Phuong Tran | Global Entrepreneurship Blog

A winning brand is often one that is dialed into the interests and needs of a particular location or demographic. How focused are your products or services for the groups you serve?*
- Very tailored. Our products/services were created based on the desires of a specific demographic that we are very aware of and familiar with. We pride ourselves on providing that authenticity.
- Not that focused. Our products/services aren’t necessarily tailored to a specific demographic or regional demand.
- Fairly focused. Our products/services are definitely influenced by a specific demographic and/or region; however, we are mindful of not wanting to exclude other potential market opportunities.

Successful companies have discovered the “magic differentiator” for their product that sets them apart. My father made sure that every single THP product had a functional benefit. Have you determined your magic differentiator or your products’ functional benefit?*
- We try. Our desire is to provide products/services that are different than our competitors in a truly tangible way. We are more successful with some offerings than others.
- Not yet. We are in the midst of determining how to make our products/services stand-out from other competitors.
- Yes! We have invested in the R&D and pride ourselves on offering products/services that clearly provide a benefit compared to our competitors offering similar products/services.

Creating a successful product hinges on understanding the place it comes from or is being sold to. More and more consumers are becoming aware of where a product is from and who made it. How conscientious are you about providing a locally-driven product to your market?*
- We are very aware and proud of providing a locally-crafted product/service and place great importance on that in our promotion and messaging of the product/service.
- We have elements that feature a “local” aspect to our product. Not every part of our product/service is derived from a single local/region, but the elements that are we strive to make consumers aware.
- We either don’t have a product/service that has a local connection, or we are not currently integrating that into the promotion of the product/service for consumers to be aware.

The best companies constantly strive to improve their standards and processes. Is continuous improvement and learning a priority for your company?*
- Sometimes. We recognize the benefit of continuous improvement and look for opportunities to implement those best-practices when and where we can – even if it is something that we can’t do all at once.
- Yes. We are consistently striving to not only provide the most quality products – using the best materials – but, we are striving to improve how we create and provide these products/services through certifications, trainings, etc.
- Not regularly. While we want to provide the best product/service we can, investing in continuous improvements can be difficult for a number of reasons (e.g. budget, resources, support, etc.).

Strategic partnerships have been an extremely important aspect of THP’s success. These partnerships have been successful based on creating a win-win scenario for both parties. Many partnerships fall apart because they are not fifty-fifty; one side will always suspect the other of being predatory. How successful do you feel your company has been at creating 50/50 partnerships?*
- Very successful. Our partnership relationships are extremely important to us and we strive to make each agreement beneficial for both parties.
- Somewhat successful. We recognize the need for good supply-chain relationships. Not every partnership has been successful, but we are working to make that be the case.
- Not as successful as I’d like. Reaching 50/50 agreements, while desirable, can be difficult.

Being in touch with your target consumer base is an integral part of providing a product/service that will resonate and be successful. How involved are you in fostering a relationship with your target market and learning from them?*
- Not as involved as we’d like. It’s difficult to keep up with all the different potential mediums for communication; however, we recognize the importance of interacting with our consumers and want to improve in this area.
- Very involved. From social media presence and feedback opportunities to focus groups and targeted R&D, we are very aware of what our customers think, what they want, and how we can improve what we offer.
- Somewhat involved. We try to be involved in understanding what our target market wants and needs. This is accomplished through a few channels. We could certainly increase overall accessibility and the conversations we have with consumers.

Many small companies want to become bigger ones, but one of the most important lessons they need to learn is to not focus solely on growth. Sometimes companies become so fixated on capturing market share they do not realize they are creating a monster until it becomes too late, and they lose control of it. How disciplined do you feel your company is when it comes to growth planning?*
- Somewhat disciplined. For the most part there’s an understanding of taking a disciplined approach. That can be difficult where there’s seemingly great opportunities that may or may not be the right choice.
- Very disciplined. We recognize the temptation to want to follow a vision but understand the need for discipline in the execution of achieving that vision.
- Not as disciplined as we should be. Perhaps we’ve made some rash decisions or are not entirely certain what the best next-steps are. Growth planning has been a struggle to feel confident and disciplined in.

The presence of information technology (IT) has revolutionized the way businesses are managed. What is your company’s approach to IT?
- We strive to follow best-practices and integrate the appropriate IT in each part of our business. We are committed to staying up-to-date and making sure our employees are trained and prepared.
- We have integrated IT in some aspects of our business and hope to implement what is necessary to stay competitive.
- We have the bare-minimum integrated when it comes to IT. Perhaps it will become more of a priority when the budget allows for those improvements to be made.

To be successful, most companies realize they need to think very carefully about how their employees interact with each other, with senior management, and with the organization’s customers. It will vary by culture but finding the best way to foster a productive and motivating environment is extremely important. How successful would your employees say your company is at creating and maintaining a positive and productive environment?*
- Very successful. We are very aware of our workforce’s needs and seek to provide the right environment to promote productivity.
- Not as successful as we should be. This is an area where our company can improve whether it be in helping establish and community a core ethos, or by better execution of programs that promote that ethos.
- Somewhat successful. We are aware of the importance of our company culture and seek to make our vision and mission a part of the overall environment. However, we can improve in how this is executed throughout the company.

At THP, our guiding motif is not to pay the minimum, but to be a company people aspire to work for. The result has meant quality employees who want to work for us. Based on the benefits, work environment, and experience you provide, would you say your company is one that people aspire to work for?*
- Yes, definitely. This is a priority for our company – to acquire and maintain the highest quality of staff. In order to do that we are mindful of the kind of environment and benefits we need to provide in order to attract those individuals.
- Not quite. Our focus hasn’t always been on the employee experience; however, that is an area that we recognize needs to change and that will ultimately benefit the company as a whole.

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