Facing Challenges with Strategic Management

Facing Challenges with Strategic Management1.0 IntroductionPoh Kong, is a jewellery heights society founded by Cheong Teck Chong and Choon Yee Seiong which open uped first outlet in grade 1976 located in Petaling Jaya. Besides, since 2004, Poh Kong has been listed in Bursa Malaysia, so far they owned a manufacturing prove in Shah Alam KL (PohKong, n.d.). Nowadays, Poh Kong was the loss leader of jewelry effort be political campaign of its tremendous growth and their midpoint business philosophies, which ar Quality, Value, Trust, and Choice. Further more(prenominal), in targeting different nodes swerve, they had several in bear shufflings such as Anggun, Tranz, sharp Love, and The Art of Auspicious. Besides, Poh Kong was the licensee for Disney Collection and sole distributor for famous make such as Luca Carati, Schoeffel, Hemera baseball field and Angel infield (Gal, 2016).In 2011, Poh Kong reached its centesimal outlet in Peninsula Malaysia. Poh Kong rea ffirmed by RAM Ratings run Berhad as cosmicst jewelry retail chain store in Malaysia in 2014. Other than that, it similarly awarded the Malaysias Top 10 sellers in the Asia, Putra trademark present and Creative ASEAN jewelry Design Award (Cleffairy, 2015). Besides, Poh Kong truly beneathstands their business is strongly reliance on brand name and brand reputation, therefore, Corporate referionate Responsibility also a main concern of Poh Kong. For instance, national pubic louse survivals day, charity golf, water vending machine, Malaysia AEON Foundation (MAF) fund rhytidoplasty and etc. are parts of the CSR from Poh Kong (TheStar, 2013). gibe to annual report of course 2015, we observed that Poh Kong has a big drop in earnings soonerhand tax since year 2012, but it has successfully recover after year 2014. Besides, the executive chairman and meeting managing director, Datuk Choon Yee Seiong has claimed that year 2016 is challenging for funds jewelry diligence due to the fluctuation of dropping of world- ample property nurse (Toh, 2016) and reduced demand for jewelry and specious related coronation merchandises (Poh Kong, 2016).In this study, we are aiming to have more understanding on how a comp all could deal with the challenge faced by using strategic management, how strategic management could actually help to analyze issues more comprehensively and conducting diverse analyses and formulation of strategic plans.2.0 SWOT Analysis 2.1 (S)trengthsPoh Kong Holdings Berhad was the biggerst of property jewelleries retailer in Malaysia. As marketplace leader, Poh Kong has a strong reputation, market position and value in expanding their business as stated in annual report, Poh Kong has make out of 106 outlets across 9 states in year 2014 (PohKong, n.d.). Poh Kongs outlet showroom are much juicyer than its antagonist, for instance, Tomei (52 retail outlets), Wah Chan (42 outlets), and Habib (more than 30 outlets).Partnership with Moragli champion, a well-k forthwithn(a) jewelry brand from Italy has plus Poh Kongs product variety and jewellery types. Besides, they equal to grapple with different international brands and has the opportunity to expand its business to foreign (Najumudeen, 2012).Furthermore, Poh Kong has a strong financial position. Poh Kong group revenue and pre-tax moolah in year 2015 are higher than 2014 while margins have been improved by woo control initiatives (Poh Kong, 2015). They have the flexibility in financial and disgrace interest rate and liquidity risk as dissolvent from give out to loan repayment. Large cash reserves make them have favor in long term coronations.2.2 (W)eaknessesPoh Kong only covers Malaysia regions, they didnt export their products as a way to expand their business (Bernama, 2013). Besides, all of the 106 outlets are located at 10 states from peninsular Malaysia. Consumers from East Malaysia un subject to leverage any jewellery from Poh Kong due to theres yet to be any outlets in Sabah and Sarawak, expansion of Poh Kong outlets in East Malaysia was planned and estimated to be happen in 2017. Poh Kong are sell their products through online platform like Lazada and 11Street however they testament be a limited woof for consumer from East Malaysia (Poh Kong, 2017).Low customer satisf deed is one of the weaknesses. Poh Kong has differentiated their outlet into rhombus lucky outlets and retail concept stores, for instance, Diamond Boutique, Gold Boutique, Jade Gallery and Oro Bianco. These stores are use to meet the demand of different targets markets (PressReader, 2016). However, it was a challenge and tough for Poh Kong to maintain each severalise in similar environment and caused diminished customer satisfaction. Besides, intragroup competitor was caused by the reason of selling similar products in the market.2.3 (O)pportunityMalaysia enjoying a vigor job for exporting jewellery product under China-ASEAN Free craf t Agreement (CAFTA), in addition, China currently glittering demand of jewellery market and spell permit has been carried out for foreign importers who wish to import jewellery products into China (Miti, n.d.). Hence, it comes the opportunity for Poh Kong to expand its business to China market.Poh Kong dopeful grow demand of halcyon bar in market. Due to sad economy and fluctuation on Malaysia Ringgit, investment in gold is fracture than invest in stocks. According to Nwazor (2016), gold is a safe investment. Besides, investment in gold squeeze outister dwell constant for few long time as judged from history. Due to its recognized value by worldwide, gold was used as the world reserve currency until recently (Smith, n.d).Fluctuation of gold footing not guaranteed increase deals of jewellers, however it could benefits conjunction in name of speak to of production. Gold bell in 2013 was at a historical high of US$1900 an ounce, dropped to US$1150 per ounce in 2014, ch ange magnitude to US$1364 per ounce in July 2016 and more or less dropped to US$1234 per ounce in early expose 2017. It has utilized the cost saving and used it for market purposes to boost sales (VnBusinessreg, n.d.).2.4 (T)hreatCompetition is one of the threats for Poh Kong. As results, consumer foot shoot for other alternatives from different jewellers since Poh Kong is not the only player (Euromonitor, 2015). Mainly jewellery products are differentiated based on their design. If Poh Kong offers less variety of design, consumer volition choose their preferred design from their competitor. Besides, well-nighly jewellery outlets operates near to competitors, under those circumstances, consumer bequeath differentiate price and design easily.S commencementdown of economy entrust cause a reduction on consumers devolveing (Fmt, 2015). Obviously, the poor sparing tick had caused increase of price of electricity and other costs which could affect Poh Kong to increase their p rice of goods. The emergence in price of jewellery and gold from time to time has caused a drop in demand for jewellery. Moreover, jewellery is luxury goods, people will only consider to purchase jewellery when there is surplus after consume on daily necessities. nices and returns Tax (GST) in Malaysia. A study by Nielsen, a orbiculate info and measurement accompany had proved that four in vanadium Malayan consumers are cutting back on shopping outgo to increase household savings after the ad election of GST. It has modify Malaysian using up behaviour (Ida, 2015).3.0 Industry Analysis Porter five forces3.1 panic of New Entrants Threat of new entrants for jewelry industry is low. in that respect is low in threat of new entrants for jewelry industry due to it requires high capital start up (Din, 2015). A company must spend high figure in money in order of battle to make out in the market and high capital requirements positively affect the jewelry industry because it wil l lead to an increase in profits for the entity. According to Bhobe (2014) several of the subsisting firms have buzz offs with well- dwelln jewelry distributing companies. New entrants whitethorn face backbreakingy to contract with these companies due to lack of financial status. Brand light also is an important competitive improvement and requires high investment costs and time in order to build strong brand name (WikiWealth, 2014). Therefore, new entrants that without a reputcapable name which may cause doubt from a rhomb distributing company therefore no contract will be created. In addition, existing firms has experience economies of scale from queen-size investments in question and maturation or brand advertising. As result, the penetration into the market is getting increasingly difficult due to the growth of companies already established in the industry.3.2 Threat of Substitute Products The threat of substitution is high in jewelry industry.It based on the relative price and death penalty of the competitors products and on customers willingness to consider the eases. They could potentially attract a significant simile of market volume and reduce the potential sales volume for existing players. This category also relates to complementary products. For example, Poh Kong facing arguing from substitutes jewelry which make of silver, platinum, ball fields and pearls. Costume or imitation jewelry also provided consumers with an alternative to wait good but at a cheaper cost. Safiyuddin (2015) indicates that the price elasticity is affect by substitute products. When high substitutes available it causes the demand become more elastic since consumers have more alternative selection. Thus, a close substitute product constrains the ability of firms in the industry to increase prices.3.3 Bargaining designer of Suppliers Bargaining power of suppliers for jewelry industry is moderate.According to Durant (2014) indicates that there is low bargaining power of suppliers when they are reliant on high volumes because of maker can threaten to cut volumes and affect the profits of the supplier. Besides, there are umpteen gold jewelry suppliers in Malaysia such as Tomei Group, recess Capital Emas Holding, DeGem or Habib Jewels (Mehta, 2016). Therefore, the switching cost to other supplier will be lower. On the other hand, for certain high grapheme baseball diamonds and about precious gems are rare sources thus is little surplus of the susceptibility which allows for prices relatively high. Since these precious gems and diamond can bring great value to the firms, therefore the power of supplier will be slightly change magnitude (Thompson, 2008).3.4 Bargaining Power of BuyersThe bargaining power of buyers in this industry is high.In this industry, buyers have high bargaining power because there are many competing and viable sources to purchase jewelry from. According to Safiyuddin (2014), there are 3000 topical anaesthetic an aesthetic gold jewelry retail outlets in Malaysia. Thus, customers bargaining power increased since there is a lot of selection of the jewelry stores. In Malaysia, the add of internet user is increasing from year to year and customer can easily get the product information from the internet. Due to the high information availability, customer can make comparison on the design and work between the jewelry stores. In addition, customers are free to shift to any other jeweler and the switching costs for customer are low.3.5 controversy among Present CompetitorsThe rivalry among competing sellers in this industry is high.There are large pieces of jewelry stores that are currently operating in Malaysia including local and foreign jewelry store (Din, 2015). They are competing to attract the same total of resources and customer. They also deal to boost their brand cognizance and improve their fictional character of processs in order to gain market shares. Poh Kong and other jewelry store like Habib Jewel struggle for market leadership. Moreover, jewelry industry companies are considered mass merchandisers or limited line jewelers generally compete on the basis of price. The companies have created a stagnant industry that now competes by taking market share away from the other players yet creates price wars among most of the firms in the industry. Besides, the major players such as Habib, Degem and other competitors are trying to lobby for competitive advantage in these areas.3.6 expiry based on the Porters Five ForcesBased on the industry analysis, this jewelry industry is quite attractive because the large economies of scale make it actually hard for new entrants to compete in this industry. The more assets the firm has, the great the firm ability to take advantage of economies of scale. Besides, the threat of substitutes is reducing because gold has inherent investment value which is further reinforced by industry buy-back policy (Bharl, 2016). In other w ords, gold jewelry retail outlets would purchase old jewelry at prevailing gold prices and provides an avenue for consumers to heave or change their existing jewelry sets. This is one of the ways to increase sales volume and also build up customer loyalty.4.0 competitory Analysis The size of circle for each competitor is based on the annual revenue in 2015 as Tomeis annual report will only announce on April every year. The revenue for Pandora is RM 16.7 zillion ( one-year Report, n.d.) Poh Kong is RM 0.8 billion (Poh Kong, 2015) Tomei and Wah Chan and almost the same revenue which is RM 0.5 billion (Annual Report, n.d.) and Sk Jewelry is RM 0.1 billion (Sookee, n.d.).There are a lot of competitors have been entered and also established in the jewelry industry. Although there are a lot competitors in the jewelry marketplace but they are offering different design of the product with different brand and price. Besides, they also were using different promotion strategies to intensi fy their product in order to boost their sales. From the group mapping, we can know that Poh Kong is the one who offered the wide product line breath as oppose to other competitors such as Pandora, Tomei, Wah Chan, and Sk Jewelry. Besides from offering yellow gold and silver jewelry, Poh Kong also has offered pearl, jade and diamond jewelry to customer.In order to meet the customer needs and requirements, Poh Kong has their own manufacturer in Shah Alam, so they able to manufacture and design the jewelries that customer preferred and requested (Poh Kong, n.d.). Therefore, by satisfying the customers need and want, Poh Kong able to compete with other competitors and survive in the marketplace.Moreover, as we know that gold bar and gold coin is an investment product in long term. Poh Kong not only offered and provided a gold bar and gold coin but they also offered wide range of gold jewelry with different design such as Tranz, Anggun, Auspicious, Bombay Collection, Disney, and Happy Love (Poh Kong, n.d.). Other competitors just offered few design of gold jewelries as canvass to Poh Kong. Thus, the variety products that offered by Poh Kong is able to serve for more customer types and able to attract more customer to buy. It will increase the sale and profit of the company in short term.4.1 Price Based on the strategy group mapping, it shown that the price of diamond ring that offered by Poh Kong is slightly higher than Wah Chan but lower than Sk Jewelry. The reason that we liken to the price of the diamond ring is because different jewelry retailers may offer different price for the carat of the diamond ring.The strategy group mapping has shown that the price of the diamond ring from Sk Jewelry is slightly higher than Poh Kong and it cost RM 4888 for 0.15 carat of the diamond ring (Sk Jewelry, n.d.). Wah Chan has offered 0.25 carat of diamond ring and it cost RM 3888, it is slightly cheaper than Poh Kong (Wah Chan, n.d.).For competitor Tomei, the overall produ ct price that offered by Tomei is lower than Poh Kong, Sk Jewelry and Wah Chan. plot of land for another competitor Pandora, the price of the product that they offered is the lowest among the four jewelry retailers (Pandora, n.d.).From the group mapping, the product price of the Poh Kong is consider high as compare to other jewelry industry. However, Poh Kong has provided the good quality and variety of design and option in order to meet more customer types. Besides, for quality assurance, Poh Kongensures that squiffy measures are constantly undertaken without compromising design excellence. Poh Kong jewelry has been created with superior quality and meticulous craftsmanship. Thus, the customer market share will increase and result in sale and profit of the company increase as well.4.2 agonistic position and performance Today, Poh Kong has own manufacturing facility which located in Shah Alam and has reached 100th outlet thus Poh Kong has earned it position as Malaysias fastest g rowing and largest jewelry retail chain store (Poh Kong, 2016.). This indicates that Poh Kong has the capacity to increase their profit and open more outlets to attract more customers to purchase their product. It is very comfort station for customer to visit and purchase the jewelry in their retail outlets. Therefore, Poh Kong able to gain competitive advantage and position in Malaysia as compare to other competitors.Moreover, Poh Kong was listed in The Malaysia Book of Records as the Largest jewellery Retail mountain chain in 1998.The Ministry of Domestic Trade Consumer Affairs has awarded several Poh Kong subsidiaries the Fair evaluate Shop Awards from 2007 till 2010 in the Jewellery Category in recognition of the Companys good business ethics, quality goods and excellent after sales service (Poh Kong, n.d.).In addition, Poh Kong has been ranked 9th position and 10th position in Malaysia, and it listed in 2004 and 2006 Retail Asia-Pacific Top 50 respectively. Poh Kong has con tinued to be listed in 2009 and 2010 Retail Asia-Pacific Top 500. Besides, Poh Kong has been listed as Malaysia Top 1000 in 2011 and it also awarded as Malaysia top 10 in 2014. For 2016 Retail Asia-Pacific Top 500, Poh Kong was listed and has been ranked eighth position among Malaysias Top 10 retailers. The award is given out per annum to the top performing companies and leaders in various industries as the recognition of their contribution to the country (Poh Kong, n.d.).Based on these awards, we can know that Poh Kong has a good performance in managing the company operation as compare to other competitors. Therefore, Poh Kong has the capacity to become top 10 in Malaysia. It indicates that Poh Kong is a well-known brand of jewelry in Malaysia.Furthermore, Poh Kong endeavors to carry out an action in a sustainable manner and promote responsible practices among its shareholders, suppliers and customers in the marketplace. Poh Kong has owned over 100 outlets provides convenience and accessibility to customers, offering wide range of quality products for customers choices. Poh Kong has provided recycled bag as a gift to the customer to carry their product after made purchase (Poh Kong, n.d.). The group supports nickel note safe jewelry products for the protection of consumers health and safety. Therefore, Poh Kong able to reduce the cost in producing packaging items for their products.5.0 Strategy FormulationStrength-opportunities (SO) strategies use a companys intimate strengths to take advantage of external opportunities. The first SO strategy is the largest number of retail shops take advantage on the increasing of demand in the market. Poh Kong has the opportunity to capture most of the market shares since it acts as the largest gold jewelry retailer in Malaysia. It can be explained by Poh Kong uses its advantage of large number of retail outlets and well established brand to target wisely in Malaysia. The next SO strategy is the partnership with Moraglion e enables Poh Kong to compete with the global brands, by enjoying the zero tax and taking advantage on the brand name of Moraglione. It also provides an opportunity for Poh Kong to expand its business to overseas. Besides, due to the world-renowned international brand of Moraglione, the cost saving from zero tax and advertisement spending can be utilized for future RD.Weaknesses-opportunities (WO) strategies improve internal weaknesses by taking advantage of external opportunities. First of the WO strategy is the zero duty for exporting jewelry product can enlarge the target market of Poh Kong, which only target in Malaysia currently. It can exports the jewelries to other countries and enjoys the tax advantage directly. Besides, it also can expand their business opportunities to abroad, test the market before it conducts a direct investment at there, and yet increase its profitability. The certify WO strategy is the increase demand in the market able to reason the problem of inte rnal competition. According to research, customers demands are increased and their wants are difficult to be fulfilled. Customers always expect special and differentiate gold jewelries, whence the various brands of Poh Kong able to satisfy their needs and wants.Strength-threats (ST) strategies use a companys strengths to fend off or reduce the impact of external threats. First ST strategy is Poh Kong should uses remain strategy to deal with the high competition in local market. Since it has become the largest jewelry retailers in Malaysia, it will not affect its market leader position in the industry even it remains its business strategy, indeed, it also can avoid from the wasting of capitals in expanding the business. The next ST strategy is company bears the GST by itself. Due to the strong financial position and cash flows, it able to bear the extra charges by maintaining the selling price of gold jewelries. Thus, it can delight and satisfy the customers directly.Weaknesses-thr eat (WT) strategies defensive tactics aimed at reducing internal weakness and avoiding external threats. The first WT strategy is Poh Kong can launch into abroad and new market in order to avoid from the internal competition and high competitive local market situation. There is less opportunities in local market for Poh Kong to expand its business, thus it should expand its business to abroad, fall upon new opportunities, and target new markets. The next WT strategy is the company should enhance promotion strategies to tackle the problems of low customer satisfaction, high competition in local market, and slowdown of economy. It can provide price discount, conducts advertisements, and improves customer run to customers, so the customers can be delighted and their needs and wants could be satisfied.6.0 final resultThe competitiveness of the Poh Kong Holdings Berhad is the company acts as a leader in terms of innovation in Malaysias jewelry industry. It was one of the first chained jewelry retailers which operating in Malaysia. Its strongly established brand provides it a great competitive advantage over the less well-established competitors, such as Tomei amalgamated Bhd.Furthermore, Poh Kong also has strong reputation and strong market position in global market. It is because the company always involve in Corporate genial Responsibility and creates value for their company, shareholders, employees, customers, community and environment. To the employees, they will receive training and development programs to enhance their skills. Besides, the employees are encouraged to volunteer their time for the needed group while Poh Kong will donates daily essentials, foods and cash to charity home in Klang Valley.Moreover, there are some expectations about the future of the Poh Kong. Nowadays, e-commerce play most important role in the business operation. In order to compete with competitors, it should also focus online trading to its potential customers by providing variety selection of products and accept customized design order from consumer.Next, due to the global economical slowdown, Poh Kong should establish in those countries which do not adversely affect by economic slowdown, such as Indonesia. It is because Indonesia has a good fundamental economic condition amid the global economic uncertainty.In addition, Poh Kong should adopts appropriate financial controlling tools which can assist the company in well controlling on cost and operation management, in order to minimize the financial risk. To avoid the company from carrying many liabilities, it should wisely control budget as well. Besides, it also can make a future contract with the materials suppliers. It can fix the price of the materials with suppliers for future purpose due to the unexpected economic fluctuation. 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