5.1 Conclusion
In the context of global economic integration in Vietnam, enterprises which want to exist and develop need suitable strategies. Tuong An Company is not an exception.
When researching development strategy of Tuong An Company, it can be seen that the company initially pays attention to build strategy. However, its suitability and feasibility are not really good. This research project assembles principles to build strategy (Chapter 1), evaluation of business and production status (Chapter 2). The situation of development and implementation of the strategies still has some limitations such as the implementation is not comprehensive and thorough, testing and modification process are not good.
In the next years, the development environment of Tuong An Company is fairly beneficial, especially with huge market potential and modern processing technologies. The sources of Tuong An Company are moderately strong to compete in the new conditions. In such situation, through using tools of strategic planning, the propose two strategic groups (general and functional strategies). Strategies need to be emphasized are product development, cooperation with vegetable oil companies, a search for stable material sources and the improvement of propaganda branding. Regarding strategic planning, the thesis does not pay attention to competitive strategy but focuses on the strategy of product development (to avoid direct competitions against corporations in the same sector).
Due to many difficulties, the thesis cannot thoroughly resolve some matters related to building strategy for Tuong An Company. It shall be good for Tuong An Company if it can implement researches on development in global market, identification of target markets and make plans of some functional strategies. Hopefully, Tuong An Company shall pay full attention to these matters to resolve them entirely next times.
5.2 SOME RECOMMENDATIONS TO IMPLEMENT STRATEGY AT TUONG AN COMPANY
5.2.1 Recommendations to Tuong An Company
- In proposed strategies, based on each specific condition, Tuong An Company can choose some core strategies. The selection of strategies depends on company’s objectives and targets and internal sources.
- When implementing product strategy, the important thing is that the company shall renovate itself to make the differences in style and culture and avoid facing competitions and
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pay attention to the search for market slots. The ultimate goal is to satisfy customers to increase revenue and profit.
- The diversification of products by renovating impressive samples and packages is necessary. However, it is important to avoid creating so many brands which makes customers refused in realizing brand name. At present, Tuong An Company has several kinds of products which have many names such as Cooking Oil, Van Tho Oil, sesame oil, peanut oil, soybean oil and two luxurious product lines such as VIO oil and Season oil. It can be seen that the risks of declining the main brand name. The matter here is that product quality and renovation of internal content will provide customers with impression to remember, not external forms.
- The human factor is the decisive factor for the success when conducting strategies.
Planning team and staffs of functional units will be the ones who bring strategies into practice.
Therefore, the training of these staff members is the foundation to implement policies successfully. Big corporations such as Coca Cola, Unilever, Procter & Gamble, Mercedes, Viet Tien, Cai Lan etc. are successful due to human factor. These corporations pays high salary and provides thorough training about techniques and skills of customer service. They create the challenging working environment and give employees rights to handle customer matters as well as make independent decisions. Therefore, the development of human resources which meets current and future human resource needs shall be paid attention, especially:
• Reasonable salary policy
• Regular additional recruitment
• Making working style convenient for employees
• Making favorable conditions for employees to meet and exchange to each other as well as create a friendly, united and ideal environment to work with passion.
5.2.2 Recommendations to the Government
To support enterprises in training staffs through the ways such as organizing training classes about management knowledge; specialized conferences; build specialized training system of food technology;
To complete planning of economic zones, including the planning of material zones to serve the production of vegetable oil; to do exclusive research on selecting material trees which are effective and suitable to Vietnamese conditions;
To manage the market well to prohibit fake products based on the standardization of criteria and quality of vegetable oil products;
To create an effective business environment; to support corporations to move out of residential and urban areas; to develop waste management projects based on the most
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advanced technologies to protect environment;
To support information about global market to corporations, especially the price fluctuation, consumption and forecasts of market trend.
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