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Consulting Assignment for Advanced Marketing Marketing Table of Content

Marketing

Table of Content TALKING TO ASSIGNMENT TALKING TO ASSIGNMENT one particular 1 CRUCIAL ENVIRONMENTAL ELEMENTS & TRENDS 1 . one particular Macro-Environmental Examination Political You will find legal requirements to build retailing shops in Singapore. One can simply apply for a full permit on-line at the Accounting and Corporate Regulatory Authority of Singapore (ACRA) website.

This leads to it staying easy to conquer the limitations of entry, which may additional cause an increase in the amount of opponents for OSIM.

Since OSIM is in the Health industry, it is subsidiary company of GNC/RichLife would have to have got to need of applying one more permit via Health Sciences Authority (HSA). Another major concern could be the product safety issues and requirements in OSIM’s products. OSIM is registered with SPRING Singapore intended for Consumer Safeguard Scheme. This kind of scheme assures the basic basic safety requirements in OSIM’s goods, and is further verified real with the “Safety Mark ingredients label. Economical Based on the latest Globe Health Statistics (2008), Singapore’s total medical expenditure only amounts to three. % of its low domestic merchandise, which is substantially lesser than any other Asian countries just like Malaysia, Cina and India. However , Singapore spends even more dollars per head than Malaysia, Cina and India, with an average of SGD$1228 per head. Even though Singapore is facing an economy recession as 2009, Singstat has reported an increase of about 4. 5% in sales of medical goods in 2009 as compared to in 2008. This kind of proves that Singaporeans are progressively concerned about healthcare and they are more willing to spend on health-related even in times of economic downturn.

With this screen of craze in Singapore, more competition and fresh entrants include penetrated Singapore. This will affect OSIM regarding sales and many other factors, because new players will be preventing for the same market share. Increasing revenue of health care products in Singapore demonstrates the lifestyle healthcare industry will continue to prosper or if perhaps not, do better in future. 3 More and more opponents are seeking to lower production costs by locating their manufacturing plants in countries with low production costs and labor.

This will impact OSIM when it comes to pricecompetitiveness, since all of their massage guide are designed and built in Japan. Social As Singapore is expected to continue developing in to an increasingly well-off society, this will likely have considerable impact on trends in customer behavior. Customers will steadily become more manufacturer and position conscious, even more discerning and health conscious. As the population age ranges and materials comfort increases, consumers are expected to pay more awareness of their health, thus an ever-increasing demand for fitness and health clubs, and choosing more expensive yet more healthy food options.

This is especially true intended for “Baby-Boomers in their fifties with larger spending power. More emphasis is positioned on leisure time activities, including travelling, sailing lessons etc, golfing and cultural actions. However , becoming workaholics, Singaporeans are continuously moving forward, consequently little time is usually allocated to lift weights. Therefore , we have a potential marketplace for OSIM that is relative to its beliefs of delivering healthy life-style to the consumers without spending several hours in the gym. Additionally , especially after the recent pandemics such as Chicken Flu, H1N1 and SARs, there is a higher need to lead a healthy way of life.

Speaking of cultural status, having the ability to purchase an OSIM uDream would indicate the status symbol of the people who can manage it due to the hefty asking price. Technological OSIM stands out from their competitors when it comes to technological improvements as well as the impressive design for its products. It really is further proven and supported by prestigious Singapore Awards just like “The Brand with Extraordinary Performance and “RedDot Design and style Award in more than one occasion. OSIM as well makes it a spot to frequently come up with new designs and products to further attract existing customers as well as new potential buyers.

The company comes up with 6 new products providing to different needs in the last 2 years, such as uKimono, uSqueez Nice in 2009, and also uRobic, uSpace, uYoYo and uCrown, the world’s initial anti-stress mind massager in 2008. Giving an extensive product selection to suit the several needs of customers, as well as a wide range in merchandise pricing, OSIM seeks out a large range of target market. some Improvements in technical operation such as extra health benefits besides removing muscle aches inside the massage chairs, lower electrical consumptions would help give OSIM further competitive advantage.

OSIM has also utilized the scientific advancements available to almost every household, which is the access of the internet. OSIM’s website enables potential buyers to learn more information, evaluations by others, and even for making online acquisitions, all at the comfort of their own home as well as their own period. In order to attract more customers, OSIM have even exclusive on the net offers that are not available in the physical outlets. 1 . a couple of FIVE PUSHES IMPACTING ON OSIM’S MARKET

Threat of recent Entrants It will be fairly easy to make an application for operating permit for new businesses in Singapore and it can always be reflected in the daily typical of 138 (ACRA Total annual Report 2008/2009) of new organizations that were listed. However , your initial capital requirement is substantial for the healthcare industry because of the R&D cost and infrastructure with the manufacturing plant. In addition , the increase in imitations also amplifies the competitiveness in the industry appearing great value differentials, hence leading to an increased threat of new entrant. In spite of being significantly less price-competitive, OSIM’s products possess more high-quality.

Therefore , danger of new traders is considered to be average. Threat of Substitute OSIM is highly endangered by the a large number of varieties of substitutes available in the market. Since OSIM’s quest statement is to “offer their customers total well-being, customers also can easily find these kinds of needs in many other alternatives. For instance, there have been a recent surge of health clubs, which will serves as a one-stop middle for many consumers. Customers buying total workout can obtain all of the equipments they want in these health clubs, and never have to buy them.

These kinds of fitness clubs also serve consumers’ needs for lifestyle, for example , by providing plasma tv sets fitted all around the clubs. Additional substitutes includes, the very well-received spas and massage parlors, low cost manual and power massaging equipment, participating in lively sports like Yoga or kickboxing, using healthier eating routine and ingestion of health supplement pills. 5 It can be seen that most of the substitutes offer consumers with lower cost profit s and several may even give the same well being advantages while OSIM products, hence, the threat of substitutes intended for OSIM is actually high.

Benefits of Buyer People are presented with a variety of competitive brands and alternatives such as fitness clubs and traditional deep massages. As Singaporeans are becoming even more affluent, a normal household salary amounts to SGD$7440 which in turn illustrates a high spending power. Hence, power of buyer is moderate. Power of Supplier Distributor Power intended for OSIM is moderate. They don’t own their personal manufacturing plant or manufacturing plant. Most of their very own manufacturing is usually outsourced to external companies in China and tiawan and The japanese. Recently, they have also entered a Partnership Agreement with Daito Electric powered Machine Sector Company.

Daito will help OSIM in the molding and manufacturing of health care appliances. Yet , given that OSIM has quite a few supplies of manufacturers, they can fall backside on different manufacturers in the event that one does not commit for whatever factors, thus the strength of supplier can be low. Depth of Competition in Sector The main competition in the health-related industry consist of OTO and Ogawa. Being the market innovator, OSIM is renowned for its top quality and constant innovations. This clearly differentiates OSIM from its competitors. Conversely, its value positioning may put off several consumers and encourage buyers to patronage its competition.

Furthermore, while mode of entry to the retail market in Singapore is relatively easy, cost of exiting will be higher since ACRA provides the right to reject any application of termination of the retail grant if they feel that the applicant could “survive the business, which simply means that the limitations to getting out of the market is high. 6th 1 . several Key problems that are likely to influence on the online strategy for OSIM Key Environmental Possible Market Impact / Industry Problems Economical Increasing expenditure about health OSIM care in Singapore will offer more attractive Possible Marketing Mixture Implications romotions such as a deal to attract more buyers Interpersonal Consumers are more aware of OSIM can teach consumers around the the need to live a much healthier products and the benefits way of life Technological Ever-advancing technology OSIM has to continuously update themselves with the latest technology to consistently innovate to retail existing customers Danger Substitutes of numerous different varieties of It is difficult for OSIM to counter this sort of except to offer more alternatives, some of which alternatives might cost significantly less than the appealing promotions, better products roducts of OSIM or even attempting to reach out to the consumers more readily with well located shops Depth of Rivalry Mode of entry to a retail The probability of more competitors within Market business is actually easy, getting into the market and “lingering, and even though barriers of exit are high seeing that OSIM is targeted on quality in its products, it needs to counter this kind of new businesses in the form of quality goods with newer technology, instead of low costs strategies six Consulting Assignment 2 a couple of COMPETITOR ANALYSIS 2 . you Market Segmentation OSIM OTO OGAWA

Geographic? Residential Areas? Shopping Areas? CBD Areas? All age groups? Household Areas? CENTRAL BUSINESS DISTRICT Areas? Household Areas? Searching Areas? CBD Areas? All ages Demographic? Middle-aged Psychographic? Consumers that seek innovation? Fast-paced way of living? Family-oriented? Reap the benefits of consuming novelty? Seek quality? Traditionally-oriented? Family-oriented? Consumers that look for innovation? Active lifestyle? Benefit from consuming uniqueness? Seek value for money Behavioural? Large consumer dedication? Seek affordability 2 . two Strategic Group Map The above mentioned strategic map illustrates the positioning of the two nearest competitors in comparison with OSIM. Judging from the numbers in the map, OSIM provides the strongest global presence exceeding 1, 100 outlets around 31 countries. OSIM also has the most product offerings that may satisfy the varieties of needs of consumers. Furthermore, OSIM makes use of their very own advancement in technology to constantly bring in innovative items to the market. This would enable OSIM to attract new customers and retain existing ones.

Nevertheless , OSIM’s goods are priced at a far higher level than its competitors. This gives OTO and OGAWA a competitive edge more than OSIM. Inspite of the attractive rates, they have a sluggish brand picture. This can be evidently seen in persistent survey done where OSIM came up as the number you brand of healthy and balanced lifestyle items in customers’ minds, ‘most preferred healthy and balanced lifestyle brand’ and ‘the most recommended Massage Chair’ across Asia. 9 installment payments on your 3 Competitive Strategy Theory Officially introduced in 1993, OSIM is a global leader in branded healthful lifestyle products.

The company is continually developing new products that possess innovation systems, bringing their consumers healthier lifestyle and overall well-being. The 2 key direct competitors incorporate OTO Bodycare and OGAWA World. Identity of Organization OSIM Assurer Generic Technique Differentiation OSIM uses Industry Positioning Marketplace Leader advanced PRODUCT INNOVATION: OSIM broaden its technology such as Osimotion total require by continuously introducing Technology that differentiates new products just like uSqueeze and uKimono. tself from standard devices that rely simply on vibration EFFECTIVE CAMPAIGN: OSIM recently and innovative Warm Air launched the uKimono that is endorsed by Technology to relieve tired Foreign artiste YOUR WOMAN to reach out to muscles and improve bloodstream the younger group so as to boost new blood circulation. users. ENHANCE USERS: OSIM reinforced all their global management position inside the healthy way of life industry by way of a geographical enlargement into UNITED STATES, a large homogenous consumer market with regarding 100 million household, by simply entering into a definitive merger agreement with Nasdaq-listed Brookestone Inc.

This kind of transaction will bring OSIM to the next level in its expansion and options. OGAWA Cost Leadership Industry Challenger Just like OSIM, OGAWA does not OGAWA adopts the indirect attack on make its own goods. OSIM’s large pricing approach. OGAWA’s This function is always to in Cina being items are becoming priced much lower but the with similar functionality as compared to to OSIM as a result securing the industry share of outsourced producer 10 attain economies of scale. The greater price hypersensitive customers. savings are after that translated for the consumers simply by retailing the products at a much lower price.

Inspite of the low price, top quality is being affected as the country of origin plays an important role. OTO Cost Command Market Challenger OTO targets providing reduce Most items have similar functions and prices to earn a larger reveal of benefits to OSIM, only that they are the marketplace. Integration treatments of and traditional modern-day priced more competitively. With this, OTO is able to try to fight for a greater market share. technology allows those to offer OTO tries to not directly attack OSIM’s high quality in low prices. With most of their outlets in weaknesses, their uncompetitive charges strategy. eartland malls, they will ensure Many of OTO retailers are also located in maximum coverage in their similar locations while OSIM, highly targeted industry and also tough them for market share. lessen operational expenses due to low rental costs. This makes sure that they remain price competitive. 11 2 . 4 OSIM’s Competitive Response Competitors OTO Strategies simply by Competitors Selling price Low prices strategy to gain market share Merchandise Combines traditional therapies with modern-day technology OGAWA Cost OSIM should employ Harm. the They will OSIM Competitive Response Encirclement hould frequently develop firstin-the-market technologies and innovative items, to avoid Implemented penetration charges price competition. strategy to gain market share. It is interesting to note that in They can also employ more Malaysia, an OSIM massage movie star endorsements to chair is priced at RM 14K where enhance their credibility, company a robotic massage chair from OGAWA awareness and gain market with a identical feature only share. retails at RM 6. 7K Product Item fulfils simple function of providing the total well-being and healthy way of life. 12 Talking to Assignment several DEMAND FORECASTING 3. you Forecast Brief summary Table FORETELLING OF METHOD ONE MOVING USES CRITERIA P= 2 P= 3 P= 4 P= 5 P= 2 P= 3 P= 4 P= 5? = 0. 8? = zero. 2? sama dengan 0. 9 Y= a + bX FORECAST FOR N=9 almost 8, 110 several, 550 six, 963 6, 450 almost eight, 868 on the lookout for, 970 almost 8, 629 on the lookout for, 346 5, 292 eight, 204 eight, 311 9499 COMPUTED UPSET 1, 466 1, 973 2, 490 3, 073 507 514 814 413 2, 887 1, 242 1, 121 200 SINGLE MOVING AVERAGES USING ABOSLUTE CHANGE EXPONENTIAL SMOOTHING REGRESSION TABLE 3. 1 a few. 2 Research of Predicting Methods Judging from the revenue figures, a positive linear trend is determined based on the increasing revenue of OSIM in the past eight periods.

There are many reasons that contributed to the expansion. Singaporeans will be earning a higher income, hence a greater disposable income which will translates into a bigger purchasing electrical power. This escalation in spending power allows the consumer to acquire OSIM products as a status symbol. Likewise, due to the character of Singaporeans being people, there is short amount of time to be engaged in outdoor activities, hence, resulting in a steady boost of such healthful lifestyle goods. Therefore , due to the stable demand, the time series model best suited to this style is the least square technique.

All in all, this method is considered to be the most beneficial as it has got the lowest calculated MAD which usually reflects its accuracy in the forecasted sale for period being unfaithful. Though explained so , OSIM should not rely exclusively around the regression approach as the model features problems discovering seasonal impacts, and developing those variances into the forecast. The alternative would be to use the single moving average using complete change since the demand of the products happen to be stable through adopting this process, small randomly fluctuations happen to be levelled out.

It also gets the next lowest MAD which in turn implies the accuracy of forecasted sales in comparison with the other versions. 13 Consulting Assignment four 4 FINANCIAL RATIOS 5. 1 Proportion Summary Table OSIM FLAGSHIP STORE MAJOR MARGIN PERCENTAGE NET INCOME PERCENTAGE STOCKTURN RATE TABLE 4. one particular 67. 72% 17. 41 2 . 75 INDUSTRY TYPICAL 52% 5% 6 four. 2 Percentage Analysis Gross Margin Percentage The low margin percentage is a dimension of a company’s manufacturing and distribution effectiveness during the development process. In comparison with the sector average of 52 percent, OSIM generates a much bigger gross perimeter of 67. 2 percent. This indicates that OSIM much more efficient than most of their competitors in the industry. This kind of disparity could be due to the low manufacturing price that OSIM obtained from their contract producers, thus the high low margin. Regardless of the constant intro of new products, OSIM even now managed to obtain a high major margin percentage, thus reflecting the low products on hand level which in turn signifies excessive sales quantity. Net Revenue Percentage OSIM has a substantial net earnings percentage of 17. 41 percent in comparison with the industry average of 5 percent which is at least 3 times more.

The physique implies that OSIM has better control over it is costs in comparison to its competitors. This significant difference is largely attributed to the high product sales volume and low operating costs sustained through financial systems of level. Stockturn Price Stockturn rate basically can determine the business’s efficiency in managing arrays. The stockturn rate of two. 75 occasions by OSIM is relatively low as compared to the industry typical of 6 times. The figure remains to be reasonably appropriate despite like a far weep from the rivals within the industry as it implies that the inventories of OSIM were employed and then again changed almost thrice in one year.

The reason for the gap could be attributed to OSIM’s experience in managing the inventory. This reflects OSIM’s ability to prediction its sales accurately for period and therefore, do not need to worry about stock away situations. The risk of OSIM having a low stockturn rate could contribute to bigger 14 keeping costs which in turn would sooner or later result in a low gross margin. However , with reference to the major margin percentage of OSIM, the company has been doing rather well at managing the resources. Likewise, a lower stockturn rate

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Published: 02.11.20

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