o Official Account: MoMo owns many different personal accounts on social networking platforms such as Facebook, Instagram, Youtube, Tiktok. Activities on these platforms MoMo have gained large and regular interactions  Email Marketing: By asking for user email information when registering for a MoMo account or entering Email to receive a verification email. MoMo has for itself a large amount of clean data, which makes Email Marketing easier.  SEO: MoMo performs SEO on the two keywords “postpaid wallet” and “e-wallet” respectively. As of July 21, 2023 when I was doing Assignment, two keywords ranked Top 1 and Top 2 respectively.  Figure 5. SEO about keywords “postpaid wallet” and “e-wallet” of MoMo  Website: Owning a Website, making it easy for MoMo to store, update and popularize the programs that are applied to its services. Figure 6. MoMo e-wallet website  Landing Page: MoMo's Landing Page is an online service home page with links to services such as games, buying movie tickets, etc. MoMo has another page for businesses that want to cooperate with MoMo Page for users. Figure 7. MoMo's Landing Page 2.2.2. Strength-Weakness Strengths  S1: Diverse services: More than 500 different services, such as water, and the internet, may all be paid for by MoMo subscribers. The program also includes features for earning reward points and redeeming them for gift cards or other items.  S2 : High brand awareness: Up to now, MoMo is a direct affiliate partner with 32 banks, currently has about 31 million users in Vietnam.  S3: Effective customer retention strategy: MoMo has many creative campaigns and strategies by collaborating with famous influencers to create trust for customers, and through advertising in prestigious newspapers, MoMo once again marks a place in the hearts of customers. Weaknesses  W1: The reach of Momo is limited : while working with several significant partners, the majority of its destinations are in big provinces and cities. Because of this, many residents of remote areas lack access to direct deposit and withdrawal options.  W2: Withdrawal fees are quite high: Momo has a free transfer limit for money transfers and bank withdrawals; above that point, customers may be charged a fee of up to 0.6% of the transaction amount.  W3 : Risks in information security: Many users of MoMo e-wallets were defrauded at the end of 2017 when a caller posing as a corporate representative requested an OTP authentication code. (MoMo, 2022). 2.3. SWOT analysis: 2.3.1. SWOT matrix: Table 4. SWOT Matrix of MoMo S-O STRATEGIES S-T STRATEGIES S(1, 2, 3,) + O(1, 3, 4, 5) Market penetration strategy Increase advertising activities, promote activities marketing action to increase market share of existing products or services in existing markets through strong and effective marketing efforts. S (1, 2, 3, ) + O (2) Market development strategy Expand participation in MOMO e-wallets into rural market areas to increase market share and seek growth. S(2,3) + T(1, 2) Product development strategy Develop new products, improve security, improve existing products to exploit more strongly and effectively the existing market of enterprises to increase competitiveness. S(1, 2, 4) + T(1, 3) Forward combination strategy Increase ownership of agents and distribution intermediaries to strengthen links with chains of convenience stores and supermarkets nationwide W-O STRATEGIES W-T STRATEGIES W(2, 3) + O (1, 3, 4, 6) Concentric diversification strategy Launching the feature of linking with foreign banks. Diversify services of e-wallets. W (1) + T (1, 2, ) Horizontal matching strategy Implement joint ventures with reputable banks, increase control and ownership to increase trust in security, overcome scandals, build trust in MOMO e-wallets. 2.3.2. Evaluation and conclusions about MoMo’s current situation, the level of intergration among channels