Marketing strategy course assessment

Separate A Question 1

I have chosen Singapore as the state for treatment in this inquiry.

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Introduction

Singapore is a state with a population of about 4.84 million. For the past decennary, it is sing a fast aging population and slow growing in population. This is due to an increased life anticipation, lower reproduction rates, every bit good as tendencies towards detaining matrimony and childbearing.

Economic Environment

Singapore ‘s economic environment has been bettering quickly over the past decennary. Although its economic system has shrunk by 2.1 % due to the Asiatic Currency Crisis and recession in 2001, it is able to prolong a high rate of growing. While the per capita income may hold risen aggressively, the cost of life has besides increased, ensuing in Singaporeans holding to work harder and seek higher paying occupations to prolong the high cost of life. In add-on, to reenforce its fight against lifting rewards, Singapore authorities seeks to advance higher value-added activities in the fabrication and services sectors which requires a higher degree of instruction and skill sets. Singaporeans are therefore happening themselves invariably prosecuting better makings or occupation accomplishments developing makings.

Population Demographic

Low Birth Rate

Families in Singapore are acquiring smaller with an mean 3.7 people per household due to a diminution in figure of kids per household to cut down the family cost. They are get marrieding and holding kids subsequently as the affordability of a roof over their caput requires them to work and salvage longer.

Higher Education

In recent old ages, the authorities ‘s attempt to increase both the short term work force and long term population growing rate, has put in topographic point a figure of inducements for twosomes to hold more kids earlier and attractive bundles to lure skilled workers, exiles and their households to migrate to Singapore. This has resulted in an increasing pool of knowing, extremely paid professionals organizing a significant per centum of the entire population.

Aging Population

Singapore is one of the fastest turning ageing population states in the universe. The per centum of Singaporeans age over 65 has increased from 9 % to 13 % for the past decennary and is expected to increase to 20 % over the following 15 old ages. ‘The babe boomers represent the taking border of this coming age moving ridge ‘ . Baby-boomers are those Borns between 1947 and 1964. This group of aged are better educated with high disposable income.

These long-run demographic developments and socio-cultural alterations have profound impacts on ingestion forms. Singapore is going an progressively flush society which is reflected in high existent growing rates of private ingestion, every bit good as an increasing portion of higher-level goods such as recreational, educational and wellness services. The increasing edification and educational degrees of Singaporeans, every bit good as lifting incomes has besides resulted in a tendency towards more discerning and informed consumers who are more trade name, position and lifestyle witting.

Separate A Question 2

A Manufacturer – OSIM

OSIM is a planetary leader and one of Asia ‘s taking trade names for place health care, health-check and wellness life style merchandises.

Tendencies identified in inquiry 1 have profound impacts on ingestion forms of the types of merchandises and services in the Singapore market. As the population construction displacement towards ageing population, we notice an emerging market called the Ag market, represented by the affluent babe boomers. This group of consumers pay more attending to their wellness and seek higher quality lifestyle. Their high disposable incomes combined with turning concerns about wellness are the foundation for the on-going tendency in the growing of the wellness and health industry.

The Ag market consumers pursue a life style that gives them personal satisfaction while run intoing their demands and are more willing to pay higher monetary value for better quality merchandises. Consequently, OSIM lifestyle merchandise ranges with higher quality stuff and sophisticated engineering are acquiring more popular, its & A ; lsquo ; Massage & A ; Relax ‘ and & A ; lsquo ; Health Therapy ‘ merchandise lines are seeing increasing gross revenues.

OSIM has refocused her selling attempts to capture this turning group of elderly consumers with high buying power. These consumers desire to be & amp ; lsquo ; healthy ‘ along several foreparts – mentally, emotionally, physically and spiritually. Inspired by these elements, OSIM repositing its trade name and incorporate engineerings that impact the field of medical scientific discipline, computing machine scientific discipline, information every bit good as amusement. The iSymphonic was introduced and branded as the & A ; lsquo ; universe foremost ‘ massage chair that offer massage and music in one machine. OSIM understands that this group of clients are more concerned with the quality of the merchandises than the monetary value. Therefore, OSIM focuses its selling attempt in heightening clients ‘ satisfaction and set uping clients ‘ trueness with the company. All merchandises come with one twelvemonth guarantee and within this period, any visits to the clients with jobs are free-of-charge. Customers who make purchases may fall in the trueness honoring plan to bask farther price reduction for their following purchases or receive intelligence of any new merchandises and publicities.

A Service Organisation – Raffles Medical Group ( & A ; lsquo ; Raffles Medical ‘ )

Raffles Medical is the second-largest listed private infirmary operator in Singapore. Besides its flagship infirmary Raffles Hospital, it has the largest clinic web in Singapore with approximately 60 clinics handling about 1 million patients yearly and more than 5,000 corporate clients. Presently, about 1/3 of its patients are aliens and exiles.

Singapore ‘s private health care operators look set to witness a period of robust growing, as they continue to capture a greater portion of health care disbursement, driven by a demographic displacement, lifting income degrees, societal & amp ; cultural alterations, an inflow of exiles, medical travelers and ongoing reforms in Singapore ‘s health care funding system.

Changing Demographics

Aging Population

Singapore faces the same quandary as many other developed states, viz. a falling birth rate. The entire birthrate rate ( TRF ) of the mean Singapore female has been worsening over the old ages. The authorities estimates that the proportion of people aged 65 or older, which logically sees a comparatively higher hospital admittance rate, compared to other age sections, will increase from 8.5 % presently, to 18.9 % of the entire population by 2030. This, in bend, implies a important demand for long-run healthcare resources.

Rising Affluence

Both lifting income and instruction degrees have raised the criterion of wellness consciousness among the resident population, hiking demand for both standard and advanced health care services. This can be observed by the lifting tendency of private health care outgo as a proportion of GDP over the past decennary, where the mean growing of 11 % in private health care outgo has outpaced the mean one-year GDP growing rate of 8 % . Another noticeable tendency is that, private infirmaries have gained more portion from public infirmaries in recent old ages as reflected in admittance Numberss, reflecting this displacement in bias towards demand for private health care services.

This tendency is likely to go on, with the positive macroeconomic background, on the dorsum of strong economic growing and overall rise richness, go oning to back up the growing in healthcare-related disbursement, with the private sector further gaining portion.

Raffles Medical has been invariably raising capital by publishing new portions to strategic spouse. In a recent 2007 portions issue, S $ 63million was raised with the purpose to spread out its bing infirmary premises by adding more beds with the position that there will be an addition in demand for private hospitalization. In add-on, Raffles Medical has been spread outing her web of private outpatient clinics to provide to the increasing demand of patients who are non eligible for authorities medical subsidy e.g. mid to high income earner, foreign exiles and households. These out-patient clinics have been positioned to bring forth volume growing and, more significantly, act as a provender through patient referrals to Raffles Hospital.

For the aging consumers, wellness becomes a major concern. People 65 and older typically face hard-to-treat medical conditions such as diabetes, bosom disease, high blood force per unit area to call a few. These conditions demand a healthy-eating life style and changeless medical attending. Raffles Medical has been aiming this market section by supplying assorted health care bundles customised to suit the demands and income degree of the market.

In add-on, Raffles Medical has besides started a series of plans and service Centres providing to the different demands of clients. RafflesHealthScreeners is started as a dedicated, wellness showing Centre supplying comprehensive services runing from wellness showing and instruction to aesthetics, anti-aging and wellness programmes. These Centres cater to the demand of those more discerning and informed consumers who have higher disposable income and are more trade name, position and lifestyle witting, e.g. the Ag market consumers. The Centre provides a one-stop comprehensive wellness showing services taking topographic point in a warm and cosy environment that combines state-of-the-art engineering with individualized attending from a squad of health care professionals. Breakfast and cyberspace services are besides provided for clients looking for more quality service and who are willing to pay a premium for it.

Raffles Medical has besides targeted the lower income ageing section of the market by presenting a series of Traditional Chinese Medicine clinics. They have English and Mandarin talking doctors who offer interventions in Acupuncture, Chinese herbal medical specialty and Acupressure ( Tui Na ) . Translation services were besides provided for seniors who have trouble understanding English.

Part B Question 1

For this portion of the assignment I am traveling to analyze the environmental scanning activities ofPearson Education ( Singapore )( & A ; lsquo ; Pearson ‘ ) .

Pearson is an international company poised to take on the myriad of challenges in the educational sphere. As the universe ‘s prima instruction company, Pearson nucleus concern lies in providing educational tools and AIDSs, such as text editions, mention stuffs, instructional stuffs providing to instructors and scholars with different demands.

Pearson operates within the larger model of governmental instruction ordinance and statute law that shapes chances and airss menaces to the organisation. External forces such as alterations in educational policies, course of studies and rivals ‘ activities are non within the control of Pearson. Though unmanageable and unpredictable, these external environments have a strong impact on finding the selling determinations, which requires speedy and aggressive response to maintain positive actions with the targeted markets.

With its limited resources in the gross revenues and selling section, bulk of the environmental scanning activities which Pearson ‘s selling squad engages in are informal, both internal and external.

External Beginnings of Information

The staffs at Pearson behavior periodic environmental scanning by carry oning marketing intelligence to assist the direction identify, proctor high precedence issues, and forecast tendencies.

Customers

Information is gathered chiefly from 3 groups of clients, parents, distributers and instructors. The gross revenues squad has invariably visited their distributers and bookstores to supervise the gross revenues public presentation of the books. By holding random conversations with parents at the bookstores or with instructors in schools, gross revenues people are able to hold a better image the books that involvement the clients better and their outlooks in the books published in future. To hold an penetration of the resources and learning stuffs that are required by the school instructors, editors would run into up the instructors to discourse the jobs of the bing text editions and the extra instruction stuffs that they hope to see in the market.

Personal Contacts

Some seasoned gross revenues forces in Pearson have been maintaining good relationship with their opposite numbers working in the rivals companies. Through insouciant negotiations over repast, they can interchange information on market traveling tendencies and entree the menace of new entrants. Occasionally, they may even be able to acquire information on the rivals ‘ selling activities or new merchandises.

Newspaper and Government Data

The selling squad gathers information of the latest alterations in local instruction course of study from newspaper and the Ministry of Education web site. The gross revenues squad besides does one-year rating of the pupil populations so that they can make a more precise gross revenues prognosis.

Internal Sources of Information

Gross saless Information System

The gross revenues and stock list system captures informations on books gross revenues public presentation, stock list degree and inside informations of clients. It allows the selling director and gross revenues squad to bring forth studies which help them to do good anticipation of the gross revenues tendency and to pay attending to books with hapless gross revenues public presentation or high stock list degree.

Rivals ‘ Merchandises

Analysis of rivals books are done internally by the column and selling sections. Representatives from both sections will hold a little group treatment on selected books, normally those which are selling good in the market, to discourse the contents, pricing scheme and market placement of the books. The findings will so be reported to the caput of section to measure the necessary class of actions.

Online Tools

An on-line feedback signifier is available on Pearson ‘s web site for clients who wish to do remarks or suggestions on any issues. If they wish to have information on approaching publications or events, they can register as a & A ; lsquo ; Friend of Pearson ‘ .

Majority of this section of clients is from the retail market section which the gross revenues squad is unable to hold direct communicating with. Therefore, with the aid of these tools, it allows the selling squad to remain connected with them and maintain them on the get offing list to circulate latest information on publications or events to them.

Formal Environmental Scanning

Occasionally formal environmental scanning is conducted at marketing events such as book launch workshop and educational seminar. Evaluation signifiers are handed out at the terminal of the events and participants are encouraged to finish the signifiers which contain inquiries about the locale, content of book and relevancy of the presentations etc.

Once the information has been collected, the selling section would carry on a information excavation procedure to analyze the informations for issues and tendencies which may act upon the company and the consequences would be communicated to the caput of sections of gross revenues, column and printing sections.

Customers profiles which are captured from the online tools mentioned supra are kept in the information base. Data excavation is conducted every quarterly to uncover alterations in purchasing forms and some relevant market information.

Part B Question 2

Examples of Pearson ‘s Successful Execution of Environmental Scanning Strategy

The environmental scanning activities which are mentioned in Part B inquiry 1 have proven successful chiefly in the school market section.

In twelvemonth 2004, after 2 old ages of scanning activities and readyings, a new series of Science textbooks & A ; lsquo ; Science Discovery ‘ was published. This series of Science textbooks run into the instructors ‘ demands in doing Science learning a more piquant and & A ; lsquo ; alive ‘ capable as they are able to download scientific discipline related lifes from the web site with the PIN provided to their schools and behavior & A ; lsquo ; animated ‘ Science experiments with the pupils. Photocopiable worksheets are provided and instructors do non hold to pass clip fixing worksheets for the pupils. Extra worksheets are besides downloadable from the web site.

& A ; lsquo ; Science Discovery ‘ is adopted by about 100 secondary schools in Singapore, which is close to 70 % of the local school market portion. Pearson has besides managed to market it to other states such as Indonesia and Thailand, and programs to spin-off similar text editions which cater to other states instruction demands.

The freshly established Chinese linguistic communication division has been seeking to make some consciousness and addition market portion in the local school market. The first Chinese linguistic communication merchandise which they wish to present to the schools is a dictionary which non merely meets the demands of the novices but besides adheres closely to the local school Chinese linguistic communication course of study. After carry oning the market scanning, the gross revenues and selling squad realised that there were many rivals with the similar merchandise, but what was missing in the market is a minor Chinese linguistic communication dictionary that meets the syllabus demand. The lexicon is eventually launched in twelvemonth 2005. Although it faced some opposition from the rivals, it managed to obtain 30 % of the market portion with its minor edition of the lexicon.

Pearson, nevertheless, is confronting troubles in deriving a bridgehead in the retail market. The beginnings of information are non sufficient plenty for the gross revenues and selling forces to hold equal penetration of the retail market consumers ‘ purchasing behavior, penchant etc. As the consequences of the scarceness of information, Pearson has non been able to derive much market portion in this sphere.

Suggestions to Better the Effectiveness of Scaning Process in Pearson

Implement a Planned and Managed Scanning Activity

A good planning ensures that information gathered is based on the company ‘s ends and critical information demands. Many times, a similar piece of information may be gathered by different gross revenues forces or & A ; lsquo ; volume of information may be overpowering, ensuing in an information overload in while of import pieces of information may be overlooked or missed ‘ , therefore there should be uninterrupted monitoring and coordination to understate duplicate and maximize the range and efficiency of information assemblage.

Implement Formal Environmental Scanning System

Environmental Scanning should be managed as a strategic activity. & A ; lsquo ; In many ways, the scanning map is like a research and development plan, where the investing is for the longer term, but the final payment may be dramatic ‘ . Pearson should put a budget to prosecute market research company to carry on a formal scanning of the mass consumer market.

Focus Scaning on Sociocultural Sectors

Pearson ‘s direction focuses their scanning on clients, rivals and authorities regulative of the environment but neglected the sociocultural sector. Here is a good illustration of direction ‘s inadvertence in sociocultural sector. A new series of English text edition & A ; lsquo ; Celebrate English! ‘ was launched in twelvemonth 2003. However, shortly after the schools have adopted the text editions, Pearson received ailments from parents that the chapters on witchcraft are inappropriate for kids ‘s acquisition. Although school instructors have no scruple about holding witchcraft subjects in school course of study, the monolithic resistance and voices of dissent from parents force the schools to bit by bit halt utilizing & A ; lsquo ; Celebrate English! ‘ . Finally, chapters with witchcraft subjects have to be replaced to promote the schools to re-adopt & amp ; lsquo ; Celebrate English! ‘ .

If the direction has spend some attempt scanning on the sociocultural sector, parents ‘ sensitiveness and strong reactions towards witchery subjects could hold been detected earlier and errors would hold been avoided.

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