Vietnam has been the target of many global retailers owing to its potential population and economic growth. Competition among international retailers in emerging markets such as Vietnam has attracted the attention of both practitioners and researchers. Against this background, this study observed and analyzed the battle between Thai and Japanese retailers, Vietnam’s two largest foreign retailers. To investigate how these two retailers build different competitive advantages in the Vietnamese market, the study applied the theory of dynamic marketing capabilities, which is especially appropriate for analyzing businesses in the changing environment of emerging countries. The research model of dynamic marketing capabilities comprises the following four dimensions: marketing planning, marketing implementation, relationship building and management, and technological adaptability. Using secondary data and in-depth interviews with Vietnamese consumers and representatives from both retailers, the research compared and contrasted the two businesses’ dynamic marketing capabilities, revealing the parallels and distinctions that provide each an edge in the marketplace. This study contributes to both business practice and academic research. This study provides many suggestions for foreign retailers conducting business in Vietnam and those planning to enter the Vietnamese market. In addition, it provides knowledge to Vietnamese domestic retailers and helps them understand their foreign competitors. In terms of academic contributions, it offers additional observations about dynamic marketing capabilities, which require further development in future research.
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