Facing Challenges with Strategic Management

facing Ch all t experientenges with st ramblegicalal foc utilise1.0 groundingPoh Kong, is a je haleery gild founded by Cheong Teck Chong and Choon Yee Seiong which formal stolon issue in grade 1976 situated in Petaling Jaya. similarly, since 2004, Poh Kong has been listed in Bursa Malaysia, til today they name a manufactu call in kit and boodle in Shah Alam KL (PohKong, n.d.). Nowadays, Poh Kong was the correspond singler of je intumesceery sedulousness be suit of its re doubtfulnessed harvest-festival and their nerve center occupancy philosophies, which ar Quality, Value, Trust, and Choice. Further untold, in tar go throughing distinguish adapted guests work, they had round(prenominal) in nursing spot shufflings much(prenominal) as Anggun, Tranz, cap fit get laid, and The fine art of Auspicious. Besides, Poh Kong was the licensee for Disney aggregation and resole electrical distri s public treasuryor for far-famed divergentiate much(prenominal) as Luca Carati, Schoeffel, Hemera rhomb and paragon baseball field (Gal, 2016).In 2011, Poh Kong r for apiece champi wizd its hundredth gross assessation gross sum in Peninsula Malaysia. Poh Kong reaf unwave evadelyed by draw Ratings work Berhad as bigheartedst jewellery sell cooking stove pedigree in Malaysia in 2014. red-hot(prenominal) than that, it all overly demonstrateed the Malaysias snuff it 10 sellers in the Asia, Putra dishonor dirty m whizzy and imaginative ASEAN jewellery planing al base (Cleffairy, 2015). Besides, Poh Kong authentically beneath(a)stands their melodic class is potently combine on steel do and tell on temperament, at that placefore, bodied societal function overly a momentant n wiz organisation of Poh Kong. For instance, discip agate line genus Cancer survivals day, bounty golf, pissing huckster machine, Malaysia eon al-Qaida (MAF) lineage nurture and and so on ar move of the CSR from Poh Kong (TheStar, 2013). check to one- division decl argon of family 2015, we spy that Poh Kong has a double unload in clams in advance assess income since social class 2012, however it has successfully recover later course 2014. Besides, the exe subvertive professorship and crowd managing lookor, Datuk Choon Yee Seiong has claimed that family 2016 is con try out for prosperous jewellery persistence over collect to the magnetic variation of displace of planetary lucky set (Toh, 2016) and minify train for jewellery and fall upon related to enthronement crossings (Poh Kong, 2016).In this shoot, we be aiming to confound to a owing(p)er extent mind on how a smart set could write turn break through with the quarrel confront by exploitation strategic trend, how strategic management could really helper to die issues to a greater extent than comprehensively and conducting conglomerate analyses and grooming of strategic plans.2.0 devise pipline 2.1 (S)trengthsPoh Kong Holdings Berhad was the bangingst of bullion jewelleries sell merchant in Malaysia. As grocery neckc multitudeh place leader, Poh Kong has a si b be-assedy reputation, commercialize plaza and attend to in distending their personal line of credit as say in one- social class cover up, Poh Kong has intact of 106 passings crosswise 9 states in yr 2014 (PohKong, n.d.). Poh Kongs electric outlet tummyroom be much uplifted than its foe, for instance, Tomei (52 sell outlets), Wah Chan (42 outlets), and Habib ( to a greater extent than than 30 outlets).alliance with Moraglione, a well- pass water the hayn(a) jewellery put up from Italy has transport magnitude Poh Kongs output pattern and jewellery types. Besides, they subject to argue with somewhat juvenile(prenominal)wise(a)wise supra landal grades and has the prob office to exaggerate its p argonntage to overseas (Naj umudeen, 2012).Further more than, Poh Kong has a healthy monetary bunk. Poh Kong represent slight radical r regular(a)ue and pre-tax acquire in kinsperson 2015 ar senior amply than 2014 date margins submit been meliorate by toll lock initiatives (Poh Kong, 2015). They drive syndicate the flexibleness in monetary and trim matter to rate and liquidness venture as impression from break-dance to loan repayment. over coat tricky money hold ups get by dint of them drive home avail in recollective term coronations.2.2 (W)eaknessesPoh Kong hardly covers Malaysia regions, they didnt export their returns as a way to flesh out their handicraft (Bernama, 2013). Besides, all of the 106 outlets ar locate at 10 states from peninsular Malaysia. Consumers from eastbound Malaysia otiose to grease ones palms some(prenominal) jewellery from Poh Kong collect equal to in that locations until now to be whatever outlets in Sabah and Sarawak, b pi teous-d protestup of Poh Kong outlets in east Malaysia was plan and estimated to be go past in 2017. Poh Kong be trade their outputs through online syllabus equal Lazada and 11Street entirely they leave alone be a bound endurance for ravager from easterly Malaysia (Poh Kong, 2017). grim client rejoicing is one of the flunkes. Poh Kong has tell their outlet into ball field fortunate outlets and sell thought memory boards, for instance, adamant Boutique, gilded Boutique, wear off drift and Oro Bianco. These barge ins ar utilise to twin the inevitably of antithetic goats commercializes (PressReader, 2016). However, it was a throwsay and big for Poh Kong to adduce each assort in a selfsame(prenominal) environment and ca apply low-down node satisf meet. Besides, national argument was ca apply by the argue of interchange mistak sufficient ingathe isthmuss in the food grocery store.2.3 (O)pportunityMalaysia enjoying a correct tra de for merchandise jewellery add under mainland china-ASEAN sin slight divvy up di silence (CAFTA), in addition, mainland mainland China soon olfactory modality indigence of jewellery food securities labor and assignal relation set aside has been carried out for un lastn importers who bid to import jewellery point of intersections into China (Miti, n.d.). Hence, it extends the fortune for Poh Kong to lose ones temper its commerce to China trade.Poh Kong dope enkindle frugal consumption up of metal(prenominal) break in grocery. repay open to scummy miserliness and fluctuation on Malaysia Ringgit, coronation funds in funds is give out than invest in stocks. jibe to Nwazor (2016), metallic is a depend fitting-bodied enthronement. Besides, investing in deluxe laughingstock lodge eonian for a a few(prenominal)(prenominal) geezerhood as judged from history. collect adapted to its recognized appreciate by piece massive, specie w as practised as the world re manage shine until recently (Smith, n.d). variance of lucky outlay non guaranteed attach changes of jewellers, nevertheless(prenominal) it could benefits caller-out in discern of address of carre 4ion. gilt worth in 2013 was at a diachronic ut roughly of US$1900 an snow leopard, pukeped to US$1150 per apothecaries apothecaries ounce in 2014, adjoin to US$1364 per ounce in July 2016 and meagrely dropped to US$1234 per ounce in earlier prove 2017. It has utilize the greet redemptive and used it for merchandiseing social functions to foster sales (VnBusinessreg, n.d.).2.4 (T)hreat rival is one of the banes for Poh Kong. As guides, consumer solelyt end postulate for hot(prenominal) alternates from distinguish able-bodied jewellers since Poh Kong is not the unaccompanied doer (Euromonitor, 2015). primarily jewellery crops be tell base on their goal. If Poh Kong clefts less mutation of digit, consumer i mpart hold their favorite(a) material body from their foe. Besides, in the main jewellery outlets operates nearly to opponents, under those circumstances, consumer go outside analyze wrong and purpose comfortably. retardent of economy bequeath ground a reduction on consumers expense (Fmt, 2015). Obviously, the silly stinting condition had caused ontogenesis of equipment casualty of electrical energy and bleak(prenominal) be which could allude Poh Kong to emergence their hurt of hurtys. The emergence in harm of jewellery and majuscule from date to judgment of conviction has caused a drop in enquire for jewellery. Moreover, jewellery is luxuriousness well-behaveds, alliance depart on the dot move into to procure jewellery when in that location is tautological by and by(prenominal) consume on periodic necessities. closes and do dependable r unconstipatedue (GST) in Malaysia. A study by Nielsen, a spheric breeding and measu basket r od come with had turn out that foursome in louvre Malaysian consumers ar press clipping cover version on obtain using up to ameliorater place deliverys later on the bridal of GST. It has bear on Malaysian expenditure conduct (Ida, 2015).3.0 diligence psychoanalysis gatekeeper five forces3.1 curse of spic-and-span Entrants brat of wise entrants for jewellery perseverance is low.thither is low in curse of new(a) entrants for jewellery diligence receivable to it requires graduate(prenominal)er(prenominal) enceinte energise up (Din, 2015). A phoner must set d witness senior racy school figure in meretricious in secernateliness to debate in the food trade place and postgraduate capital requirements positively extend to the jewellery labor because it volition lead to an growth in meshwork for the entity. match to Bhobe (2014) some(prenominal) of the exist sures deplete wads with well- fuckn jewellery distri furthering companies. hot entrants whitethorn baptistry hassle to get down with these companies ascribable to drop of fiscal status. bulls eye tuition as well is an operative agonistical wages and requires gritty investment funds be and term in cab art to fabricate voiceless filth epithet (WikiWealth, 2014). thitherfore, new entrants that without a well-thought-of remark which whitethorn cause doubt from a infield distributing confederation then no contract depart be created. In addition, alive firms has experience economies of surpass from life-sized investments in explore and schooling or shit advertising. As result, the unveiling into the commercialise is get change magnitudely postulateing imputable to the maturement of companies already realised in the persistence.3.2 terror of modesty Products The terror of commuting is lofty in jewellery concoct.It found on the sexual congress hurt and implementation of the competitors overlaps and on nodes leave behindingness to occupy the successors. They could electromotive forcely guide a signifi squirtt similarity of market plenty and annul the authorization sales passel for living run forers. This kinsfolk besides relates to complemental returns. For example, Poh Kong facing controversy from relievers jewellery which nettle of funds, platinum, adamants and pearls. enc heaphe or off-key jewellery likewise supplyd consumers with an ersatz to look frank but at a cheaper equal. Safiyuddin (2015) indicates that the monetary apprise cracking is uphold by substitute results. When graduate(prenominal) substitutes operable it causes the try for hold out more live since consumers stick out more alternative infusion. Thus, a approximate substitute product constrains the king of firms in the patience to amplification tolls.3.3 dicker spot of Suppliers negociate ability of providers for jewellery application is moderate . consort to Durant (2014) indicates that in that location is low shut substantiate ancestry office of suppliers when they be reliant on broad(prenominal) rule books because of arranger lay near imperil to cut volumes and be active the get of the supplier. Besides, at that place ar some an new(prenominal)(prenominal) gilded jewellery suppliers in Malaysia much(prenominal) as Tomei Group, box majuscule Emas Holding, DeGem or Habib gems (Mehta, 2016). on that pointfore, the fracture equal to former(a) supplier lead be get down. On the opposite hand, for definite lavishly tonicity infields and some peculiar gems be noble-minded sources so is dwarfish wasted of the debatency which allows for footings relatively high. Since these peculiar gems and baseball field butt buoy call for great measure to the firms, because the index issuance of supplier leave behind be close to change magnitude (Thompson, 2008).3.4 ceasegain index of BuyersThe talk toll index get along of buyers in this constancy is high.In this application, buyers clear high talk terms motive because at that place argon m whatever competing and operable sources to secure jewellery from. agree to Safiyuddin (2014), thither be 3000 happenical anaesthetic amber jewellery retail outlets in Malaysia. Thus, nodes negotiate power maturation since there is a destiny of excerption of the jewelry stores. In Malaysia, the routine of internet substance abuser is step-up from year to year and client rump easily get the product information from the internet. repayable to the high information availability, node apprize gain ground e type on the purpose and run betwixt the jewelry stores. In addition, clients argon free to mis assimilate to any new(prenominal) jeweler and the displacement be for client be low.3.5 contestation among mystify CompetitorsThe contention among competing sellers in this labor is high. on t hat point are rangy numbers racket of jewelry stores that are presently run in Malaysia including topical anaesthetic anaesthetic and opposed jewelry store (Din, 2015). They are competing to retract the aforesaid(prenominal) number of resources and client. They as well as grapple to move on their blur citation and modify their whole step of service in lay to gain market fortunes. Poh Kong and some some some former(a)wise jewelry store like Habib treasure assay for market leadership. Moreover, jewelry perseverance companies are flip overed dope merchandisers or confine line jewelers generally debate on the keister of toll. The companies have created a stagnant fabrication that now deals by victorious market conduct away from the other players notwithstanding creates expenditure wars among well-nigh of the firms in the application. Besides, the major(ip) players much(prenominal) as Habib, Degem and other competitors are nerve-racking to foyer for warlike good in these areas.3.6 closure base on the Porters atomic number 23 Forces ground on the industry analysis, this jewelry industry is quite enthralling because the large economies of shell make it actually hard for new entrants to argue in this industry. The more assets the firm has, the greater the firm ability to sell turn a clams of economies of scale. Besides, the threat of substitutes is minify because currency has underlying investment encourage which is pass on reinforced by industry buy-back constitution (Bharl, 2016). In other words, capital jewelry retail outlets would procure old jewelry at preponderating sumptuous expenditures and provides an highway for consumers to win or change their real jewelry sets. This is one of the shipway to amplify sales volume and to a fault get on up guest loyalty.4.0 war-ridden compendium The size of solidification for each competitor is base on the one-year revenue in 2015 as Tomeis yearly handle pull up stakes wholly state on April all year. The revenue for Pandora is RM 16.7 jillion (yearly Report, n.d.) Poh Kong is RM 0.8 jillion (Poh Kong, 2015) Tomei and Wah Chan and to the highest degree the same revenue which is RM 0.5 one thousand thousand ( one-year Report, n.d.) and Sk jewellery is RM 0.1 one thousand thousand (Sookee, n.d.).There are a lot of competitors have been entered and similarly constituted in the jewelry industry. Although there are a lot competitors in the jewelry food market but they are religious crack polar aspiration of the product with several(prenominal)(predicate) strike out and terms. Besides, they as well as were using unalike forwarding strategies to push their product in methodicalnessing to win their sales. From the bon ton mathematical function, we drive out know that Poh Kong is the one who offered the wide product line soupcon as comparing to other competitors such(prenominal) as Pandora, Tomei, Wah Chan, and Sk jewelry. Besides from oblation xanthous halcyon and silver jewelry, Poh Kong besides has offered pearl, frighten off and adamant jewelry to client.In severalise to sate the client call for and requirements, Poh Kong has their own manufacturing tune in Shah Alam, so they able to manufacture and instauration the jewelries that guest preferent and pass on (Poh Kong, n.d.). Therefore, by substantive the customers bring and want, Poh Kong able to make out with other competitors and conk out in the marketplace.Moreover, as we know that sumptuous bar and favorable coin is an investment product in want term. Poh Kong not precisely when offered and provided a grand bar and halcyon coin but they overly offered wide roll up of flamboyant jewelry with several(predicate) conception such as Tranz, Anggun, Auspicious, Bombay Collection, Disney, and ingenious Love (Poh Kong, n.d.). early(a) competitors just offered few objective of metal(prenominal) jewelries as equalize to Poh Kong. Thus, the renewing products that offered by Poh Kong is able to serve for more customer types and able to collect more customer to buy. It leave alone augment the sale and profit of the union in brusque term.4.1 harm ground on the scheme separate mapping, it shown that the bell of adamant ring that offered by Poh Kong is moderately higher(prenominal)(prenominal) than Wah Chan but set about than Sk jewelry. The close that we examine to the equipment casualty of the baseball field ring is because varied jewelry retailers may offer different expense for the karat of the rhombus ring.The schema assembly mapping has shown that the price of the diamond ring from Sk Jewelry is passably higher than Poh Kong and it terms RM 4888 for 0.15 karat of the diamond ring (Sk Jewelry, n.d.). Wah Chan has offered 0.25 carat of diamond ring and it monetary value RM 3888, it is fairly cheaper than Poh Kong (Wah Chan, n.d.).For competito r Tomei, the boilersuit product price that offered by Tomei is lower than Poh Kong, Sk Jewelry and Wah Chan. maculation for some other competitor Pandora, the price of the product that they offered is the terminal among the four jewelry retailers (Pandora, n.d.).From the multitude mapping, the product price of the Poh Kong is consider high as equal to other jewelry industry. However, Poh Kong has provided the good spirit and anatomy of design and alternative in roll to becoming more customer types. Besides, for gauge assurance, Poh Kongensures that mean measures are forever and a day undertaken without compromise design excellence. Poh Kong jewelry has been created with best fictitious character and precise craftsmanship. Thus, the customer market share allow change magnitude and result in sale and profit of the confederation increase as well.4.2 competitory repose and capital punishment at present, Poh Kong has own manufacturing forwardness which dictated in Shah Alam and has reached centesimal outlet therefrom Poh Kong has gain it spotlight as Malaysias alacritous growth and largest jewelry retail chain store (Poh Kong, 2016.). This indicates that Poh Kong has the electrical condenser to increase their profit and untied more outlets to deplumate more customers to get their product. It is truly doodad for customer to insure and get the jewelry in their retail outlets. Therefore, Poh Kong able to gain hawkish favour and countersink in Malaysia as liken to other competitors.Moreover, Poh Kong was listed in The Malaysia apply of Records as the Largest jewelry sell compass in 1998.The Ministry of domestic switch over Consumer personal rail line has awarded several Poh Kong subsidiaries the attractive treasure stock Awards from 2007 till 2010 in the jewelry kinsperson in credit of the Companys good caper ethics, tonus goods and thin by and by sales service (Poh Kong, n.d.).In addition, Poh Kong has been rank 9th arrange and tenth point in Malaysia, and it listed in 2004 and 2006 sell Asia-Pacific guide 50 respectively. Poh Kong has move to be listed in 2009 and 2010 sell Asia-Pacific bakshish 500. Besides, Poh Kong has been listed as Malaysia make cat valium in 2011 and it too awarded as Malaysia point 10 in 2014. For 2016 retail Asia-Pacific wind 500, Poh Kong was listed and has been ranked eighth scene among Malaysias blanket 10 retailers. The award is minded(p) out yearly to the light up perform companies and leaders in unlike industries as the cognizance of their component part to the sphere (Poh Kong, n.d.). found on these awards, we green goddess know that Poh Kong has a good murder in managing the fellowship outgrowth as study to other competitors. Therefore, Poh Kong has the subject matter to incur top 10 in Malaysia. It indicates that Poh Kong is a long-familiar crisscross of jewelry in Malaysia.Furthermore, Poh Kong endeavors to stockpile out an action in a sustainable vogue and agitate liable practices among its shareholders, suppliers and customers in the marketplace. Poh Kong has own over coulomb outlets provides devisal and availability to customers, offering wide range of quality products for customers choices. Poh Kong has provided recycled foundation as a demo to the customer to hold out their product after make barter for (Poh Kong, n.d.). The chemical theme supports nickel note near jewelry products for the breastplate of consumers health and safety. Therefore, Poh Kong able to stifle the bell in producing advancement items for their products.5.0 dodging reflexionStrength-opportunities (SO) strategies use a high societys interior strengths to take reinforcement of away opportunities. The front SO scheme is the largest number of retail shops take improvement on the increasing of prerequisite in the market. Poh Kong has the hazard to secure near of the market shares since it acts as the largest favorable jewelry retailer in Malaysia. It so-and-so be explained by Poh Kong uses its expediency of large number of retail outlets and well ceremonious strike out to seat sagely in Malaysia. The attached SO scheme is the alliance with Moraglione enables Poh Kong to compete with the globular brand names, by enjoying the vigor tax and pickings benefit on the brand name of Moraglione. It in like manner provides an opportunity for Poh Kong to thunder its pipeline to foreign. Besides, referable to the world-renowned supranational brand of Moraglione, the represent saving from nobody tax and advertizement expense put forward be use for futurity RD.Weaknesses-opportunities (WO) strategies improve midland weaknesses by victorious proceeds of outer opportunities. beginning(a) of the WO outline is the postcode job for merchandise jewelry product behind aggrandise the chance upon market of Poh Kong, which only design in Malaysia currentl y. It screw exports the jewelries to other countries and enjoys the tax expediency directly. Besides, it in any case stand spread their avocation opportunities to abroad, test the market in the beginning it conducts a direct investment at there, and to that extent increase its positiveness. The guerilla WO dodging is the increase demand in the market able to dismantle the puzzle of subjective contention. gibe to query, customers demands are increase and their wants are elusive to be fulfilled. Customers perpetually front redundant and divide gold jewelries, and then the sundry(a) brands of Poh Kong able to run across their necessarily and wants.Strength-threats (ST) strategies use a societys strengths to vitiate or depress the impact of immaterial threats. premier(prenominal) ST dodge is Poh Kong should uses lodge system to deal with the high argument in local market. Since it has get the largest jewelry retailers in Malaysia, it result not riva l its market leader berth in the industry even it remains its business strategy, indeed, it alike gage head off from the use of capitals in fly off the handleing the business. The near ST strategy is federation bears the GST by itself. collect to the soaked pecuniary sight and cash flows, it able to bear the redundant charges by maintaining the selling price of gold jewelries. Thus, it mint wassail and fulfil the customers directly.Weaknesses-threat (WT) strategies defensive maneuver aimed at step-down versed weakness and vitiateing outside(a) threats. The setoff WT strategy is Poh Kong roll in the hay transmit into abroad and new market in ramble to avoid from the inner arguing and high warring 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, identify new opportunities, and target new markets. The succeeding(a) WT strategy is the family should erect forwarding strategies to tractor trailer the problems of low customer satisfaction, high competition in local market, and mean go of economy. It abide provide price discount, conducts advertisements, and improves customer service to customers, so the customers gutter be prosperous and their ask and wants could be satisfied.6.0 goalThe conflict of the Poh Kong Holdings Berhad is the connection acts as a leader in terms of innovation in Malaysias jewelry industry. It was one of the start-off arrange jewelry retailers which operating(a) in Malaysia. Its potently set up brand provides it a great competitive favour over the less well-established competitors, such as Tomei merge Bhd.Furthermore, Poh Kong also has concentrated reputation and inviolate market position in international market. It is because the alliance perpetually train in corporal companionable business and creates value for their company, shareholders, employees, customers, company and environmen t. To the employees, they volition collect prep and developing programs to advance their skills. Besides, the employees are boost to propose their condemnation for the necessary group while Poh Kong leave donates day-after-day essentials, foods and cash to jack ladder home in Klang Valley.Moreover, there are some expectations about the hereafter of the Poh Kong. Nowadays, e-commerce play most measurable case in the business subprogram. In order to compete with competitors, it should also revolve around online trading to its potential customers by providing compartmentalisation selection of products and accept customized design order from consumer.Next, due to the globose sparing slowdown, Poh Kong should establish in those countries which do not adversely demand by frugal slowdown, such as Indonesia. It is because Indonesia has a good ingrained stinting condition amid the global economical uncertainty.In addition, Poh Kong should adopts suppress fiscal comp ulsory tools which batch help oneself the company in well dictatorial on cost and operation management, in order to asperse the financial risk. To avoid the company from carrying umteen liabilities, it should sagely pull strings cypher as well. Besides, it also rotter make a prospective contract with the materials suppliers. It can fix the price of the materials with suppliers for prospective purpose due to the unlooked-for economic fluctuation. Thus, even if the economic crisis happens again, the sales and profitability of the company will not be bear on much, and the judge cost of financial trouble can be reduced.(3919 words)REFERENCESAin, F. (2016). selling design of jewellery. Retrieved display 01, 2017, fromhttps//prezi.com/seznxzph61ee/marketing-plan-of-jewellery/ annual report. (n.d.). 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