'OSIM Company Essay\r'

'OSIM the head establish Asia water-loving brio modal value steel, originated from capital of Singapore. OSIM was founded by Dr Ron Sim Chye Hock in November 1980. Initially generalise from R Sim Trading which deal mainly with sept appliance. Dr Ron Sim Chye Hock later founded OSIM and lastly changes his focus to creating healthy keep style overlaps since he felt a great grocery store potential in firm c be mathematical products in Asia. Dr Ron Sim Chye Hock brought together incompatible equipment manufacturers and introduces OSIM which then receives signifi fundamentt growth to the extent of establishing triune outlets Asia (straitstime). Having the motto â€Å"Inspiring Life” OSIM caller-up has a signifi fuckt numbers of outlets all over the field (osim)\r\nSituational Analysis on Micro and Macro Factors\r\nIn the IT and Health conscious era, companies argon trying to wel engender opportunities to stay ahead of some other(prenominal) rival companies. Com panies put up to examine and evaluate their environmental forces and take inevitable approaches in order to stay competitive. Micro Factors\r\nMicroenvironments atomic number 18 factors closely related to company operations and instantly impact the customer experience. OSIM has several factors that affect her greatly. A room to show case these factors are by Michael Porter Five Force Model which is: Competitor, menace of New Entry, Supplier federal agency, Threat of substitutes and Customers.\r\nCompetitors\r\n engineer:\r\nDirect competitors are competitors who surrender similar products, engineering and analogous target audience. The major direct competitors of OSIM are Ogawa and OTO. two have a decent market tract in the health related appliances. Technologies in their products change them to remain competitive against OSIM. Their products are much cheaper contrastd to OSIM, wherefore a number of people purchase their products. yet by having great marketing senses, consistently earning prestigious award and manufacturing fictitious character products. OSIM is the leading speck of health business concern appliances. (P)\r\nIndirect:\r\nOSIM also baptistery mediate competitors such Holistic, Chiropractic, self treatments, Traditional Chinese medication and western practices. Indirect competitors offer not further the external merely also indwelling treatments want pills and supplements. still these treatments require an appointment, evaluations and importantly time from your meddle whatever schedule which you cannot commit to. OSIM products are made portable and simple enough as not to astute our daily lifestyle. Threat of New Entry: The brat of impudent entry is at a marginal since the market is mainly dominated by OSIM, OGAWA and OTO. For a new brand to enter this market they pull up stakes have to have significant capital, the tenacity to face reputable brand that have a instauration holding in Singapore and technologies th at surpasses OSIM. Supplier Power †OSIM has several suppliers that are located main in Asia. They are mainly situated in India, chinaware and Vietnam. The Supplier power here has a season control on OSIM as they have been render OSIM with her products for the past few years.\r\nHowever by organism situated in these developing countries, OSIM is able to suppress cost on labor written reports on building and manufacturing of their products while still maintaining their noble shopworn of quality products Threat of substitutes †Technological advancement and new discoveries whitethorn pose a threat to OSIM. Since the other two major substitutes are OGAWA and OTO, consumer tends to purchase products that are cheaper with a reputable brand name. However, with OSIM high product quality, achievements and awards the threat of substitute is moderately low as consumers are well aware of what OSIM are cognise for. OSIM can burn the threat of substitute by improving her custome r loyalty. (osim, http://blog.osim.com/) Customers †OSIM originated from Singapore, a first creative activity country strategically place in southeast Asia, OSIM can use it to their advantage.\r\nFrom word of mouth by someone we know. We are reminded that OSIM offers quality products that had helped people. Having its headquarters in Singapore, OSIM uses this opportunity to exploit Singapore high standards of alert and also its world class airport. These customers are the almost important resources that significantly affect any company. The fare OSIM is facing is that not every individual extremity to purchase OSIM products as it can be shared. close of OSIM massaging chairs are purchased and shared within a household. This causes OSIM some problems as these marchess the sales of OSIM products.\r\nMacro Factors\r\nPolitical Factors †The semipolitical factor that entrust derives OSIM is the government figure to gain Singapore population to 6.9 million by 2030 leave alone widen the market and adversely increase OSIM sales (straitstimes). Economic Factors †A growing inflation or recession can all affect the way consumer thinks and hence affect OSIM ability to get a stable cabbage. Economic factors are usually unanticipated since forecasts and analyses are affected by spherical changes and lifelike disasters. Unemployment levels, money value exchange rates, and the state of the global economy can all help or hurt OSIM. (tradingeconomics)\r\nSocial Factors -As the population is getting more than educated, we are more aware of our health and well being of ourselves and those of our family members. Singapore is known for its materialistic farming and Singaporeans push themselves in pursuit wealth and delight (Janus corp). To do so, we tend to work long hours and irrespective our own health to achieve wealth. OSIM whitethorn benefit from the health unblocks that arise from this as the appliances leave behind not hinder the hect ic and busy work life of Singaporeans. Technological Factors †Can influence how OSIM maintain and correct her business. A new type of machinery or product created can help OSIM stay ahead of the competitions. other technological trends whitethorn include online transaction, ability to march on feedback/complaint, purchase online and monitor the shipment. Demographic Factors †Singapore has an ageing population with low birth rate but more elderly. This target audience, the elderlys benefited most from OSIM products as they a good deal requires health care. The standard of living and health care advances contribute to demographic factors too. (sgplan)\r\nLegal Factors †Singapore have a new insurance of Levies and quotas for hiring Foreign Workers. These changes may have an effect on OSIM since Singapore is a multicultural country with a big conversion of foreigners working here. The new policy requires a company to pay a certain amount of hard currency to have the work pass holder to work for them (mom.gov.sg). Lemon law was implemented to Singapore, the idea of rotter law is to protects customers for not up to standards or defectives goods. However it does not affects OSIM products much as OSIM produces high quality products. (Rikvin)\r\nSWOT Analysis\r\nAfter gathering the internal and external factors that can affect OSIM greatly, the next meter is to do a SWOT analysis. It provides helpful discipline to make changes in marketing and strategic cookery to avoid issues OSIM may face and to exploit the opportunities that may arise. The best way to do so is by reducing the threats and weakness but increasing the strengths and opportunities.\r\nOSIM an extremely strong and recognize brand name.\r\nReputable brand compared to competitors, customers has a strong trust and confidence in OSIM OSIM has a good history originating from Singapore, has four outlets in Singapore to reach the target audience efficiently. unfluctuating marketing str ategy and involvement with the state-supported and connection has strengthen the bonds and trust to OSIM\r\nSTRENGTHS\r\nOSIM products are costly compare to her competitors.\r\nTarget audience, may shared OSIM products with one another hence lesser sales for OSIM\r\nCompetitors may come up with products and marketing strategies that could change the customers brand weft.\r\nA letdown from OSIM may cause customer have large discredit ability of OSIM collectible to her high write up and achievements.\r\nWEAKNESS\r\nOPPORTUNITIES\r\nPeople are getting more health conscious about themselves could be a opportunity for OSIM to increase her profits. Better technology may entice customer to purchase OSIM products online for its mode of convenience. collectable\r\nto the aging population the target audience for OSIM pull up stakes be wider as this target audience tends to be in need of health appliance. Government intention of having a population of 6.9 million by 2030, presently Si ngapore population is at 5.3million. Will significantly broaden target audience.\r\nTHREATS\r\nNew changes in the policy and regulations may affects OSIM sales. The rising inflation will limit the spending power of the customers; they will in avertedly reduce OSIM sales of products hence less income for OSIM. New technologies and discoveries can cause OSIM products and machineries to be obsolete Shifts in customers selection away from the OSIM’s products\r\nIssue Analysis\r\nThe issue that I would like to point out is that competitors may come up with products and marketing strategies that could change the brand selection away from OSIM. This can lead to a bad long run effect to OSIM. If the competitors can do so and improves their reputation, OSIM will lose their high market share, target audiences and profitability.\r\nRecommendations\r\nMy recommendations to avoid the issue at hand is by aggressively and regularly market themselves to the public and dominate the advertisem ent of home health care appliances. OSIM can also promote health related events like marathons to support and ensure the public their commitment of health care of the consumers. By doing so, they will retain their market share and status; eventually with the increase populations in the years come OSIM will have much better sales due to strong solid foot holding in Singapore. OSIM can also achieve this by forever receiving and retaining their awards this will ensure the public that the quality standards of OSIM are higher tier compared to their competitors.\r\nConclusion\r\nI in person consider OSIM to have been a very roaring company in establishing themselves in the healthy life style industry. However there are some(prenominal) factors that could positively or negatively affect OSIM, technology\r\nin the hand of OSIM may be advantages whereas in the hand of competitor is disadvantages to OSIM. Even so there are certain approaches and ways to ensure OSIM to be ahead of her comp etitors. Receiving and achieving multiples awards, milestone and expending globally has prove my theory of OSIM being a successful company.\r\nReferencing\r\n1. Janus Corporation, graphic symbol of Life in Singapore. http://www.guidemesingapore.com/relocation/introduction/quality-of-life-in-singapore 2. genus Melissa Tan, Straits Times, 2013 May, OSIM International’s Q1 net profit jumps 13% to $25.1 million. http://www.straitstimes.com/breaking-news/money/story/osim-internationals-q1-net-profit-jumps-13-251-million-20130507 3. Michael E. Porter (1998) competitive Strategy: Techniques for Analyzing Industries and Competitors 4. Ministry of Manpower, foreign manpower, Levies & quotas for hiring Foreign Workers. http://www.mom.gov.sg/foreign-manpower/foreign-worker-levies/Pages/levies-quotas-for-hiring-foreign-workers.aspx 5. Rikvin Pte Ltd, Singapore (PRWEB) March 13, 2012. http://www.prweb.com/releases/singapore/lemon-law-news/prweb9273922.htm 6. Sudhan P Osim Records R ecord Profits. http://www.fool.sg/2013/07/31/osim-records-record-profits/ 7. UK Essays, http://www.ukessays.com/dissertations/business/about-osim.php\r\n'