Perceived Value Effects on Global Brand Preference and Purchase Intention in Bakeries: Korean and Vietnamese Consumers

한국과 베트남 소비자의 지각된 가치가 베이커리 브랜드 선호도와 구매의도에 미치는 영향

Purpose – This study aims to suggest strategies for Korean enterprises advancing into the Vietnam bakery market by ana-lyzing the effects of perceived values on brand preference and purchase intention among Korean and Vietnamese consumers. Research design, data, and methodology – The perceived value model designed includes functional (price, quality), emo-tional, and social values. The survey collected data from 500 consumers in Seoul (Korea) and HoChiMinh (Vietnam). The SPSS 18.0 package was used for analysis. Results – First, among Vietnamese consumers, perceived val-ue had a positive (+) effect on global brand preference in the order of functional value of quality, social value, and the func-tional value of price. However, from an ethnocentric trend and brand image origin, emotional value had a negative effect on global brand preference. In contrast, among Korean consumers, perceived value had a positive (+) effect on global brand prefer-ence in the order of functional value of quality, the functional value of price, and the social value. However, emotional value had no effect on global brand preference. Second, for both Korean and Vietnamese consumers, perceived value had a sig-nificant positive effect on purchase intention. Third, unlike the Korean consumer, for the Vietnamese consumer, global brand preference had a significant effect on purchase intention. Conclusions – The study implies the following. First, the Vietnamese bakery market has a high proportion of middle-aged customers in their 40s (64%). In terms of monthly income, there was a large proportion (40%) of high-income earners (over $325). Therefore, bakery consumption can be seen as con-centrated among middle-aged and high-income consumers. Based on this, bakery strategies should include efforts to in-crease purchase prices as well as ways to attract local consum-ers (large cities). Second, unlike Korean consumers, among Vietnamese consumers, the resistance to a global brand based on emotional value (the ethnocentric tendency and brand image origin) can be seen as relatively low. Thus, in the case of the Vietnam bakery market, to increase a global brand’s preference, the company should develop a differentiated strategy so that Vietnamese consumers can recognize it better, focusing on product quality, good service quality, and price in the local envi-ronment and on social value for social development. Third, in the case of the Vietnamese customer, we found that social val-ue exerts the greatest influence on purchase intention. Therefore, a brand that engenders an image of building the lo-cal Vietnamese community can achieve a higher social value and influence purchase intention. In addition, although Vietnamese consumers have ethnocentric tendencies in terms of products, we found that if it is a preferred global brand then there are intentions to purchase. Fourth, in the case of Vietnam, if the preference for global brands is formed, consumer aware-ness may be connected to purchase intention. Therefore, global brands operating in Vietnam should pay attention to how to im-prove consumer preferences for global brands in order to in-crease purchase intention.