Assignment Task: Soya Garden Case
Issue:
A rather unique option in the F&B sector is the rustic soy drink that Soya Garden introduced into the modern shop system. However, no one has "painted" and placed cups of soy milk in a "luxury" store in Vietnam, where it is simple to find and buy hot bags of soy milk from a neighborhood market or roadside stand.
Vietnam, unlike Singapore, has a tradition of consuming tea and coffee instead of soy milk. Also, milk tea or bubble tea appeared to be a new favorite type of drink among younger customers for past decade. In 2019, a Kantar Worldpanel study found that most individuals preferred coffee and tea as their drinks when going out. Meanwhile, soy milk is not addictive enough to overcome the competition with stabilized classic drinks, therefore Soya Garden didn't have a loyal customer base to start with. Moreover, the average price for a drink in the shop is 40000-45000VND which is unreasonably high for the soy milk with some add-ups.
The marketing plan for Soya Garden places a lot of emphasis on healthful products, but it overlooks the fact that tea and coffee contain caffeine, which allows for daily consumption.
1. Identify the type of problem and relate it to the theory (ref)
2. Recommend how management can use innovation to help the company address this issue and also relate it to the theory. (ref)