Analysis of Victory Index at Telecommunications companies in Vietnam

This work is sponsored by a Vietnam National University Scientist Links (VNU – VSL project, entitled: “Analysis of Victory Index at Telecommunications companies in Vietnam” under the Grant Number QKHCN.15.0. Currently, Vietnam telecoms market has dramatically shifted from the proprietary field to competitive one with all economic sectors, including with ones of foreign enterprises. The concentration on technology and services together with comprehensively international economic integration requires that each element of the market should have particular policies and strategies to maintain and improve market share for sustainability in the market economy. Hurwitz & Associates’ (2011) analysis methodology of victory index is used to analyze and evaluate current status, vision and development of influential corporations providing telecommunications services in Vietnam at present for giving objective assessments to consumers as well as a positive tool to providers to learn, research, maintain the competitiveness of each organization. Keyword: Victory Index 1. Definition Victory Index researched by Hurwitz and Associates (2011) is one of market research assessment instruments which are used to analyze providers on the basis of four dimensions, including Vision, Viability, Validity and Value (Hurwitz, & Associates, 2011). The researched subject is considered as an overview about values and benefits of significant technologies. It is used to evaluate not only the engineering capability of technologies but also potentials to offer intangible values for businesses. The paper analyzes Victory Index of telecommunications companies based on data of Vietnam’s ones to corroborate the conclusion of enormous potentials in the field of telecommunications. 2. Methodologies For reflection on a thorough comprehension of the market and providers, the paper exploits appropriate and proper methodologies of Hurwitz and Associates together with measurements and methodologies used in the author’s Doctoral thesis of “Criteria system of business culture identification – Applying for Vietnam businesses” at National Economics University, Vietnam (Hai, 2014). It is detailed clearly through the use of approximately fifty attributes of four dimensions that are calculated by a weighting algorithm. The dimensions and metrics are demonstrated and specified in Table 1. Table 1. Description of attributes (Hurwitz & Associates, 2011) Dimensions Description Vision Vision: transparency, practicality, a directional vision, target market conformity, judgements and roadmap for products, capacity of leadership team www.ccsenet.org/ass Asian Social Science Vol. 11, No. 27; 2015 257 Dimensions Description Messages: tangible and intangible strength of messages, core distinct values. Direct responses to the vision of customers. A series of purposes and objectives associated with vision, mission and strategies can provide customers clear intentions in the work. Viability Viability: as a measurement of revenue or employee, net profit, current assets/short-term liability, growths in revenue and customer. Vitality: strength of intellectual capital, leadership, customer attraction, customer stability, competitiveness in a certain market, market presence, strategy for distribution channel. Direct responses about the viability/vitality of customers. Validity Direct customers: as a measurement of product variety, ability of extension, quality of products and services, customer satisfaction, changes in products and services to fulfil customers’ demands. Product functionality: necessary fundamental functionality to meet customers’ demands and other functionalities. Value Direct customers: as a measurement of customer satisfaction, customer support from the customers’ view, usability, innovation in products, benefits from business under the determinations of customers, time in comparison with value and value in comparison with price. Effects of social media related to customer faith and value of brand.  Vision is considered as the company’s strength of strategies. Evaluated attributes include whether the vision is practical and achievable in terms of time and capacity. Because building an excellent vision is not enough, companies have to draw up a well-elaborated direction that may corroborate the vision at all levels of the company. Besides, attributes consist of more well-planned aspects rather than strategies, namely including an extendable technological background, well-conveyed and influential messages and capability of positioning in the market. Other important elements are transparency, accuracy and identification of what kinds of business issues and for which customers the company must deal with. The foresight, practical experience and management skills are key elements so that leadership team can control their business operation in both adaptation to outside environment and maintain the harmony within their organization (Hai, 2014).  Viability is considered as the company’s strength as well as vitality in the market. Typically, there is no direct relationship between the company’s market power and its own revenue or duration of business operation, which is particularly true in an emerging market. Sometimes, a young company can develop to be a giant one within some years if they undertake effective solutions to a complex customer issue. A complicated aggregation of financial attributes and specific ones in each company is evaluated that in case of combination, those attributes can support to identify the company’s viability. This dimension also includes financial coefficient, customer attraction ratios, intellectual capital, strength of leadership team and cooperative relationships. We should also pay attention to the company’s vitality in one certain market, hereby referred to telecommunications market.  Validity is considered as strength of company’s products provided to each customer. There is a difference between the product positioning and its competence in satisfying customers’ requirements. Thus, Victory Index indicates the company’s completion of tasks and promises. The delivered functionalities and functions are examined through the Victory Index. The Index considers the profession of functionalities and the effectiveness of a product on the basis of changes in customers’ requirements. Other essential attributes include usability, innovation, capability of integrating products with other technologies and its incorporation of significant practical and theoretical standards.  Value is regarded as advantages of products and services to customers. Even if there is an existence of a well-designed product, such product must enable to support companies to obtain their business goals. Goals range from getting the deep understanding of customers in order to achieve higher competitiveness, to applying technology to enhance outcomes. A major attribute of this dimension is how well products support businesses in accomplishing their objectives. In addition, the Value is represented through leadership’s outstanding management and collection of distinct practices in management. The leadership also has clear and uniformed values to dominate the operations and set of ethical rules to make a good example for employees and competence to show their employees to distinguish what is right, what is wrong according to the author’s Doctoral thesis of Criteria system of business culture indentification – Applying for Vietnam businesses (Hai, 2014).

Victory Index researched by Hurwitz and Associates (2011) is one of market research assessment instruments which are used to analyze providers on the basis of four dimensions, including Vision, Viability, Validity and Value (Hurwitz, & Associates, 2011).The researched subject is considered as an overview about values and benefits of significant technologies.It is used to evaluate not only the engineering capability of technologies but also potentials to offer intangible values for businesses.The paper analyzes Victory Index of telecommunications companies based on data of Vietnam's ones to corroborate the conclusion of enormous potentials in the field of telecommunications.

Methodologies
For reflection on a thorough comprehension of the market and providers, the paper exploits appropriate and proper methodologies of Hurwitz and Associates together with measurements and methodologies used in the author's Doctoral thesis of "Criteria system of business culture identification -Applying for Vietnam businesses" at National Economics University, Vietnam (Hai, 2014).It is detailed clearly through the use of approximately fifty attributes of four dimensions that are calculated by a weighting algorithm.The dimensions and metrics are demonstrated and specified in Table 1.

Dimensions Description
Vision -Vision: transparency, practicality, a directional vision, target market conformity, judgements and roadmap for products, capacity of leadership team -Messages: tangible and intangible strength of messages, core distinct values.

Dimensions Description
-Direct responses to the vision of customers.
-A series of purposes and objectives associated with vision, mission and strategies can provide customers clear intentions in the work.Viability -Viability: as a measurement of revenue or employee, net profit, current assets/short-term liability, growths in revenue and customer.-Vitality: strength of intellectual capital, leadership, customer attraction, customer stability, competitiveness in a certain market, market presence, strategy for distribution channel.-Direct responses about the viability/vitality of customers.

Validity
-Direct customers: as a measurement of product variety, ability of extension, quality of products and services, customer satisfaction, changes in products and services to fulfil customers' demands.-Product functionality: necessary fundamental functionality to meet customers' demands and other functionalities.

Value
-Direct customers: as a measurement of customer satisfaction, customer support from the customers' view, usability, innovation in products, benefits from business under the determinations of customers, time in comparison with value and value in comparison with price.-Effects of social media related to customer faith and value of brand.
 Vision is considered as the company's strength of strategies.Evaluated attributes include whether the vision is practical and achievable in terms of time and capacity.Because building an excellent vision is not enough, companies have to draw up a well-elaborated direction that may corroborate the vision at all levels of the company.Besides, attributes consist of more well-planned aspects rather than strategies, namely including an extendable technological background, well-conveyed and influential messages and capability of positioning in the market.Other important elements are transparency, accuracy and identification of what kinds of business issues and for which customers the company must deal with.The foresight, practical experience and management skills are key elements so that leadership team can control their business operation in both adaptation to outside environment and maintain the harmony within their organization (Hai, 2014). Viability is considered as the company's strength as well as vitality in the market.Typically, there is no direct relationship between the company's market power and its own revenue or duration of business operation, which is particularly true in an emerging market.Sometimes, a young company can develop to be a giant one within some years if they undertake effective solutions to a complex customer issue.A complicated aggregation of financial attributes and specific ones in each company is evaluated that in case of combination, those attributes can support to identify the company's viability.This dimension also includes financial coefficient, customer attraction ratios, intellectual capital, strength of leadership team and cooperative relationships.We should also pay attention to the company's vitality in one certain market, hereby referred to telecommunications market. Validity is considered as strength of company's products provided to each customer.There is a difference between the product positioning and its competence in satisfying customers' requirements.Thus, Victory Index indicates the company's completion of tasks and promises.The delivered functionalities and functions are examined through the Victory Index.The Index considers the profession of functionalities and the effectiveness of a product on the basis of changes in customers' requirements.Other essential attributes include usability, innovation, capability of integrating products with other technologies and its incorporation of significant practical and theoretical standards. Value is regarded as advantages of products and services to customers.Even if there is an existence of a well-designed product, such product must enable to support companies to obtain their business goals.Goals range from getting the deep understanding of customers in order to achieve higher competitiveness, to applying technology to enhance outcomes.A major attribute of this dimension is how well products support businesses in accomplishing their objectives.In addition, the Value is represented through leadership's outstanding management and collection of distinct practices in management.The leadership also has clear and uniformed values to dominate the operations and set of ethical rules to make a good example for employees and competence to show their employees to distinguish what is right, what is wrong according to the author's Doctoral thesis of Criteria system of business culture indentification -Applying for Vietnam businesses (Hai, 2014).
These dimensions are the identification of a company's strategies.The indicators of Vision and Viability are also

Data are g investmen
The data u viability, v Internet.T They have a stable finance, a convincing vision together with successful strategies for the technology and receive customers' concurrence with their vision.Customers consider these providers are pioneers in the innovation of the telecommunications and their solutions bring about significant values.The Victor obtains the combined scores of Vision and Viability which reach to or above average scores through all of attributes calculated in both dimensions.VNPT and Viettel with their scores are regarded as Victors in the market perspective. Viettel is a comprehensive victor.

Results
According to Viettel Distribution Center, Vietnam, Viettel orients itself to "become a leading innovative IT distributor in Vietnam in which IT products combined with informatics and telecommunications services is the key to our sustainable development".Respect for customers is one of core values in the business philosophy of Viettel, in which Viettel's customers are always considered separate individuals who have the needs to be cared, heard, deeply understood, best served and fairly treated in particular modes.This respect has established closeness and sympathy for consumers with the message "Understanding and maximum satisfying customers' expectations" by actual actions.Viettel's mission is "innovation to serve the people", so Viettel considers creativity as its vitality, prompt adaptation as its competitive strength and identifies the correct orientation for its development, which is consistent with the rapid change of technology and the market.
The determination of a proper vision has created immense potential for rapid and stable growth of Viettel in text analytics.Customers' satisfaction has led to steady growth in the number of subscribers of Viettel, made up the firm strength in the market as well as increased the viability of the financials.Viettel's profits have increased over years and reached 35,086 billion in 2013.Viettel has overcome VNPT to become the largest telecommunications companies in Vietnam and been ranked fifth in Vietnam Report 500 Ranking last year.
 VNPT is also a very strong victor based on the market perspective.VNPT, the oldest telecommunications company in Vietnam, are initially a State-owned company with the firm foundation and advantages of a large number fixed and mobile subscribers since the early days.The broad network and stable personnel and orientation of vision "VNPT strives for effective application of posts, telecommunications and advanced information technology to bring best values to the life of Vietnamese consumers and people" are the positive factors for the current VNPT development.
However, the powerful growth of Viettel is the reductive sign of VNPT's status.It is essentially necessary for VNPT to change to make use of their existing advantages.Firstly, for the vision and mission, VNPT cannot be "forever" the first company of telecommunications in Vietnam; therefore, the VNPT need to realize the competitive environment and improve itself in order to achieve the victory in the market.Changes in the organizational structure and strategies to increase competitiveness and market presence.
However, with the existing advantages of the first telecommunications company in Vietnam, VNPT has a large number customers, strong finance, the company is deserved as a victor on the market perspective.

Leaders
Leaders present a strong brand and stable finance and they have an excellent vision about their telecommunications solutions.However, leaders are not considered as Victors for two key reasons.Firstly, some Leaders are organizations with high viability, but they have not clearly interpreted and well implemented their vision and strategies for telecommunications as companies ranked as Victors have.Secondly, some Leaders have recently faced changes in policies of management or business, which affects directly to their performance of strategies.These companies can improve their ranking position of Victory Index if the clarity of vision is consolidated and capacity is maintained.Some of them are FPT and VMS-Mobifone.

 FPT Telecom
With its motto "All services on one connection", FPT Telecom has been constantly conducting investment, deployment and integration its increasing value-added services on one Internet connection.Investment cooperation with many large international telecommunications partners, construction of international cables, etc. are the directions in which FPT Telecom is strongly strengthening to promote its services out of Vietnam to the global market, enhancing its status of a leading telecommunications service provider.FPT Telecom is one strong company with enormous capability of conveying its own vision to customers.However, FPT-Telecom only aims at providing Internet services, so it has not dominated the market.On the basis of viability, FPT Telecom can completely develop to become a victor with more investment in this area.es for many years, with the largest number of subscribers of fixed and mobile telecommunications and Internet services.This advantage makes customers consider the selection of VNPT or not.However, VNPT's first position has replaced and Viettel has become the biggest competitor of VNPT.Viettel's profits are nearly four times greater than that of VNPT in 2013.Many recommendations are given that VNPT must change and reorganize the structure to be able to regain its leading position in steading of competing with Viettel.
-Viettel emphasizes on creativity and considers prompt adaptation as its competitive strength.Strong funds and technical infrastructure promote Viettel's capability of creating and providing services for market's demands.Their products have been continuously innovated and improved in order not only to satisfy the fundamental needs of customers but also to generate the diversity and features of services.A variety of services brings about powerful combinations between mobile telecommunications and 3G service or between Internet and cable television.Therefore, the convenience and quality of the services are important and convincing reasons for the selection of Viettel's customers.
Viettel accounts for incessantly increasing market share in the fixed, mobile telecoms and Internet (from 12.51% to 22.96% for fixed telecoms, from 34.90% to 44.05% for mobile telecoms, from 12.57% to 29.45% for internet, from 2009 to 2013 respectively).This reveals the customer trust in Viettel.Nevertheless, there are many complaints about prices and some extra services of Viettel.In general, Viettel is fully deserved to be in customer perspective.

Leaders
Leaders have powerful products as specified in scores of customer surveys.In general, customers are satisfied with their products and services and believe that such products shall bring about significant values.However, scores the obtained were lower than those of the companies at Victor status.The abstracts of the Leaders emphasize on the areas where the company got high scores and highlights some areas require their improvements.
-VMS-Mobifone is a powerful provider of mobile telecommunications in Vietnam.Mobifone passed strong growth period with high-quality services based on advanced technologies.Mobifone's status has been lower in recent years with the decreased market share.Nevertheless, VMS-Mobifone was still the third largest network in 2014 with 21.40% of subscribers, which partially reflecting that VMS-Mobifone is also a strong company in customer perspective.However, it is slowly Mobifone has been gradually losing the trust of customers in services.There is existence of several dissatisfied feedback and doubts about VMS-Mobifone.Therefore, it is extremely necessary for VMS-Mobifone to improve its apparatus and enhance quality of service and customer satisfaction.
-FPT Telecom a provider of fixed broadband Internet and value-added service on the Internet transmission as well as interactive television, hosting services, domain name registrations, etc.For fixed Internet only, there are many various sub-types of services for both consumers and enterprises.Nowadays, FPT Telecom is the second largest provider in Vietnam.Comments show that FPT-Telecom is the strongest provider in domestic transmission line; in contrast, its international transmission line is weak.In addition, Internet services often go into troubles and need maintenance.These problems are believed to be overcome when the company's infrastructure and technique become more complete.

Challengers
None of researched subjects is challenger.

Conclusions
Analysis of Victory Index at Telecommunications companies in Vietnam gives assessment of vision, viability, validity and value as well as the current status and development of influential telecommunications service providers in Vietnam.This analysis also presents a comprehensive view of values and benefits of important factors to evaluate the technique and technology, ability to offer intangible values to enterprises.From that, customers can make objective assessments, at the same time providers find out the dynamic tool for learning, researches and maintain the competitiveness of each organization.