HANOI UNIVERSITY OF SCIENCE AND TECHNOLOGY

CORPORATE PERFORMANCE MANAGEMENT

GROUP 1

Hoang Ngoc Anh 20213043

Nguyen Ngan Giang 20213053
Dinh Thuy Duong 20213050
Tran Thi Thuy Linh 20213070
Tran Ha Yen Nhi 20213086

PNJ COMPANY

Instructor Pham Thi Thanh Hong

Department Business Analytics
School Economics and Management

Ha Noi, 6/2024
 I. Business overview
1. Business overall picture

PNJ was established in 1988 and has become the leading jewelry manufacturer and
retailer in Asia, with more than 350 retail stores nationwide and managing over 3,000
leading wholesalers in Vietnam.

It currently exports to 13 countries across four continents. In addition, PNJ has

expanded its business to include a gemological laboratory offering gold, diamond and
gemstone certification services, which has inspired PNJ to incorporate contemporary
trends and innovative ideas into its flagship brands in order to meet the needs of
existing and potential customers.

PNJ now has 4 brands to cater to different markets, including PNJ Gold, PNJ Silver,
CAO Fine Jewelry and Jemma. PNJ recognized that the market is getting younger, and
it continues to aggressively adopt innovative retail strategies to attract new generations
of consumers. For example, investment in e-commerce is an important part of its
strategic retail plan.
Product types

Product lines Target audience Product range Store network

PNJ Gold Middle and high- Gold bullion, 332 stores

income group wedding sets,
gemstones,
diamonds

PNJ Silver Consumers up to age Fashionable and 8 stores

45 dynamic silver
jewelry
CAO High-income group, High-end jewelry 3 stores
overseas products
Vietnamese, foreign
tourists

Style by PNJ Young consumers Products for young 4 stores

groups

PNJ Art Coporate consumers Honor gifts, gift 3 stores

envelopes, jewelry
gifts, fashion gifts,
gift masterpieces

Disnet PNJ Young Gen-z PNJ X Disney by N/A

applying iconic
Disney characters

PNJ watch Middle and high- Longines, Michael 1 store

income group Kors, Movado,
Tissot
Industry practices and distribution channels

At the end of 2022, PNJ owned 350 retails stores and the largest retail network among
domestic jewelry companies. The retail segment accounts for 60% of PNJ’s net
revenues and will likely grow in the next 5 years as PNJ is projected to target 500
stores by 2025, with a CAGR of 13.6%. (2022E – 2025E).

The PNJ retail business is mainly focused on Tier-2 and 3 provinces. PNJ operates a
nationwide retail network across 56 of Vietnam’s 63 provinces. As Vietnam continues
to rapidly urbanize, PNJ plans to accelerate its footprint, launching more outlets in
Tier-2 and Tier-3 provinces.
Financial performance
In Q1/2024, PNJ recorded a net revenue of VND 12,594 billion (+28.6% YoY),
showing growth compared to the very high base of 2023 and exceeding the record of
2022. NPAT reached VND 738 billion (-1.4% YoY), equivalent to the previous year’s
record level.

Revenue growth by channel:

 In Q1/2024, Jewelry Retail sales increased by 12.1% YoY. This result

was achieved through the efforts of PNJ in launching new collections
that cater to customer preferences, implementing various effective
marketing campaigns and sales programs. These programs attracted a
significant number of new customers and increased the returning
customer rate.

 In Q1/2024, Jewelry Wholesale sales increased by 7.5% YoY thanks to

PNJ's strong ability to meet the growing demand from wholesale
customers and their increased order placements.

 In Q1/2024, 24K Gold sales increased by 66.3% YoY. This significant

growth can be attributed to the vibrant trading activities of 24K gold and
PNJ’s successful attraction of new customers through the sale of its
Lucky Gold pieces and other 24K products.

 Q1/2024 blended gross profit margin was 17.1%, compared to 19.4% in

Q1/2023, mainly due to the change in product mix and the fluctuation in
raw material prices and other input factors .
  Q1/2024 total operating expenses increased by 28.7% YoY; the increase
in total operating expense corresponded with revenue growth. The total
operating expense/gross profit ratio increased from 49.2% in Q1/2023 to
56.0% in Q1/2024.

2. Techniques
2.1. PESTLE
2.1.1. Political:

 In the context of rising global inflation due to the consequences of

investing in costs to control the Covid-19 pandemic, supply chain disruption
due to the war between Russia and Ukraine and China's Zero-Covid policy.
In order to control inflation, most major central banks have drastically
implemented tightening monetary policies, mainly through the tool of
sharply increasing interest rates.

 Vietnam's gold market still remains dependent on the global gold

market, posing risks of our market being influenced by political conflicts
worldwide.

2.1.2. Economy:

 Faced with that challenge, the Vietnamese Government has coordinated

harmoniously and flexibly between fiscal policies (tax exemptions and
reductions) and monetary policies (adjusting operating interest rates, buying
and selling USD to regulate exchange rates,... ), helping Vietnam record
impressive results compared to other economies.

 Vietnam's financial market continues to be negatively impacted by the

international financial market, but within control. Banking market liquidity
will be better.

 Credit growth actively supports economic growth recovery

2.1.3. Technology

 In Vietnam, the demand for jewelry is very high, gold and other precious
jewelry are popular with people, and the habit of buying gold among
Vietnamese people is seen as a way to save money.

 Merchandise diversity extends to products for children and men.

  According to the World Gold Council, Vietnam's per capita gold jewelry
consumption is still low compared to other countries in the region. In 2022,
Vietnam's average gold jewelry consumption per capita is 6.2 USD/person,
quite low compared to some large gold importing countries in Asia, such as
Hong Kong with 263 USD/person.

2.1.4. Technology:

 Modern machinery and technology are imported from countries with the
world's leading gold and jewelry production industries such as Germany,
Italy, America, Japan... combined with traditional jewelry methods.

 Processes and measures for technological innovation towards cleaner

production; save and reuse energy, materials, and water

 Jewelry is created using a laser modeling machine provided by Olas with

laser modeling technology

2.1.5. Environmental:

 Rich and diverse natural resources are being over-exploited and are
seriously threatened, limiting domestic supply, requiring imports from other
countries, especially gold products.

 Climate issues also significantly affect raw material sources and

transportation processes

2.1.6. Legal:

 In 1989, some state-owned economic units, collective economic units,

and individual economic households were allowed to trade in gold and
silver.

 From 1995 onwards, the law stipulates: gold and gemstones are
conditional business activities

 Controlling gold, silver, and gemstone trading and processing activities,

our government has issued a number of provisions:

o Export of gold, silver and gemstone products. The state has

stipulated export tax: 0% is applied to gold fine art jewelry with a
gold content of less than 95% and items with a gold content of 95%
or more, the export tax rate is 2 %
 o The value added tax rate is 10% applicable to buying, selling, and
processing gold, silver, and gemstones.

o Gold, silver and gemstone trading and trading activities are

almost completely spontaneous, without any organization,
supervision or management by any organization.

o The State Bank of Vietnam has approved the establishment of

Vietnam gold trading center

2.2. Peter’ Five Force

Rivalry among existing competitors: MEDIUM TO HIGH

PNJ is operating under a fragmented and double-digit growing jewelry industry
with approximately 12,000 unbranded players across Vietnam. As a market leader
in Southern Vietnam, PNJ is well positioned with its competitive advantages as an
integrated value chain, huge distribution network, brand name, and diversified
products to serve different types of customers; thus, it is very challenging for other
players to win market share from PNJ in this region. However, PNJ has to compete
with other unbranded players because of the nature of the jewelry industry as high
brand loyalty and low switching cost - customers are unlikely to switch from one
player to another when they have already established trust and relationship with
them. Besides that, PNJ also competes with the market leader in Northern Vietnam
- Bao Tin Minh Chau (BTMC)- which not only possesses the majority of market
share but also customers' hearts. Since people living in Northern Vietnam are
considered as traditional and conservative, it is difficult for PNJ to usurp market
share from BTMC and other unbranded players. Moreover, PNJ faces stiff
competition with SJC in the gold bar segment because SJC is the only state-owned
company that is allowed to import gold materials and manufacture gold bars to the
market. PNJ also has to deal with potential threat Precita because it is backed by a
leading private equity firm, Mekong Capital, who has a long track record of well-
known successful investments in Vietnam.
Threat of new entrants: LOW
The jewelry industry in Vietnam is considered as high barriers to entry because of
the following reasons. First, it needs to meet certain requirements by law in order
to obtain the license. Second, it requires capital investment to build a large
distribution network, production base, and financial resource to build brand image
and invest in the IT system. Finally, it also needs to have an experienced
management team that works in the industry long enough to have industry insights,
understand the market cycle and customers' behaviors so that they can build
strategies to cope with different situations and products suitable for customers’
needs. In addition, when the government issued Circular Number 24/2012/ND-CP
to enhance the stability of the gold market and transparency of the jewelry industry,
the competition becomes more challenging.

Threat of substitute products: LOW

There is a wide diversity of product materials in the jewelry industry, including

diamond, gold, silver, and other gemstones jewelry. Since PNJ's products are
diverse (gold and silver jewelry, diamond and other gemstones jewelry, watches,
and designed gifts) and its target customer is a middle-income class with 20-40
years of age, we believe that PNJ faces low risks from substitutes. Since Vietnam's
middle affluent class is expected to grow at 5.5% CAGR 2017-2030, it will
definitely benefit PNJ in terms of higher valued jewelry.
Bargaining power of suppliers: LOW TO MEDIUM
Vietnamese citizens are believed to own 500 tons of gold so there is an ample
source of gold in the country. As a well-known and dominant jewelry retailer, PNJ
is in a better position when it comes to supplier bargaining power because it has a
great purchase and exchange policy with customers.
For silver, diamond, and other precious gemstones, PNJ has a well-established
relationship with quality suppliers from Germany, Belgium, Thailand, Hong Kong,
etc.
Bargaining power of buyers: MEDIUM
Because of the fragmented jewelry industry with approximately 12,000 unbranded
players, the customers will have lots of choices in terms of products, pricing, and
distribution channels. For products, different players offer different products so that
customers have many options to select. For pricing, customers are price-sensitive
as they choose products that fit their pockets and they easily can check/compare the
price online. For distribution channels, customers can easily find jewelry vendors
on the street and drop by to take a look.
As trust and quality concerns play an important role in customers’ purchasing
decisions, they are more likely to stick with players that they have built the
relationship with. Therefore, it is difficult for PNJ to lure customers if it cannot
lower its price as traditional vendors.
2.3. Resource Audit
2.3.1. Tangible resources
2.3.1.1. Physical resources
Definition: Assets that an organisation owns or has access to, as buildings,
plants, equipment and land. These types of infrastructures can be new and
cost effective, or old and cost inefficient.
Example:
 Some assets that PNJ owns like Stores, Head office, companies.
As of the end of November, the unit had 457 stores. In particular, the company
has 286 PNJ Gold stores, 63 PNJ Silver stores, 4 CAO stores and 24 PNJ
Watch stores. PNJ Group is headquartered at 170E Phan Dang Luu, Ward 3,
Phu Nhuan District, Ho Chi Minh City, with 7 member companies.
 Moreover, it can be the equipment that serves to maintain operation, typically
machines, technological advances in manufacturing helping. One of some
technological advances could be Amazon Web Services (AWS) Cloud
which focuses on digital transformation with the purpose for increasing
business efficiency and achieving future targets.
2.3.1.2. Financial resources
Definition: Financial resources are the things that are related to financial
health.
Financial health:
In 2023, the revenue of Phu Nhuan gold and silver goes backwards and
does not fulfil the set revenue target.
Specifically, for the whole year 2023, PNJ's net revenue reached VND 33,137
billion, down 2% compared to 2022 and profit after tax reached VND 1,971
billion, up nearly 9% compared to 2022. Compared to the target, PNJ achieved
93% of the revenue target and exceeded nearly 2% of the profit after tax plan
for the whole year.
 2.3.1.3. Human Resources
Definition: The tangible resource in the resource audit model is human capital.
With this resource, all people work with their knowledge, skills, and
competencies.
A team of design and creative experts of nearly 100 members are well-trained,
professional at home and abroad; A force of more than 1,000 skilled artisans
and jewellers, along with a team of experienced and long-term technical
experts in the industry in the fields of precious stones, precious metals and
crafting techniques.
2.3.2. Intangible resources
Definition: An intangible asset is an asset that is not physical in nature, such
as a patent, brand, trademark, or copyright. An intangible asset can be
considered indefinite (a brand name, for example) or definite, like a legal
agreement or contract.
2.3.2.1. Know How Resources
With know-how resources, we mean things related to knowledge, patents,
trademarks and other information that is, or is not, available to the business.
Knowledge:
 Working experience: Business cycle over 20 years.
 Competence: PNJ's production, supply and supply chain autonomy have
become a huge advantage, helping PNJ overcome obstacles caused by the
pandemic, best meet customer needs, in the context of global supply chain
disruptions.Proving its strength in the industry when achieving prestigious
awards, the most prominent of which are: Jewellery World Awards 2021 –
JWA held in Dubai in 2021, PNJ has excellently surpassed hundreds of large
enterprises from many countries, territories to win the Best Jewellery Maker of
the Year award.
Patent: Technical Invention.
 Phú Nhuận Jewellery Joint Stock Company (PNJ) has won a Vietnam
Technology Excellence Award in the Cloud-Retail category at the Asian
 Technology Excellence Awards hosted by Asian Business Review. PNJ has
developed a cloud computing strategy to meet the needs of its retail operations,
especially during peak season, and to get closer to its customers to provide a
more complete, multi-faceted and seamless shopping journey.
Copyright : Trademark protection.

2.3.2.2. Reputation Resources

Brand image awareness in the marketplace.
Definition: Brand reputation is defined as the image, based on experience, that
an individual or an organisation has among other actors regarding a certain
brand.
 The business lifecycle of PNJ company (33 years in Jewelry’s field)
 Achievements that PNJ gained:
In latest years,
In 2018, Top 10 in 100 Sustainable Enterprises.
In 2019, Becoming the No. 1 retailer in the Asian jewellery industry and
shaking hands with "big man" Walt Disney opens up opportunities to enter the
international market.
In 2020, PNJ became the best enterprise in the Asia-Pacific jewellery
industry.
In 2021, PNJ won the Best Jewellery Maker of the Year award.
 Large scale in Jewelry’s field :
Currently, PNJ Group has nearly 7000 employees with wholesale system, and
nearly 400 retail stores spread across the country; PNJ has a production
 capacity of over 4 million products / year, is considered one of the largest
jewelry factories in Asia with a team of nearly 1,500 employees.

=> Strong brand images can consolidate a customer's belief.

Strength:
 High Brand image awareness in the marketplace (Business life cycle,
high achievements, large scale of employees and stores) - Reputation
resource.
 Competitive advantages: Strength in competence at PNJ's production,
supply and supply chain autonomy - Know how resource.
 Human capital: Well-trained, professional employee at home and abroad
- Human resource.
 Technological advances: Amazon Web Services (AWS) Cloud which
focuses on digital transformation with the purpose for increasing business
efficiency and achieving future targets - Physical resource.
Weakness:
 Spending pricey cost in Technology advances - Physical resource
(equipment).

 Financial health: Net Revenue (2023) was on the downward trend

because It took a lot of money investing in the inverse fields – Financial
resource (investment).
2.4. SWOT
2.4.1. Strength:

a. High Brand image awareness in the marketplace (Business life cycle,

high achievements, large scale of employees and stores) - Reputation
resource.

b. Competitive advantages: Strength in competence at PNJ's production,

supply and supply chain autonomy - Know how resource.

c. Human capital: Well-trained, professional employee at home and

abroad - Human resource.

d. Technological advances: Amazon Web Services (AWS) Cloud which

focuses on digital transformation with the purpose for increasing business
efficiency and achieving future targets - Physical resource

e. Diversification products in the field

2.4.2. Weakness:
 a. Spending pricey cost in Technology advances - Physical resource
(equipment).

b. Financial health: Net Revenue (2023) was on the downward trend

because it took a lot of money investing in the inverse fields – Financial
resource (investment).

2.4.3. Opportunity:

a. Based on the growing needs of the market, the increased demand for
jewelry products is an opportunity for PNJ to develop.

b. PNJ emphasized on creating many advertising campaigns, their most

famous and successful campaign was “True Love” which was broadcast in
New York's Time Square. Its campaign was awarded Best Global PR
Campaign. Furthermore, the cooperation with global entertainment
corporation Walt Disney has brought Vietnam's jewelry industry to the
world. This is an opportunity for PNJ to demonstrate its professional and
outstanding marketing campaign among businesses in Vietnam, while
affirming its reputation to the world.

c. Strengthen Supply Chain: Enhance control over the entire production to

distribution process, ensuring quality and reducing costs

2.4.4. Threat:

a. World gold prices are unstable, even unprecedented. Gold and diamond
prices around the world are fluctuating. They can escalate but can also fall
dramatically, causing PNJ to suffer heavy losses due to exchange rates.

b. PNJ not only faces domestic competitors, but foreign competitors have
also strongly penetrated the Vietnamese market.

c. Economic Sensitivity: Monitor gold prices and economic indicators

closely, as they directly affect consumer spending on luxury items.

Strength (S) Weakness (W)

 S (e) snd O (b) : W (a,b) and O (c)

 Đưa ra những chiến lược  Efficiency

và sản phẩm phù hợp với từng Improvements: Implement
phân khúc khách hàng lean manufacturing
principles and invest in
S (a, c) and O (c): technology solutions to
optimize production
Oppotunity  Supply Chain Integration: processes, reduce waste, and
(O) Utilize technology and human enhance efficiency.
capital to enhance control
over the entire production to
distribution process.
Implement digital solutions
for inventory management,
logistics, and quality control
to streamline operations and
reduce costs.

Threat (T) S (a, b, e) and T (a,b) W (a, b) and T (a)

 Market Expansion: Utilize  Financial Restructuring:

PNJ's strong brand image and Review and restructure
supply chain autonomy to investments to prioritize
enter new markets or target projects that generate
niche segments where immediate returns and
competition may be less improve cash flow. Consider
intense. This diversification divesting from
can help offset losses from underperforming assets or
price fluctuations in the gold businesses to focus on core
market. operations.

 Cost Control Measures:

Implement cost-saving
initiatives across all aspects of
the business, including
production, distribution, and
marketing. This will help PNJ
maintain profitability despite
potential decreases in
 consumer spending during
economic downturns.

2.5. MOST
M – Mission:
PNJ strives to deliver exceptional customer experiences through continuous
improvement, including diversifying product lines, optimizing production
efficiency, and empowering our sales staff with in-depth product knowledge
and exceptional service skills
O – Objectives:
Overall: Achieving a 20% increase in overall brand value 31st of December,
2024.
S – Strategy
Customer Perspective:
 Enrich Customer Relationship Assets
 Enhance Modern Retail Capacity
 Implement Effective Marketing Campaigns
Financial Perspective:
 Maintain Existing Store Revenue Growth
 Expand Retail System
 Develop Market Penetration
Operational Perspective:
 Innovate Products and Services
 Optimize Operations
 Enhance Sustainability
Learning and Growth Perspective:
 Content Development and Delivery
 Training Delivery and Logistics
 Reinforcement and Continuous Improvement
T - Tactics
Customer Perspective:
Enrich Customer Relationship Assets:
o Implement loyalty programs with tiered benefits and personalized offers.
o Offer exclusive events and promotions for loyal customers.
o Enhance customer service training to personalize interactions and build
rapport.
o Actively gather and address customer feedback through surveys and social
media engagement.
 Enhance Modern Retail Capacity:
o Invest in omnichannel retail experiences (online and offline integration).
o Train staff on using technology tools to assist customers (e.g., product
information kiosks, mobile apps).
o Offer convenient services like online reservations, click-and-collect, and hassle-
free return policies.
Implement Effective Marketing Campaigns
o Develop targeted marketing campaigns based on customer segments and
preferences.
o Utilize a mix of marketing channels (social media, influencer marketing, email
marketing) to reach a wider audience.
o Craft compelling brand storytelling that resonates with customers and evokes
emotions.
o Conduct customer satisfaction surveys to measure campaign effectiveness.
Financial Perspective:
Maintain Existing Store Revenue Growth
o Analyze customer buying behavior and optimize product assortments based on
local preferences.
o Implement upselling and cross-selling techniques to increase average order
value.
o Offer promotions and discounts strategically to attract customers and generate
sales.
o Conduct staff training on sales techniques and product knowledge to improve
conversion rates.
Expand Retail System
o Conduct market research to identify potential high-traffic locations for new
stores.
o Develop efficient store opening processes to ensure smooth integration into
existing operations.
o Streamline logistics and supply chains to support the increased number of
stores.
o Leverage existing brand reputation and marketing strategies to generate interest
in new locations.
Develop Market Penetration
o Launch targeted marketing campaigns for Tier 2 and Tier 3 markets with
relevant messaging and pricing strategies.
o Introduce new product lines or variations catering to different customer
segments in these markets.
o Explore partnerships with local businesses or influencers to expand brand
reach.
 o Analyze competitor strategies and adapt offerings to differentiate PNJ in
different market tiers.
Operational Perspective:
Innovate Products and Services
 Conduct market research to identify emerging trends and customer needs.
 Invest in research and development to create innovative new product designs.
Learning and growth perspective:
 Create comprehensive training modules covering new product features,
benefits, technical specifications, and selling points.
 Plan training sessions within the quarter, ensuring they are accessible to most
staff. Consider offering different times or online options to accommodate
various schedules.
 Implement strategies to solidify learning, such as post-training quizzes,
knowledge-sharing sessions, or incorporating product knowledge into daily
sales huddles.

3. Cascading of Objectives

 Increase in-shop and online sales for PNJ jewelry by 10% and 15%
respectively by the 31st of December, 2024.

 Increase customer satisfaction with PNJ's online shopping experience by

10% by the 31st of December, 2024

 Streamline the jewelry manufacturing process by 5% by the 31st of

December, 2024 by implementing new technology, reducing production
lead times and improving efficiency.

 Train 80% of sales staff on new product knowledge and customer service
best practices by the 31st of December, 2024, enhancing their ability to
effectively serve customers

II. Strategy map & CFS

1. Strategy map
a. Mission & Vision

 Mission: We aim to become the leading jewelry fashion brand, with core
attributes being Creativity, Fineness, and Reliability.

 Vision: PNJ strives to deliver exceptional customer experiences through

continuous improvement, including diversifying producct lines, optimizing
production efficiency, and empowering our sales staff with in-depth product
knowledge and exceptional service skills

b. Priority

Offer diverse product porfolio: Innovate new products and services to promptly
meet customer needs, improve production technology to meet daily needs market
changes.

Increase efficiency and reduce cost: Continue to enrich PNJ Brand assets,
increase program integration, promote the effectiveness of CSR programs, enhance
sustainable measures in business operations, including minimizing environmental
impact, enhance corporate social responsibility.

Enrich talent sources and quality personnel:

 Develop capacity and elevate middle-level leaders through "real-life" training

and programs designed specifically for each level.
 Promoting the entrepreneurial spirit, F5 has reward and recognition regimes and
policies to create motivation to develop the maximum capacity of the staff.

Enrich customer relationship assets:

 Enrich customer relationship assets through new approaches and interactions.

 Enhance modern retail capacity, increase customer experience with outstanding

customer service quality, and effectively develop modern customer access
channels and tools.

 Implement marketing campaigns creatively and effectively, creating an

outstanding impression in the hearts of customers

c. Financial perspective

 Increase annual revenue: Compared to the set target, PNJ has achieved 93%
of the revenue target (35,598 billion VND) and exceeded the yearly profit plan
by nearly 2% (1,937 billion VND).

 Improve profitability: In a fluctuating economic situation with complex

factors related to economic growth, retail purchasing power, high interest rates,
and complex inflation, PNJ continues to achieve positive after-tax profits with
good results 1,971 billion VND. Net profit margin reached 5.9%, an increase of
0.6% compared to 2022. The above positive results come from the effective
solutions of the Board of Management in terms of business strategy and the
efforts of PNJ employees in cost optimization. Profit after tax ratio/Equity
(ROE) and Profit after tax ratio/Total assets (ROA) continue to reach high
levels of 21.6% and 14.2%, respectively.

 Reduce cost: PNJ has integrated green growth goals into the business's
sustainable development strategy. This approach will help PNJ reduce energy
and production costs, thereby increasing profits, increasing competitive
advantage, and enhancing PNJ's reputation in the market.

d. Customer perspective

 Increase customer awareness and consideration

 Build customer satisfaction

 Enhance brand reliability: PNJ has operated and developed in the jewelry
industry for more than 35 years, thus building a solid name in the consumer
 community in Vietnam. High reputation and reliability are always recognized
by customers, this is shown through a large and loyal customer base that grows
every year.

e. Internal process

 Re-engineer work processes and optimize operations based on technology

applications

 Focus on R&D activities, develop new product lines that suit consumer tastes

 Deploy creative and effective marketing programs: Campaign "Shaking

fortune" (God of Wealth Day 2023 Program) and "Exchanging moments,
marking a lifetime" (Valentine Program), "Jewelry Journey Through Vietnam"
(Year-end stimulus marketing program at each locality), building a
communication chain throughout "Having Each Other" to bring outstanding
communication effectiveness emphasizing sacred values and true love, while
strengthening and enriching PNJ brand value through Wedding program...
Besides, meaningful community programs such as "0 VND Mini
Supermarket"... also help PNJ's name become familiar.

 Improve online shopping experience: The website system & media channels
Facebook and TikTok are constantly being updated and has its own program for
shopping customers online.

f. Learning and growth perspective

 Attract, recruit and engage employees: PNJ cares for the team in many
aspects such as mental health, social connection, financial sustainability...
through welfare programs benefits employees.

 Improve employee quality with professional training courses: PNJ develops

human resources inside and outside PNJ through talent management strategies
and activities that encourage learning and improvement of individuals and
organizations.

III. Customer perspective KPIs

(1) Objective
Overall objective: Achieving a 20% increase in overall brand value within
the next 3 years.
Cascading objective for customer perspective: Increase customer
satisfaction with PNJ's online shopping experience by 10% by the 31st of
December, 2024

(2) Strategy drill-down

Tier 1: Organizational goal à Tier 2: Department/Division goal

Objective 1: Increase website traffic by 15% with a focus on qualified

leads.
R – Responsible
Marketing Division: Holds primary responsibility for developing and
executing strategies to attract website visitors
S – Supportive
Sales Division: Can assist by providing insights into customer needs and
preferences to inform marketing campaigns.
Information Technology Division: Can ensure website functionality,
performance, and user experience to optimize traffic conversion
Finance Division: May provide data or insights on customer demographics
and spending habits to inform marketing strategies.
C – Consulted
Supply Division: May be consulted if the website traffic increase leads to a
need for increased product inventory.
Human Resource Division: May be consulted if additional marketing
personnel or website development resources are required.

Objective 2: Improve website loading speed by 20% and increase website

usability scores by 5%.
R – Responsible
Information Technology Division (IT): Holds primary responsibility for
website performance optimization and user experience (UX) improvements.
S – Supportive
Marketing Division: May provide input on website content and
functionality to ensure alignment with marketing goals and user needs.
Sales Division: Can offer feedback on website usability from a customer
perspective, highlighting areas for improvement.
Strategy Division: May assist with conducting user research or competitor
analysis to identify website optimization opportunities
C – Consulted
Human Resource Division: May be consulted if additional IT personnel
are required for website development or maintenance tasks.
Objective 3: Analyze customer behavior data to identify areas impacting
online satisfaction
R – Responsible
Marketing Division: Often, marketing teams own customer data and have
the resources to analyze it
S – Supportive
Sales Division: May offer additional customer touchpoint perspectives to
enrich the understanding of online be: havior.
C – Consulted
Finance Division: May be consulted if the analysis involves customer
purchase history or financial data related to online transactions.

Tier 2: Department/Division goal à Tier 3: Team/Individual goal

Objective 1: Increase website traffic by 15% with a focus on qualified

leads.
A – Accountable
Marketing Manager: This individual is accountable for the content
marketing team's performance and achieving the organic search traffic
target.
R – Responsible
Content Marketing Team: Creates valuable content (blog posts, articles,
videos) that attracts potential customers searching for relevant information.
S – Supportive
Sales Representatives: Can provide insights into customer needs and
preferences to inform marketing content and campaigns, ensuring they
resonate with the target audience
C - Consulted
HR Manager: May be consulted if additional marketing personnel or
website development resources are required to achieve the website traffic
and lead generation goals.
I – Informed
Marketing manager: Should be kept informed about the progress of
content marketing initiatives and their impact on organic search traffic

Objective 2: Optimize website code and image compression to improve

loading speed by 70%
A – Accountable
Web Development Manager: This individual is accountable for the web
development team's performance and achieving the website loading speed
target (70% improvement)
R – Responsible
Web Development Team: This team possesses the technical expertise to
optimize website code and implement image compression techniques for
faster loading speeds.
S – Supportive
Content Marketing team: This team can collaborate by ensuring content
delivery is optimized for web (e.g., appropriate image sizes, reduced video
file sizes).
C - Consulted
User Experience (UX) Design Team: The UX team can be consulted to
ensure code optimization doesn't negatively impact website functionality or
user experience
I – Informed
Web Development Manager: Should be kept informed about progress
towards the website loading speed improvement target and its impact on
user experience.

Objective 3: Conduct data extraction and cleaning of relevant customer

behavior data sources (website analytics, purchase history, customer
feedback)
A – Accountable
Marketing Manager: This individual is accountable for the team's
performance and ensuring the extracted and cleaned data is accurate and
usable for customer behavior analysis.
R – Responsible
Marketing Analytics Team: This team typically possesses the skills for
data extraction from website analytics tools, customer relationship
management (CRM) systems, and other marketing data sources.
S – Supportive
IT Representatives: IT can provide technical support with data extraction
processes, especially if data resides in different systems
C - Consulted
Sale Representatives: Sales might be consulted if purchase history data
includes information beyond basic transactions (e.g., sales rep interactions
I – Informed
Marketing Manager: Should be kept informed about the progress of data
extraction and cleaning to understand its role in customer behavior analysis
initiatives.
 (3) Customer perspective strategy
Customer perspective strategy includes:
 Increase customer awareness and consideration
 Build customer satisfaction
 Enhance brand reliability

(4) Customer strategy map

(5) Three KPIs

Objective: Increase customer awareness and consideration

KPI: Total visits on desktop and mobile per month
 Meaning: It measures the total number of visits to a website or digital platform
from both desktop and mobile devices within a month. It is an important metric
to assess the overall traffic and popularity of the site, and to understand user
engagement across different devices.
 Target: 3000000
 Actual: 3400000
 % Effective: 13.3%
 Explaination: The actual visits were 13.3% higher than the target, indicating a
strong performance and greater-than-expected user engagement for the year.

KPI: Page per visit

 Meaning:It measures the average number of pages viewed by a
visitor during a single session on your website
 Target: 10%
 Actual: 15%
  % Effective: 50%
 Explaination: The actual number of pages per visit is 5.9% less
effective than the target. This indicates a slight shortfall in
achieving the desired level of visitor engagement

KPI: Bounce rate

 Meaning: It is the percentage of visitors to a website who
navigate away from the site after viewing only one page
 Target: 95%
 Actual: 96%
 % Effective: 1.1%
 Explaination: The actual bounce rate is 21.6% lower than the
target bounce rate. This indicates a significant improvement in
visitor engagement compared to the target.
IV. Process perspective
1. Proccess landscape model

Main Strategy:

Growth - focused on achieving continued growth in revenue and profit

Strategic Priorities:

 Finance: Aiming for record profits (over VND 2.08 trillion)

 Customer: Enhancing customer service quality and potentially exploring

new customer access models

 Internal Operations: Optimizing costs and potentially implementing new

business models
  Learning & Growth: Investing in technology and digital transformation

Core Process: Selling & Shipping Process (Online & Offline)

 Growth: Optimizing the online and offline selling and shipping process
can improve efficiency, potentially leading to higher sales and faster
delivery, contributing to growth.

 Customer: A smooth and efficient buying experience, both online and

offline, can significantly impact customer satisfaction.

 Internal Operations: Streamlining the selling and shipping process can

lead to cost optimization and improved operational efficiency.

Objectives of the online sales and shipping process:

 Increase revenue from online sales over a specific period of time,

increasing by 20% in 2024.

 Improve customer conversion rate from viewing products to purchasing,

increasing conversion rate from 12% to 15%.

 Reduce order cancellation rate after customers have made payment to

retain transactions and avoid losing business opportunities, reduce order
cancellation rate from 5% to 3%.

 Improve customer experience when using online selling and shipping

services, shorten product processing and shipping time.

 Improve the efficiency of the online selling and shipping process:

Shorten the time to process customer online requests (such as order
confirmation...), coordinate flexibly to avoid delays...

 Build user trust through compliance with safety and accuracy standards
in delivering products to consumers.

2. Core Process:

2.1. Relationships between subprocesses of core processes:

 Manufacturing is the starting point. It takes product designs and

transforms them into physical jewellery through the manufacturing process.
 Warehousing and logistics ensure the manufactured products are stored and
ready for shipment.

 Selling and Shipping acts as the bridge between the manufactured goods
and the customer. It takes confirmed orders (either online or offline) and
arranges delivery through carriers or in-store options. This process directly
generates revenue.

 Customer Care supports both Selling and Shipping and the overall
customer experience. It provides customer support before, during, and after
the sale (after-sales service). Customer relationship management helps PNJ
understand customer needs and preferences, which can then be fed back to
both Manufacturing (for product development) and Selling and Shipping
(for improving the sales experience)

2.2. IHF matrix:

Core process Importance Health Feasible

Manufacture 90% 80% 75%

Selling and shipping 90% 75% 90%

Customer service 85% 85% 80%

2.3. Core process: Selling and shipping.

Important: 90%

In the core process, the major concern that PNJ wants to reach most, that is the
revenue of the firm, Selling and Shipping is the central activity that drives the
business, which can bring the manufactured products into revenue. In terms of selling
and shipping, this sub core process contains both online and offline channels to sell the
product for customers.

Health: 75%

 Inefficient warehouse and logistics management: This can lead to delays

in order fulfilment, picking and packing errors, and damaged shipments.
  Inadequate inventory management: Stockouts or overstocking can lead
to lost sales and unnecessary costs.

 Outsourced shipping issues: Reliance on unreliable or slow delivery

carriers can negatively impact customer experience.

Feasibility: 90%

Technological Solutions:

 Many readily available tools and technologies can streamline the selling
and shipping process. These include online ordering systems, inventory
management software, warehouse automation tools, and real-time shipment
tracking solutions.

Customer Focus:

 Redesigning the selling and shipping process often leads to direct

improvements in the customer experience. Faster order processing,
transparent communication, and reliable delivery can significantly enhance
customer satisfaction.

3. Analytical questions

3.1. Order Fulfillment Efficiency:

 How long does it take from the time an order is placed online to the
moment it is shipped?

 What is the average order processing time, and are there any bottlenecks
in the fulfillment process?

3.2. Shipping Costs and Speed:

 What are the average shipping costs per order, and how do they
compare across different shipping methods and destinations?

 What is the average transit time for different shipping options, and how
does it affect customer satisfaction?

3.3. Order Accuracy and Returns:

  What percentage of orders are shipped accurately, and how many result
in returns or exchanges?

 Are there common reasons for returns, and how can they be minimized
to improve profitability?

3.4. Customer Satisfaction and Loyalty:

 What is the overall customer satisfaction rating for the online buying
and shipping experience?

3.5. Shipping Carrier Performance:

 How reliable are the shipping carriers in terms of delivery times?

 Are there any trends or patterns in shipping carrier performance that

could impact customer satisfaction?

4. Process overview model:

Product type: Silver Jewelry, Wedding Rings, Gold Necklaces, Diamond Rings,
Gold Earrings, Diamond Earrings, Bangles – Gold Bracelets, ECZ Rings, Gold Rings,
Watches, Bangles – Silver Bracelets, Silver Necklaces, Silver earrings

Service type: Order processing, accounting management, inventory management,

packaging, shipping

Channel: PNJ website, Facebook

Customer type: Individual customer

5. Metric:

 Conversion rate:

o Measurement: The percentage of website visitors who complete

a desired action, such as making a purchase.

𝑠𝑖𝑜𝑛 𝑟𝑎𝑡𝑒= 𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑐𝑜𝑛𝑣𝑒𝑟𝑠𝑖𝑜𝑛𝑠 (𝑝𝑢𝑟𝑐ℎ𝑎𝑠𝑒𝑠)𝑇𝑜𝑡𝑎𝑙 𝑛𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑣𝑖𝑠𝑖

Conversion rate= Number of conversions (purchases)Total number of visitors×100𝐶𝑜𝑛𝑣𝑒𝑟

𝑡𝑜𝑟𝑠×100
 o Achieve goal: Simplify the checkout process, improve site
navigation, and ensure mobile optimization. By focusing on these
areas, the shopping experience becomes more user-friendly,
encouraging more visitors to make purchases.

 Average Order Value (AOV):

o Measurement: The average amount of money spent by

customers per transaction

AOV= Total revenue Number of orders 𝐴𝑂𝑉= 𝑇𝑜𝑡𝑎𝑙 𝑟𝑒𝑣𝑒𝑛𝑢𝑒

𝑁𝑢𝑚𝑏𝑒𝑟 𝑜𝑓 𝑜𝑟𝑑𝑒𝑟𝑠

o Achieve goal: Implement effective cross-selling and up-selling

strategies, offer bundled products, and provide special promotions
and discounts. By enhancing the perceived value and convenience,
customers are likely to spend more, indicating a positive shopping
experience.

V. Financial perspective

(1) Objective

Overall objective: Achieving a 20% increase in overall brand value within the
next 3 years.

Cascading objective for financial perspective: Increase in-shop and online sales
for PNJ jewelry by 10% and 15% respectively by the 31st of December, 2024.

(2) Strategy drill-down

Tier 1: Organizational goal à Tier 2: Department/Division goal

Objective 1: Secure 10% increase in budget allocation for marketing and operations to
support sales growth.

R – Responsible

 Marketing Division: Responsible for developing and implementing strategies to

increase in-shop and online sales.
 Operations Division: Responsible for optimizing operational efficiency to
support increased sales.
 S – Supportive
  Sales Division: Supports by providing insights into customer preferences and
trends to inform marketing strategies.
 Finance Division: Supports by providing financial analysis and forecasting to
justify budget increases.
 Information Technology Division: Supports by ensuring website functionality
(for online sales) and in-store technology support.

C – Consulted

 Human Resource Division: Consulted for potential staffing needs in marketing

and operations departments.
 Supply Chain Division: Consulted for managing inventory levels to meet
increased sales demand.
 Strategy Division: Consulted for market research and competitive analysis to
inform marketing strategies.

Objective 2: Enhance operational efficiency by 15% to support increased sales

volume.

R – Responsible

 Sales Division: Responsible for implementing sales strategies and achieving

sales targets
 Operations Division: Responsible for optimizing operational processes and
efficiency to support increased sales volume.

S – Supportive

 Marketing Division: Support by developing and executing marketing

strategies to drive in-shop and online sales growth.

 Supply Chain Division: Support by managing inventory and logistics to meet

increased sales demands efficiently.

C – Consulted

 Finance Division: Consulted by providing financial analysis and budgeting

support to improve operational efficiency.

Objective 3: Enhance employee productivity and satisfaction by 10% to support sales

growth

R – Responsible
  Human Resource (HR) Division: Responsible for implementing initiatives to
enhance employee productivity and satisfaction.
 Operations Division: Responsible for ensuring operational processes support
enhanced employee productivity.

S – Supportive

 Sales Division: Supports by providing feedback on customer interactions and

sales processes to improve employee effectiveness.

 Information Technology Division: Supports by providing technological tools

and support to enhance employee efficiency.
 Finance Division: Support by budget allocation and financial insights to
support employee productivity initiatives.

C – Consulted

 Strategy Division: Consulted for strategic alignment and long-term planning to

support employee satisfaction and productivity goals.

Tier 2 : Department/Division goal à Tier 3: Team/Individual goal

Objective 1: Develop and present a comprehensive business case to executive

management advocating for a 10% increase

R – Responsible

 Marketing Analytics Team: Responsible for gathering data, conducting

analysis, and preparing the business case.

A – Accountable

 Marketing Manager: Accountable for ensuring the business case is thorough,

compelling, and aligns with organizational objectives.

S – Supportive

 Finance Department: Provides financial data and insights to strengthen the

business case.
 Information Technology Department: Offers input on technological needs
and enhancements that could be supported by the budget increase.

C – Consulted
  Strategy Department:
o Consulted for strategic insights and alignment with overall company
goals.

I – Informed

 Sales Department:
o Informed about the progress of the business case to ensure alignment
with sales growth objectives.

Objective 2 : Implement process improvements and technology enhancements to

achieve a 15% increase in operational efficiency

R – Responsible

 Operations Improvement Team: Responsible for identifying inefficiencies,

proposing solutions, and implementing improvements.

A – Accountable

 Operations Manager: Accountable for overseeing the efficiency improvement

initiative and ensuring targets are met.

S – Supportive

 Finance Department: Supports by providing financial data and analysis to

justify investments in efficiency improvements.
 Human Resources Department: Supports by ensuring workforce alignment
and training to adopt new processes.

C – Consulted

 Sales Department: Consulted for insights into sales processes that can be
optimized to support increased sales volume.

Objective 3: Implement process improvements and technology enhancements to

achieve a 15% increase in operational efficiency

R – Responsible

 HR Manager: Responsible for designing, implementing, and monitoring

initiatives to enhance productivity and satisfaction.

A – Accountable
  HR Manager: Accountable for overseeing the effectiveness of the initiatives
and ensuring they contribute to the desired outcomes.

S – Supportive

 Operations Manager: Supports by aligning operational processes to promote

employee efficiency and satisfaction.

C – Consulted

 Sales Department: Consulted for insights into sales processes that can be
optimized to support employee productivity.

(3) Financial Perspective Strategy

Financial perspective strategy includes:

 Increase annual revenue

 Improve profitability
 Reduce cost

(4) Three KPIs

Objective: Increase annual revenue

KPI: Revenue growth rate

 Meaning: Measure the percentage increase in PNJ company's total revenue

from the previous fiscal year.

 Target: Achieve a minimum annual revenue growth rate of 15%.

 Actual: PNJ achieved an annual revenue growth of 18%.

 % Effective: 73.4%

 Explanation: The KPI tracks the overall growth in revenue, indicating PNJ's
ability to expand market share, introduce successful new products, and
effectively execute sales and marketing strategies.

Objective: Improve Profitability

KPI: Gross Profit Margin

  Meaning: Measure the percentage of revenue retained after deducting the cost
of goods sold (COGS).
 Target: Increase gross profit margin to 18.4%.
 Actual: PNJ improved gross profit margin to 17.5%.
 % Effective: -4.9%
 Explanation: This KPI reflects PNJ's ability to manage production costs,
optimize pricing strategies, and enhance operational efficiencies to achieve
higher profitability per unit sold.

Objective: Reduce cost

KPI: Inventory Turnover Ratio

 Meaning: Measure how efficiently PNJ manages its inventory by calculating

the number of times inventory is sold and replaced within a period.
 Target: Increase inventory turnover ratio to 2.1 times per year.
 Actual: PNJ achieved an inventory turnover ratio of 2.9 times per year.
 % Effective: -38.1%
 Explanation: A higher inventory turnover ratio indicates that PNJ is selling
goods more quickly, reducing holding costs and minimizing the risk of obsolete
inventory. This improvement is achieved through effective inventory
management practices, accurate demand forecasting, and streamlined supply
chain operations.

Part 2: Financial Statement Analysis

Perform Common-size analysis

Common-size Balance Sheet

100.00 100.00 100.00

Total Assets % % %

Total Current Assets 84.21% 87.51% 89.72%

Cash, Cash Equivalents and Short Term Investments 4.98% 3.35% 8.09%

Cash and Cash Equivalents 4.98% 3.35% 6.59%

 Cash 1.60% 1.34% 3.38%

Cash Equivalents 3.37% 2.01% 3.21%

Inventories 77.16% 82.44% 78.77%

Raw Materials, Consumables and Supplies 4.60% 5.98% 7.45%

Work-in-Process 1.75% 1.39% 1.56%

Finished Goods and Merchandise 70.47% 74.75% 69.38%

Other Inventories 0.34% 0.33% 0.38%

Trade and Other Receivables, Current 0.98% 0.77% 1.76%

Trade/Accounts Receivable, Current 0.80% 0.56% 0.42%

Taxes Receivable, Current 0.13% 0.13% 0.04%

Other Receivables, Current 0.07% 0.10% 0.26%

General Allowance for Receivables and Write Offs,

Current -0.01% -0.02% -0.02%

Prepayments and Deposits, Current 1.09% 0.94% 1.10%

Total Non-Current Assets 15.79% 12.49% 10.28%

Net Property, Plant and Equipment 3.70% 2.73% 2.03%

Gross Property, Plant and Equipment 7.47% 6.26% 5.28%

Gross Goodwill and Other Intangible Assets 8.06% 6.57% 5.30%

Intangibles other than Goodwill 8.06% 6.57% 5.30%

Software and Technology 1.66% 1.32% 1.12%

Licenses and Rights 6.40% 5.25% 4.18%

 Accumulated Amortization and Impairment -0.39% -0.44% -0.48%

Accumulated Amortization of Intangible Assets -0.39% -0.44% -0.48%

Accumulated Amortization of Intangibles other

than Goodwill
-0.39% -0.44% -0.48%

Accumulated Amortization of Software and

Technology -0.39% -0.44% -0.48%

Prepayments and Deposits, Non-Current 3.34% 2.69% 2.53%

Prepayments, Non-Current 2.43% 1.90% 1.83%

Deposits Paid for Business and Fixed Assets, Non-

Current 0.91% 0.79% 0.70%

Deferred Tax Assets, Non-Current 1.07% 0.95% 0.90%

Total Liabilities 38.21% 43.38% 36.69%

Total Current Liabilities 38.10% 42.97% 36.61%

Payables and Accrued Expenses, Current 13.20% 14.39% 13.39%

Trade and Other Payables, Current 12.58% 13.76% 12.70%

 Trade/Accounts Payable, Current 5.68% 6.41% 2.08%

Dividends Payable, Current 0.13% 0.15% 1.21%

Interest Payable, Current 0.04% 0.02% 0.05%

Taxes Payable, Current 2.53% 2.96% 2.23%

Other Payable, Current 4.20% 4.22% 7.13%

Accrued Expenses, Current 0.61% 0.63% 0.69%

Financial Liabilities, Current 21.68% 25.63% 20.12%

Current Debt and Capital Lease Obligation 21.68% 25.63% 20.12%

Current Debt 21.64% 25.63% 20.12%

Bank/Credit Facilities, Current Debt 20.20% 24.88% 19.87%

Other Loans, Current Debt 1.44% 0.75% 0.24%

Provisions, Current 1.37% 1.47% 1.44%

Provision for Employee Entitlements, Current 1.37% 1.19% 1.22%

Other Employee-Related Liabilities, Current 1.37% 1.19% 1.22%

 Deferred Liabilities, Current 1.85% 1.48% 1.67%

Deferred Income/Customer Advances/Billings in 1.85% 1.48% 1.67%

Excess of Cost, Current

Total Non-Current Liabilities 0.11% 0.41% 0.07%

Provisions, Non-Current 0.10% 0.40% 0.07%

Payables and Accrued Expenses, Non-Current 0.01% 0.00% 0.00%

Trade and Other Payables, Non-Current 0.01% 0.00% 0.00%

Other Payables, Non-Current 0.01% 0.00% 0.00%

Total Equity 61.79% 56.62% 63.31%

Equity Attributable to Parent Stockholders 61.79% 56.62% 63.31%

Paid in Capital 38.48% 30.72% 35.31%

Capital Stock 38.52% 30.77% 35.34%

Common Stock 26.83% 21.43% 18.46%

Additional Paid in Capital/Share Premium 11.69% 9.33% 16.88%

 Treasury Stock -0.04% -0.05% -0.03%

Retained Earnings/Accumulated Deficit 18.92% 18.36% 18.91%

Reserves/Accumulated Comprehensive Income/Losses 4.39% 7.54% 9.09%

Capital/Share Premium Reserve 4.39% 7.54% 9.09%

Operating Lease Obligation Maturity Schedule Total 15.52% 13.60% 11.70%

Operating Lease due in Year 1 2.72% 2.52% 2.18%

Operating Lease due in Year 5 8.58% 7.67% 6.67%

Operating Lease due Beyond 4.22% 3.41% 2.86%

Total Lease Liability 15.52% 13.60% 11.70%

Total Lease Liability - Due in year 1 2.72% 2.52% 2.18%

Total Lease Liability - Due in year 5 8.58% 7.67% 6.67%

Total Lease Liability - Beyond 4.22% 3.41% 2.86%

Total Contractual Obligations 15.52% 13.60% 11.70%

Total Contractual Obligations due in year 1 2.72% 2.52% 2.18%

 Total Contractual Obligations due in year 5 8.58% 7.67% 6.67%

Total Contractual Obligations due Beyond 4.22% 3.41% 2.86%

Fiscal year ends in Dec 31 | VND 0.00% 0.00% 0.00%

 Current Assets: The proportion of current assets to total assets shows an increasing
trend over the three periods, with percentages rising from 84.21% to 87.51% and
further to 89.72%. This suggests that PNJ has been allocating a larger portion of its
resources towards short-term assets such as cash, cash equivalents, short-term
investments, and inventories. This trend indicates a focus on maintaining liquidity
and supporting day-to- day operations.

 Non-Current Assets: The proportion of non-current assets to total assets exhibits a

declining trend, decreasing from 15.79% to 12.49% and further to 10.28% over the
three periods. This suggests a decreasing emphasis on long-term assets such as
property, plant, and equipment, as well as intangible assets like goodwill and other
intangibles. It could indicate a shift in the company’s strategy towards focusing
more on short-term liquidity and operational efficiency.

 Equity: The percentage of equity to total assets shows a fluctuating trend, but it
remains relatively high throughout the periods, ranging from 61.79% to 56.62%
and increasing to 63.31%. This suggests that PNJ relies on equity financing to a
significant extent and has a strong ownership stake by parent stockholders. The
increasing trend in the latest period indicates potential growth in retained earnings
and accumulated comprehensive income.

 Inventory: Within the current assets category, the percentage allocated to

inventories shows some fluctuation but remains relatively high throughout the
periods, ranging from 77.16% to 82.44%. This implies that PNJ heavily relies on
inventory, including raw materials, work-in-process, and finished goods, as a
significant component of its operations. The stable or slightly increasing trend
indicates the company’s commitment to maintaining sufficient inventory levels to
meet customer demand.
 Common-size Income Statement

PNJ_income-statement_Annual_As_Originally_Reported 2021 2022 2023

Gross Profit 19.61% 18.41% 17.50%

100.00 100.00 100.00

Total Revenue % % %

Business Revenue 100.98% 100.96% 100.99%

Sales Return and Allowances/Discounts -0.98% -0.96% -0.99%

Cost of Revenue -80.39% -81.59% -82.50%

Cost of Goods and Services -80.39% -81.59% -82.50%

Operating Income/Expenses -11.00% -11.20% -10.34%

Selling, General and Administrative Expenses -10.74% -10.95% -10.18%

Staff Costs -6.01% -6.46% -6.60%

General and Administrative Expenses -0.62% -0.70% -0.45%

Rent Expense -1.48% -1.26% -0.93%

 Selling and Marketing Expenses -2.63% -2.53% -2.20%

Depreciation, Amortization and Depletion -0.26% -0.24% -0.15%

Depreciation and Amortization -0.26% -0.24% -0.15%

Depreciation -0.26% -0.24% -0.15%

Total Operating Profit/Loss 8.61% 7.21% 7.16%

Non-Operating Income/Expense, Total -0.93% -0.66% -0.33%

Total Net Finance Income/Expense -0.90% -0.56% -0.25%

Net Interest Income/Expense -0.88% -0.53% -0.22%

Interest Expense Net of Capitalized Interest -0.88% -0.53% -0.28%

Interest Income 0.00% 0.00% 0.06%

Other Finance Income/Expenses -0.02% -0.03% -0.03%

Other Finance Expenses -0.02% -0.03% -0.03%

Net Income after Non-Controlling/Minority Interests 6.11% 5.26% 5.34%

Other Adjustments to Net Income Available to Common
Stockholders
-0.51% -0.38% -0.35%

Net Income Available to Common Stockholders 5.60% 4.88% 5.00%

Diluted Net Income Available to Common Stockholders 5.60% 4.88% 5.00%

Total Revenue as Reported, Supplemental 100.00% 100.00% 100.00%

Reported Total Operating Profit/Loss 7.70% 6.69% 6.90%

Fiscal year ends in Dec 31 | VND

 Gross Profit: The proportion of gross profit to total revenue shows a

declining trend over the three periods, with percentages decreasing from
19.61% to 18.41% and further to 17.50%. This suggests that PNJ's ability
to generate profit from its revenue has been gradually decreasing. It could
be attributed to factors such as increased costs of goods and services or
pricing pressures.

 Operating Income/Expenses: The percentage of operating income/expenses

to total revenue shows a slightly fluctuating trend, but overall, it remains
relatively stable. It ranges from -11.00% to -11.20% and decreases to -
10.34% over the three periods. This indicates that PNJ has been able to
manage its operating expenses and maintain a consistent level of
profitability in relation to its revenue.

 Selling, General, and Administrative Expenses: Within the operating

income/expenses category, the proportion of selling, general, and
administrative expenses to total revenue also remains relatively stable,
ranging from -10.74% to -10.95% and decreasing to -10.18%. This
 indicates that PNJ has been able to control its costs associated with staff,
general administration, rent, and selling/marketing activities to some
extent.

 Non-Operating Income/Expense: The percentage of non-operating

income/expense to total revenue shows a decreasing trend over the three
periods, ranging from -0.93% to -0.66% and further to -0.33%. This
suggests that PNJ has been able to reduce its non- operating expenses or
increase its non-operating income, which contributes positively to its
overall profitability.

 Net Income Available to Common Stockholders: The proportion of net

income available to common stockholders to total revenue shows a
fluctuating trend but remains relatively stable. It ranges from 5.60% to
4.88% and increases to 5.00% over the three periods. This indicates that
PNJ has been able to maintain a consistent level of profitability after
accounting for all expenses, adjustments, and non-controlling/minority
interests.

Overall, the trend in PNJ's common size income statement shows a slight
decline in gross profit, relatively stable operating income/expenses and
selling/general/administrative expenses, a reduction in non-operating
expenses, and a consistent level of net income available to common
stockholders. These trends suggest that PNJ has been effectively managing its
costs and maintaining a reasonable level of profitability relative to its revenue.
However, the decreasing trend in gross profit indicates the need for
monitoring and potential strategies to improve profitability in the future.

Comment on the Statement of Cash flows.

- Operating Activities:

In 2021, PNJ generated a significant amount of cash from operating

activities, indicating a healthy cash flow from its core operations.

However, in 2022, PNJ experienced a negative net cash flow from operating
activities, suggesting a temporary cash outflow, which could be a cause for
concern.

In 2023, PNJ returned to positive cash flow from operating activities, indicating
 an improvement in cash generation.

- Investing Activities:

PNJ had negative cash flows from investing activities in all three years,
suggesting significant investments in capital expenditures or acquisitions.

These investments may have long-term benefits for the company's growth and
expansion, but they also require substantial cash outflows.

- Financing Activities:

The cash flow from financing activities varied across the three years.

In 2021 and 2023, PNJ had a net cash outflow from financing activities,
indicating higher cash payments for financing obligations than cash received.

In 2022, PNJ had a positive net cash flow from financing activities,
implying a net cash inflow, possibly due to debt issuances or capital
injections
Perform Ratios analysis.

Financial Ratio 2021 2022 2023

Liquidity Ratios

Current ratio 2.21 2.04 2.45

Quick ratio 0.19 0.12 0.30

Efficiency Ratios

Inventory turnover 2.15 1.82 2.66

169.7 200.3 137.2

DSI 4 6 0

Account receivable 259.0 326.1 599.2

turnover 7 6 4

DSO 1.41 1.12 0.61

Total asset turnover 2.06 1.84 2.54

Leverage Ratios

Total debt ratio 0.38 0.43 0.37

Debt to equity ratio 0.62 0.77 0.58

Equity multiplier 1.62 1.77 1.58

Profitability Ratios

19.61 18.41 17.50

Gross profit margin % % %

8.61 7.21 7.16

Operating profit margin % % %

5.60 4.88 5.00

Net profit margin % % %

11.55 8.99 12.69

ROA % % %
 18.69 15.87 20.05

ROE % % %

Market-value Indicators

Price-earnings ratio 17.06 21.26 11.92

Earnings per share 3231 3148 5223

Liquidity Ratios:

Current ratio: The current ratio shows a fluctuating trend but remains relatively
strong. It decreased from 2.21 to 2.04 and then increased to 2.45. This indicates
that PNJ has a satisfactory ability to meet its short-term obligations, although
there was a slight decline in 2022.

Quick ratio: The quick ratio shows a similar fluctuating trend but at a
significantly lower level. It decreased from 0.19 to 0.12 and then increased to
0.30. The quick ratio measures the ability to pay short-term obligations without
relying on inventory. The low values indicate a reliance on inventory for
liquidity, which may pose a risk if inventory becomes difficult to convert to
cash quickly.

Efficiency Ratios:

Inventory turnover: The inventory turnover ratio shows a fluctuating trend but
overall remains relatively stable. It decreased from 2.15 to 1.82 and then
increased to 2.66. This indicates that PNJ's ability to manage and sell its
inventory has been satisfactory, but there was a slight decline in 2022.
 DSI (Days Sales of Inventory): DSI represents the average number of days it
takes to sell inventory. The trend shows fluctuations, with DSI increasing from
169.74 to 200.36 and then decreasing to 137.20. A lower DSI indicates faster
inventory turnover, which is generally favorable for a company.

Accounts receivable turnover: The accounts receivable turnover ratio shows

an increasing trend, indicating improvements in collecting receivables. It
increased from 259.07 to 326.16 and further to 599.24. This suggests that PNJ
has been able to collect payments from customers at a faster rate.

DSO (Days Sales Outstanding): DSO represents the average number of days it
takes to collect payment from customers. The trend shows a decreasing DSO,
from 1.41 to 1.12 and further to 0.61. A lower DSO indicates faster collection
of receivables, which is favorable for cash flow.

Total Asset Turnover:

The total asset turnover ratio shows a fluctuating trend but remains relatively
stable. It decreased from 2.06 to 1.84 and then increased to 2.54. This suggests
that PNJ has been utilizing its assets efficiently to generate revenue, but there
was a slight decline in 2022.

Leverage Ratios:

Total debt ratio: The total debt ratio shows fluctuations but remains within a
reasonable range. It decreased from 0.38 to 0.43 and then decreased further to
0.37. This indicates that PNJ relies less on debt financing and has a relatively
lower level of debt compared to its total assets.

Debt to equity ratio: The debt to equity ratio shows a fluctuating trend,
indicating changes in the capital structure of the company. It increased from
0.62 to 0.77 and then decreased to 0.58. The rising ratio suggests increased
financial leverage, while the decreasing ratio indicates a reduction in debt
relative to equity.

Equity multiplier: The equity multiplier shows a similar fluctuating trend as the
debt to equity ratio. It increased from 1.62 to 1.77 and then decreased to 1.58.
The equity multiplier reflects the proportion of assets financed by equity, with
higher values indicating higher financial leverage.
Profitability Ratios:

Gross profit margin: The gross profit margin shows a declining trend over the
three periods, from 19.61% to 18.41% and further to 17.50%. This suggests that
PNJ's ability to generate profit from its sales has been gradually decreasing,
potentially due to factors such as increased costs of goods and services or
pricing pressures.

Operating profit margin: The operating profit margin also shows a declining
trend, from 8.61% to 7.21% and further to 7.16%. This indicates that PNJ's
ability to generate profit from its operations has been slightly decreasing, which
could be attributed to factors such as increased operating expenses or lower
revenue growth.

Net profit margin: The net profit margin shows a slight fluctuating trend but
remains relatively stable. It decreased from 5.60% to 4.88% and then
increased to 5.00%. This suggests that PNJ has been able to maintain a
consistent level of profitability after accounting for all expenses, adjustments,
and taxes.

ROA (Return on Assets): The ROA ratio shows fluctuations but overall
demonstrates a positive trend. It decreased from 11.55% to 8.99% and then
increased to 12.69%. This indicates that PNJ has been able to generate higher
returns on its assets over time.

ROE (Return on Equity): The ROE ratio shows fluctuations but also
demonstrates a positive trend. It decreased from 18.69% to 15.87% and then
increased to 20.05%. This indicates that PNJ has been able to generate higher
returns for its shareholders' equity over time.
I. Comment on trend and compare with industry

Compare PNJ Industry Ratio

Dupont Ratios

ROE 20.05% 21.61%

ROA 12.69% 13.56%

Profit Margins

Gross profit margin 17.50% 16.40%

Operating profit margin 7.16% 7.44%

Net profit margin 5.00% 5.78%

Asset Ratios

Current ratio 2.45 2.3

 Inventory turnover 2.66 3.1

Account receivable turnover 599.24 379.83

Dupont Ratios:

ROE: PNJ has an ROE of 20.05% compared to the industry average of 21.61%. This
indicates that PNJ's return on equity is slightly lower than the industry average,
suggesting that the company may be less efficient in generating returns for its
shareholders.

ROA: PNJ has an ROA of 12.69% while the industry average is 13.56%. The ROA
measures the company's ability to generate profit from its assets. PNJ's ROA is slightly
lower than the industry average, indicating that the company may be slightly less effective
in utilizing its assets to generate profits.

Profit Margins:

Gross profit margin: PNJ has a gross profit margin of 17.50% compared to the industry
average of 16.40%. This indicates that PNJ has a slightly higher gross profit margin,
suggesting that the company is able to maintain better control over its production costs
compared to the industry.

Operating profit margin: PNJ has an operating profit margin of 7.16% while the industry
average is 7.44%. The operating profit margin measures the profitability of core
operations. PNJ's operating profit margin is slightly lower than the industry average,
indicating that the company may have slightly higher operating expenses or lower
operating efficiencies compared to the industry.

Net profit margin: PNJ has a net profit margin of 5.00% compared to the industry average
of 5.78%. The net profit margin measures the company's ability to generate profit after all
expenses, including taxes. PNJ's net profit margin is slightly lower than the industry
average, suggesting that the company may have higher expenses or lower profitability
compared to the industry.
Asset Ratios:

Current ratio: PNJ has a current ratio of 2.45, while the industry average is 2.3.
The current ratio measures the company's short-term liquidity and ability to
cover its short- term obligations. PNJ has a higher current ratio than the
industry average, indicating that the company has better short-term liquidity.

Inventory turnover: PNJ has an inventory turnover of 2.66, while the industry average
is

3.1. This ratio measures the efficiency of inventory management. PNJ has a
lower inventory turnover compared to the industry average, indicating that the
company may have slower inventory turnover or higher inventory levels.

Account receivable turnover: PNJ has an account receivable turnover of 599.24,

while the industry average is 379.83. This ratio measures the efficiency of
collecting receivables from customers. PNJ has a significantly higher account
receivable turnover compared to the industry average, suggesting that the
company has a more efficient collection process for its receivables.

Current financial situation :

Overall, the analysis suggests that PNJ performs relatively well in terms of
gross profit margin, current ratio, and account receivable turnover compared to
the industry. However, there is room for improvement in terms of ROE, ROA,
operating profit margin, net profit margin, and inventory turnover, as these
ratios are slightly below the industry averages. It would be beneficial for PNJ to
assess its operational efficiencies, cost management, and asset utilization to
improve its financial performance and align with or surpass industry standards.

PNJ has shown positive growth in its profitability ratios, with increasing ROE
and net profit margins over the years. Liquidity ratios have improved,
indicating better short-term solvency. Efficiency ratios have shown mixed
results, with fluctuations in inventory turnover and receivable turnover.
Leverage ratios have been relatively stable, although the debt to equity ratio
increased in 2023.
 Perspective on PNJ's Future: PNJ has demonstrated positive financial
performance and has the potential for future growth. The company's
profitability ratios indicate effective management of costs and revenue
generation. However, fluctuations in efficiency ratios and increasing leverage
ratios should be monitored and addressed to ensure sustained growth and
financial stability.

VI. Learning and Growth perspective

1. Overall strategic objectives:

Achieving a 20% increase in overall brand value 31st of December 2024.

5.2. Analysing framework of learning and growth perspective:

1.2.1. Human capital:

Employee capabilities: A team of design and creative experts of nearly 100 members are
well-trained, professional at home and abroad; A force of more than 1,000 skilled artisans
and jewellers, along with a team of experienced and long-term technical experts in the
industry in the fields of precious stones, precious metals and crafting techniques.

1.2.2. Organisation:

Organisation culture: The working environment was built based on core attributes being
Creativity, Fineness, and Reliability which also the vision of the company. They drive the
organisation with the same mission: enhancing customer experiences through continuous
improvement and empowering our sales staff with in-depth product knowledge and
having abilities in service skills.

1.2.3. Cascading objective for learning and growth perspective:

Main objective: Train 80% of sales staff on new product knowledge and customer
service best practices by 31st of December 2024, enhancing their ability to
effectively serve customers.

2. Analyse the current organisational capability /based on 4 dimensions.

Analysing PNJ's Organisational Capabilities

Operational Capabilities:

Strengths: PNJ boasts a wide retail network across Vietnam, efficient supply chains, and a
strong brand reputation for quality and customer service.

Weaknesses: Inventory management could be improved to optimise stock levels and

reduce carrying costs.

Dynamic Capabilities:

Seek & Sense: How well does PNJ identify trends and opportunities?

Strengths: PNJ actively monitors evolving customer preferences, gold price fluctuations,
and competitor strategies.

Weaknesses: The company might benefit from expanding its reach beyond traditional
market research methods to include social media listening and data analytics for a more
comprehensive understanding of customer preferences.

Experiment & Innovate: Does PNJ actively develop and implement latest ideas?

Strengths: PNJ has a history of introducing new product lines like diamond jewellery and
wedding collections, catering to a broader customer base.

Weaknesses: Investment in research and development (R&D) for innovative materials or

production techniques could be explored.

Evaluate & Anticipate: Does PNJ effectively assess the potential of latest ideas and
trends?

Strengths: The company demonstrates an ability to adapt its marketing strategies based on
seasonal trends and consumer buying patterns.

Weaknesses: Formalised processes for evaluating the long-term impact of new product
lines or market expansion could be beneficial.

Change: How effectively does PNJ implement new ideas and transform the organisation?
Strengths: PNJ has a proven track record of opening new stores and expanding its retail
footprint.

Weaknesses: The company culture might benefit from fostering a more open environment
for employee suggestions regarding process improvement or product development.

Ambidexterity

Ambidexterity refers to an organisation’s ability to balance exploitation (efficiency with

existing business models) and exploration (adaptability and innovation for future
opportunities).

Strengths: PNJ seems to demonstrate ambidexterity by having a well-established retail

network and efficient supply chains (exploitation) alongside introducing new product
lines and adapting marketing strategies (exploration).

Weaknesses: While PNJ explores new product lines, further investment in R&D and
fostering a culture of innovation could strengthen its exploration capabilities.

Learning Capability

Learning capability is the ability to acquire and assimilate new knowledge and skills. It’s
central to ambidexterity as it allows organisations to improve their exploitation and
exploration capabilities over time.

Strengths: PNJ’s ability to adapt its marketing strategies based on seasonal trends and
customer buying patterns indicates some learning capability.

Weaknesses: The framework in the image highlights the importance of activities like
seeking and sensing, experimentation, evaluation and anticipation, and change. PNJ could
potentially strengthen its learning capability by:

 Systematically gathering and analysing customer data through social media

listening and data analytics (seeking and sensing).

 Implementing processes to evaluate the long-term impact of new product

lines or market expansion (evaluation and anticipation).
  Encouraging employee suggestions for process improvement or product
development (change).

By addressing these weaknesses, PNJ can improve its ability to learn and adapt, which
will strengthen its ambidexterity.

Overall Assessment:

PNJ possesses strong operational capabilities and shows promise in its dynamic
capabilities. However, there's room for improvement in areas like leveraging data
analytics, investing in R&D, and fostering a culture of innovation.

PNJ demonstrates some ambidexterity and learning capability. However, there’s an

opportunity to improve by:

Investing in R&D for new materials or production techniques.

Leveraging data analytics to understand customer preferences better.

Encouraging a culture of innovation through employee suggestions.

Implementing processes to evaluate the long-term impact of new initiatives.

These improvements would allow PNJ to become more responsive to changing market
dynamics and customer preferences, ensuring its long-term success.

Based on the previous analysis, PNJ falls closest to the Star category within the four-
dimensional framework (Time Bomb, Star, Problem Child, Jitterbug).

Strengths in Both Operational and Dynamic Capabilities: PNJ exhibits a strong

balance between efficient operations (wide retail network, strong brand) and adaptability
(introducing new product lines, adapting marketing).This is a hallmark of the Star
category.

While PNJ has weaknesses like inventory management and could strengthen its R&D and
employee suggestion culture, these aren't severe enough to push it towards Problem Child
territory.
Future Potential: The focus on innovation (new product lines) and learning (adapting
marketing) suggests PNJ has the potential to fly further, aligning with the Star's
characteristics.

By addressing its weaknesses and continuing to develop its dynamic capabilities, PNJ can
solidify its position as a Star and achieve long-term success.

3. Strategy drilldown for L&G perspective.

3.1. Department/ division goal.

In the first department goal, we will mention "ensuring “a smooth and efficient training
program,” which belongs to the Human Resources department. This goal requires Human
resources to take charge of responsibility, be supported by Operations, and be informed
by Sales.

The second division goal was related to the Operations department. The main
responsibility for this goal was undertaken by Operation, supported by Human resources,
and informed by Sale.

Finally, the last division goal will be directed by the Sales department; obviously,
responsibility is made by Sales, supported by Human resources and Operations.

Similarly, all three departments mentioned were supported by Finance and Information
technology and consulted by Strategy.

3.2. Team/Individual goal

 3.2.1. Human resource department.

 Human Resources Manager: A/R

HR is the primary driver of workforce development initiatives. They design training

programs, oversee recruitment and onboarding, and manage employee relations. Their
success directly impacts workforce strength.

 Operations Managers: C

Operations managers provide valuable insights into the skills and knowledge needed for
their teams to succeed. HR consults with them to ensure training programs are aligned
with operational needs.

 Inventory Managers: I

Inventory managers may benefit from training programs that improve efficiency or
accuracy in their work.HR keeps them informed about relevant training opportunities.

 Sales Managers: C
Similar to operations managers, sales managers provide input on the skills and knowledge
their teams need.HR consults with them to understand sales-specific training
requirements.

 Sales Representatives: I

Sales representatives are the beneficiaries of effective training programs. HR keeps them
informed about available training opportunities to enhance their skills.

While HR takes the lead, building a strong workforce requires collaboration across
departments. By involving other stakeholders and keeping them informed, HR can create
training programs and initiatives that truly benefit the entire PNJ company.

3.2.2. Operation department.

 Store Operations Managers: A/R

Schedule training sessions: This includes considering sales schedules, identifying and
assigning backup staff, and ensuring a smooth flow for customer service during training
periods.

Coordinate material availability: Collaborate with Inventory Management Specialists to

ensure training materials and product samples are readily available at all training locations
and in stores after training. This might involve requesting materials, confirming delivery
schedules, or communicating any discrepancies to HR for support.

 Inventory Management Specialists: S

Maintain training material inventory: They proactively manage the stock of training
materials and product samples to ensure they are readily available for upcoming training
sessions.

Fulfil material requests: When requested by Store Operations Managers, they fulfil
requests for specific training materials or product samples needed for upcoming sessions.

 HR Department: S
May provide support in scheduling resources or communicating with staff regarding
training logistics.

 Sales Managers: C

May be consulted regarding sales schedules to minimise disruption during training.

 Sales Representatives: I

Informed about training schedules and any adjustments needed for customer service
during those times.

This breakdown assigns clear responsibility (Store Operations Managers) for both
scheduling and material coordination. Inventory Management Specialists support by
managing material inventory and fulfilling requests. This ensures a single point of contact
for each task while maintaining collaboration between departments.

3.2.3. Sales department.

 Sales Manager: A

The Sales Manager remains Accountable for the overall success of the new product
launch, including ensuring the sales team has the necessary skills and knowledge. They
are ultimately responsible for achieving the sales targets for the new product.

 Sales Representatives: R & I

The sales representatives remain Responsible for actively participating in the training
programs delivered by HR. They are also responsible for applying the learnings from the
training to effectively sell the new product and deliver exceptional customer service.

Sales representatives are Informed about the specific customer service best practices and
sales targets associated with the new product launch. This information is crucial for them
to successfully implement their learnings from the training process.

 Human Resources Manager: C & I

HR plays a consultative role during the training design phase. Their expertise in training
development is valuable. The Sales Manager would provide specific input on the product
knowledge and customer service skills required by the sales team for the new product. HR
would then design and deliver training programs that address these needs.

HR stays Informed about the progress of the training programs and how well they are
equipping the sales team. This allows HR to adjust the training content or delivery
methods if needed to ensure alignment with the sales goals.

 Operations Managers: I

Operations managers might not be directly involved in sales training. However, in some
cases, they might be Informed if there are aspects of the new product that require
operational support or knowledge sharing with the sales team (e.g., product installation or
troubleshooting).

 Inventory Managers: I

Inventory managers might be Informed about the new product launch, especially if it
impacts inventory management or product availability for sales. However, their direct
involvement in training is likely minimal.

3.2.4. Learning and growth perspective strategy.

Learning and growth perspective strategy including 2 critical success factor:

 Attract, recruit and engage employees.

 Improve employee quality with professional training courses.

3.2.5. 3 KPIs for learning and growth:

Two crucial success factors are measured using three KPIs from this L&G perspective, as
the table below illustrates:
Performance measurement (percentage of effective):

This table shows that the KPI that reached the most effective percentage was the new
employee retention rate, which means this company is really good at attracting, recruiting,
and engaging employees. Following that, the response time to customer requests exceeds
the above target of only 3 percent, but it proves that they still maintain their training
course with stable employee quality. In contrast, PNJ has a negative labour utilisation
rate, which refers to some matters in labour operations.

After we see the performance measurements of the 3 KPIs that we analyse previously, we
can give out the initiatives for each KPI.
References

1. About PNJ: Trang Sức Cao Cấp Pnj English: Tiếng Việt (no date) PNJ.
Available at: https://www.pnj.com.vn/gioi-thieu-ve-pnj/thong-tin-ve-pnj-
en/

2. Phu Nhuan jewelry JSC (PNJ) financial ratios (no date) Investing.com
UK. Available at: https://uk.investing.com/equities/phu-nhuan-jewelry-
jsc-ratios

3. Phu Nhuan jewelry JSC PNJ stock quote (no date) Morningstar, Inc. Available at:
https://www.morningstar.com/stocks/xstc/pnj/quote

4. PNJ : Công Ty cổ Phần Vàng Bạc đá Quý Phú Nhuận: Tin Tức VÀ dữ
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9. https://maneki.marketing/pnj-marketing-strategy/#google_vignette
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