Brand Trust : Domestic vs. International brands in Vietnam

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Brand Trust : Domestic vs. International brands in Vietnam

  1. 1. A STUDY OF TRUST FOR DOMESTIC BRANDS Le Xuan Truc
  2. 2. WHAT? - Definitions and theoriesWHY? - Culture, perception, domestic brandWHO? - A portrait of Vietnamese consumer with respect to trustHOW? - A snapshot of trust relationship between Vietnamese consumers and domestic brandsCONCLUSIONRECOMMENDATION
  3. 3. WHAT?Definitions and theories
  4. 4. What does TRUST mean to you? INTERVIEW ‘I believe that I will not be cheated’ ‘Trust is the foundation decision making’ ‘Trust is the confidence based on the past experience’ ‘It would be very difficult to trust a person/product/brand again, if that person/product/brand fails my expectation’
  5. 5. ‘The foundation of brand is trust’
  6. 6. Trust Level
  7. 7. Trust Equation - RISK
  8. 8. Perceptual Process.
  9. 9. WHY? Culture PerceptionDomestic brands
  10. 10. Do you trust domestic or international brands?
  11. 11. WHO?A portrait of Vietnamese consumer with respect to trust
  12. 12. “A PERSON LIKE ME IS NOW THE MOST TRUSTED”
  13. 13. 123 Respondents…
  14. 14. 123 Consumers trust in…FamilyFriendsSeniors
  15. 15. 123 Consumers explain about brand trust ‘My experience in using it’ ‘good packaging, good quality - consistency ’ ‘I trust the brand because it has a long history of establishment and I have used it in a long time’ ‘my friends have used it’ - ‘my family recommend it to me’ Or simply … ‘it is International’
  16. 16. Vietnam Culture High Power Distance Index (PDI) with respect to seniority in relationship Low Individualism (IDV) A ‘We’ is more important than an ‘I’ Masculinity (MAS) infer a feminine 80 society - emotional70 50 Uncertainty Avoidance (UAI): the 40 openness to new ideas and culture 20 diversity; still very risk-adverse. High Long-term orientation (LTO)PDI IDV MAS UAI LTO values thrift, perseverance, long term and absolute truth.
  17. 17. I am Young andquite open to new I’m vey muchideas and culture. influence others i.e. Low in my family, friends ethnocentrism and seniors. I trust them I trustinternational I ambrands more feminine I am I value Risk-Adverse long-term relationship, high brand loyalty & trust
  18. 18. A Typical Vietnamese Consumer
  19. 19. HOW? A snapshot of trust relationshipbetween Vietnamese consumers and domestic brands
  20. 20. TRUST- An Interpersonal relationship Life-long Acquaintance Friendship partner
  21. 21. Make acquaintance by Advertising It leads to trial. ‘Trial leads to Trust’ Association -Ads recall the good experienceTVCs are still the King to trigger the consumer interest and attention.
  22. 22. Vietnam Ad Savvy Super Consumers 7 Post Modern Advertising itself 6 Symbolic Abstract ValuesLow competition 5 Lifestyle Functional + Emotional 4 Metaphor Consumer Benefits High competition 3 Endorsement Functional Benefits 2 Hard Sell Comparative Attributes 1 Straight Sell Product Attributes Naïve Consumers
  23. 23. PR entrust brand through 3rd party PR encompass the trustworthiness of the brand PR reduces risk such as rumors and harmful information
  24. 24. Trust is not just about you and the brand ! Trust is established not only based on an actors own experiences (individual trust), but also based on the trust that other actors (collective trust)
  25. 25. Family, friends and society collectivism need of affiliation ideal social self image
  26. 26. ‘Today’s consumersresemble dynamic swarm’ DDBO Chicago, 2008
  27. 27. VOXPOPULI
  28. 28. I recommend…
  29. 29. Understand the VietnameseconsumersChoose right Match-makersMake sure the consumerexperience is consistentinside out
  30. 30. Brand Trust model
  31. 31. In concrete…
  32. 32. an interpersonal relationshipmanaged by individuals but influencedby the societyvaries for different level of relationshipIt takes great time and effort to makesure that we understand the other welland be able share a good lifetimeexperience It happens the same to brand trust…
  33. 33. simply place the name ofthe brand into the person, we will see how we trust the brand
  34. 34. Prepared by Le Xuan TrucAdvised by Mr. Cheah Kuan Yean

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