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Market Analysis of Good View Timber

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Submitted By mizmon93
Words 462
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Market Descriptio
Good View Timber Sdn Bhd would be best to move its business within the Vietnamese market with its main target market being that of homeowners segmented down the preferred segment being that of the middle class (Vietnam,2014).

Looking at the Vietnamese market, there has been a growing preference for foreign brands amongst consumers (Quickmba.com, 2015). Research shows that the Vietnamese consumers prefer contemporary, affordable and durable furniture with a ‘Do It Yourself’ concept with a percentage growth of the amount spent on hardware and DIY good increasing by 60.3% from 2000 to 2007 (Quickmba.com, 2015).

With this demand in mind, Good View Timber would like to introduce three of its series collection to the Vietnamese market. The wooden home furniture will include a Bar Series, Dining Series and Coffee Tables.
These 3 series were chosen given the consumer demands of the Vietnamese market in relation to the average Vietnamese family size that would have 3.8 members, these series would be able to cater accurately to such family sizes (Nyuyen, 2011). As many of the world economies were being challenged due to the global economic crisis, the furniture exports of Vietnam still grew in 2012 reaching US$5 million with an 18% increase from 2011. (Lan, 2015)
Vietnam’s furniture products have been bought by buyers of more than 120 countries, with the US, China, EU and Japan (Lan, 2015).

Market Characteristics:

In order for Good Timber to enter the Vietnamese market, they have to ensure that they have a good enterprise that they can liaise with to conduct business. This is due to the fact that within Vietnam, wholly foreign owned markets are rarely allowed.

Within this market, there are limited barriers of entry, as the government wants to increase the investment made to the country. Tariffs have gone down in order to pull

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