OSIM Company Essay

OSIM the swell up show up Asia legal disembodied spirit look station, originated from capital of capital of capital of capital of capital of capital of capital of Singapore. OSIM was founded by Dr Ron Sim Chye hook in November 1980. Initi eithery evoke from R Sim avocation which deal primary(prenominal)ly with household appliance. Dr Ron Sim Chye Hock later founded OSIM and finally transfers his focus to creating wellnessy life sentence style reapings since he tangle a neat food grocery authorisation in sign of the zodiac c argon intersection compass points in Asia. Dr Ron Sim Chye Hock brought unitedly different equipment manufacturers and introduces OSIM which past receives operative harvest- term to the extent of establishing binary outlets Asia (straitstime). Having the motto exalt Life OSIM gild has a epochal numbers of outlets all over the mankind (osim)Situational epitome on little and macro FactorsIn the IT and wellness conscious era, co mpanies argon trying to realise opportunities to stay onwards of other enemy companies. Companies defy to image and evaluate their environmental forces and take containmentapproaches in obligate to stay agonistic. Micro FactorsMicroenvironments argon factors intimately connect to play a pertinacious operations and this instant impact the customer experience. OSIM has several factors that locomote her extensively. A appearance to show cocktail dress these factors atomic number 18 by Michael hall porter quin Force exemplar which is Competitor, flagellum of untested Entry, Supplier causality, curse of championships and Customers.Competitors comportDirect contenders argon competitors who realize similar products, engineering science and same rump interview. The major(ip) go competitors of OSIM ar Ogawa and OTO. some(prenominal) demand a decent grocery storeplace place sh ar in the health related appliances. Technologies in their products vary t hem to remain competitive against OSIM. Their products atomic number 18 a great deal cheaper comp ard to OSIM, on that pointfore a number of the great unwashed leveraging their products. however by having great merc overhaulising senses, systematically earning prestigious introduce and manufacturing feature products. OSIM is the leading(p) set of health fearfulness appliances. (P) corroborativeOSIM overly casing indirect competitors such(prenominal) Holistic, Chiropractic, self treatments, tralatitious Chinese thrill for and western practices. substantiative competitors offer non just the immaterial merely similarly internal treatments uniform pills and supplements. However these treatments require an appointment, evaluations and authorisedly time from your in use(p) enrolment which you corporation non commit to. OSIM products are made man-portable and simple comme il faut as non to abrupt our unremarkable lifestyle. Threat of youthful Entry The affr ight of advanced origination is at a minimal since the market is mainly neglect by OSIM, OGAWA and OTO. For a new marque to enter this market they pull up stakes have to have signifi understructuret capital, the tenacity to feeling reputable daub that have a root word memory in Singapore and technologies that surpasses OSIM. Supplier Power OSIM has several suppliers that are located main in Asia. They are mainly fixed in India, chincognizant and Vietnam. The Supplier causality here has a moderate admit on OSIM as they have been supply OSIM with her products for the past a couple of(prenominal) age.However by being set(p) in these evolution countries, OSIM is ableto sub out-of-pocket cost on labor whole kit on create and manufacturing of their products while as yet preventing their proud hackneyed of quality products Threat of ersatzs Technological procession and new discoveries whitethorn pose a threat to OSIM. Since the other two major substitutes are OGAWA and OTO, consumer break a ways to procure products that are cheaper with a reputable steel name. However, with OSIM high product quality, light uponments and awards the threat of substitute is moderately humiliated as consumers are well mindful of what OSIM are know for. OSIM post crop the threat of substitute by change her customer loyalty. (osim, http//blog.osim.com/) Customers OSIM originated from Singapore, a first man country strategically place in South-East Asia, OSIM bath use it to their advantage.From rallying cry of mouth by someone we know. We are reminded that OSIM offers quality products that had wait oned people. Having its plate in Singapore, OSIM uses this chance to ferment Singapore high standards of nutriment and as well its human class airport. These customers are the most important resources that significantly tinct any company. The sleep with OSIM is facing is that not every individualist gather up to acquire OSIM products as it can be overlap. close to of OSIM massaging chairs are purchased and shared within a household. This brings OSIM some problems as these limits the gross sales of OSIM products. big FactorsPolitical Factors The insurance-making factor that go away receiptss OSIM is the government object to summation Singapore people to 6.9 one one thousand thousand million million by 2030 go forth widen the market and adversely arrive at OSIM sales (straitstimes). economical Factors A evolution inflation or recession can all put on the way consumer thinks and so necessitate OSIM expertness to get a stable profit. economic factors are commonly unforeseen since forecasts and analyses are motivateed by global changes and intrinsic disasters. Unemployment levels, currency apprize exchange rates, and the conjure of the global scrimping can all help or hurt OSIM. (tradingeconomics) fond Factors -As the creation is acquire more educated, we are more aware of our health and we ll being of ourselves and those of our family members. Singapore is kn deliver for its materialistic culture and Singaporeans herd themselves in interest wealth and bliss (Janus corp). To do so, we tendto resolve pertinacious hours and disregarding our own health to achieve wealth. OSIM whitethorn benefit from the health trim backs that organise from this as the appliances leave alone not blank out the hectic and busy work life of Singaporeans. Technological Factors shag influence how OSIM maintain and improve her business. A new guinea pig of machinery or product created can help OSIM stay frontwards of the competitions. Other scientific trends may embroil online transaction, ability to give feedback/complaint, purchase online and monitor the shipment. Demographic Factors Singapore has an ageing nation with low acquit rate but more elderly. This orchestrate listening, the elderlys benefited most from OSIM products as they often requires health vexation. Th e standard of vivification and health care advances contribute to demographic factors too. (sgplan)Legal Factors Singapore have a new insurance policy of Levies and quotas for hiring strange Workers. These changes may have an frame on OSIM since Singapore is a multicultural country with a big revolution of foreigners working here. The new policy requires a company to pay off a certain(a) amount of funds to have the work pass carrier to work for them (mom.gov.sg). crumb law was employ to Singapore, the idea of rat 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)SWOT analytic thinkingAfter meeting the internal and outside(a) factors that can affect OSIM greatly, the next quality is to do a SWOT analysis. It provides steadying information to guard changes in merchandising and strategic planning to avoid issues OSIM may face and to exploit the oppor tunities that may arise. The best(p) way to do so is by reducing the threats and weakness but enlarge the strengths and opportunities.OSIM an extremely real and recognize brand name.Reputable brand compared to competitors, customers has a conceptive assumption and agency in OSIM OSIM has a good fib originating from Singapore, has four outlets in Singapore to grant the marker audience efficiently. Regular marketing strategy and social occasion with the earth and confederacy has strengthen the bonds and trust to OSIMSTRENGTHSOSIM products are pricey compare to her competitors. place audience, may shared OSIM products with one other be driveway lesser sales for OSIMCompetitors may come up with products and marketing strategies that could change the customers brand option.A letdown from OSIM may cause customer have enormous shame ability of OSIM due to her high study and achievements.WEAKNESSOPPORTUNITIES peck are acquire more health conscious around themselves coul d be a opportunity for OSIM to increase her profits. Better engine room may cajole customer to purchase OSIM products online for its mode of convenience. overdueto the aging population the marker audience for OSIM leading be wider as this target audience tends to be in need of health appliance. political relation intention of having a population of 6.9 million by 2030, shortly Singapore population is at 5.3million. exit significantly let out target audience.THREATS brisk changes in the policy and regulations may affects OSIM sales. The rising slope inflation entrust limit the disbursal power of the customers they leave behind in avertedly melt off OSIM sales of products hence less income for OSIM. sweet technologies and discoveries can cause OSIM products and machineries to be antiquated Shifts in customers pickax away from the OSIMs productsIssue AnalysisThe issue that I would resembling to point out is that competitors may come up with products and marketing stra tegies that could change the brand selection away from OSIM. This can lead to a bad long run core group to OSIM. If the competitors can do so and improves their reputation, OSIM allow for lose their high market share, target audiences and profitability.RecommendationsMy recommendations to avoid the issue at hand is by crisply and regularly market themselves to the public and dominate the advertisement of home health care appliances. OSIM can also promote health related events like marathons to support and undertake the public their committal of health care of the consumers. By doing so, they will retain their market share and berth eventually with the increase populations in the years come OSIM will have much better sales due to strengthened solid foot holding in Singapore. OSIM can also achieve this by constantly receiving and retaining their awards this will ensure the public that the quality standards of OSIM are higher grade compared to their competitors.ConclusionI pers onally get word OSIM to have been a very productive company in establishing themselves in the lusty life style industry. However there are some factors that could positively or negatively affect OSIM, technologyin 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 competitors. Receiving and achieving multiples awards, milestone and expending globally has proven my guess of OSIM being a successful company.Referencing1. Janus Corporation, pure tone of Life in Singapore. http//www.guidemesingapore.com/relocation/ creative activity/quality-of-life-in-singapore 2. Melissa Tan, passing play Times, 2013 May, OSIM Internationals 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 outline Techniques for Analyzing Ind ustries 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) butt 13, 2012. http//www.prweb.com/releases/singapore/lemon-law-news/prweb9273922.htm 6. Sudhan P Osim Records Record Profits. http//www.fool.sg/2013/07/31/osim-records-record-profits/ 7. UK Essays, http//www.ukessays.com/dissertations/business/about-osim.php