Global Business Cultural Analysis: Singapore Essay

Abstract This research paper will conduct a comprehensive Global Business Cultural Analysis of the nation of Singapore. The paper will point out the complexities of the relationship the US should consider before deciding to conduct business in Singapore. The analysis will explore the major elements and dimensions of Singapore’s culture, how these elements and dimensions are integrated by locals conducting business in the nation of Singapore, how these factors compare with US culture and business, and address implications for US businesses that wish to conduct business in Singapore. History and Geography Singapore, or the Republic of Singapore, was founded in 1819 as a British trading colony. It is located on the major sea route between India and China. Singapore is known today as one of the most prosperous countries and boasts the world’s busiest port. It is clean and orderly, and since becoming an independent country, Singapore is one of the least corrupt countries in the world. Because of such positive characteristics, multinational countries seek to do business in Singapore. Singapore, officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula. Singapore is a parliamentary democracy and gained its independence in 1965. It is a multi-racial, multi-lingual, and multi-religious society consisting of four official languages: English, Chinese, Malay, and Tamil. Under the leadership of Lee Kwan Yew as prime minister, Singapore has developed into one of the cleanest, safest, and most economically prosperous cities in Asia. Si ngapore is the world’s fourth leading financial center, and its port is one of the five busiest ports in the world (De Prato, 2013). In order to understand the development of Singapore, we must first take a look into Singapore’s history. During the 16th and 19th century, the Malay Archipelago was taken over by the European colonial powers. The Dutch  controlled most of the ports in the region and established a monopoly over trade within the Archipelago region. At this time, Sir Stamford Raffles was appointed Lieutenant Governor of the British colony. During his reign, the trade route between China and British India passed through Archipelago. Raffles hoped to challenge the Dutch restrictions on trade by opening a new port. Once he received the funding, Raffles found an island that possessed a natural deep harbor, fresh water supplies and timber for upcoming ships. The island was named â€Å"the Lion City.† According to legend, when the Prince of Palembang, Sang Nila Tama, landed on the island, he saw an animal that was probably a tiger, but he mistook it for a lion, and so he named the island, Singa Pura, or â€Å"Lion City† (Singapore Country Report, 2003). Raffles rallied together with Temenggong Abdur Rahman, who headed a small Malay settlement, signed a treaty giving them rights to establish a tradi ng port. After the treaty was signed, modern day Singapore was established. The people of Singapore made up around 1000 in population and, due to migration from Malaya and other parts of Asia, population grew to 100,000. Raffles was prohibited from collecting port duties during the beginning operations of the port because the port was a free port. This news spread quickly and by 1825, trade volume increased. A second treaty was signed by John Crawford in 1823, giving the British access to much of the land and subjecting the island to British law. Under this law, Singapore had to take into account Malay customs, traditions, and religion. In 1826, the British settlements of Malacca, Penang, and Singapore were combined to form the Colony of the Straights Settlement (Business Source Complete, 2012). In the years between the 19th and the 20th centuries, the British established protectorates over the Malay sultanates on the peninsula. Large scale rubber and tin production as well as a system of public administration were developed during the British rule. The British had much control until World War II. After the war, territories of peninsular Malaysia joined together to form the Federation of Malaya in 1948. In 1963, the British colonies of Singapore, Sarawak, and Sabah joined the federation, which was renamed Malaysia (Business Source Complete, 2012). After becoming independent, Singapore faced many dangers: the threat of an attack by the Indonesian military and forcible re-integration into the Malaysia Federation on unfavorable terms. Singapore’s survival was in question. Unemployment,  housing, education and the lack of resources and land were also pressing problems. Singapore then joined the United Nations and the Commonwealth. Sinnathamby Rajaratnam was prime minister and he helped with developing diplomatic relations with other countries. The service and manufacturing sector grew. Singapore also attracted big oil companies like Shell and Esso. Education became a major focal point and English was adopted as the language of instruction. The government also emphasized training to develop a more suitable workforce. What are the major elements and dimensions of culture in Singapore? Communication Culture represents the historical experience of a people, is embedded in their institutions, and shapes their attitudes and expectations about the world (Zakaria, 2012). First, let’s begin with communication. Singapore has four major spoken languages: Malay, Mandarin Chinese, Tamil, and English. English is the most common language spoken which is very important in terms of conducting international business. Most of the schools in Singapore teach English as the first language. These two factors create a favorable advantage to doing business in Singapore. With Singapore’s port being one of the busiest in the world, English teaching and English speaking has proven to be a positive factor in conducting business. A business partner, with good English speaking background has very little difficulty in communicating with locals. Another positive factor besides Singapore’s multilingual background is its multi-ethnic blend. Ethnic Chinese people speak both Mandarin and Eng lish. This enables them to have access to the Chinese market. And it’s easier for importers, exporters and investors to do business with ease. Ethnic Indonesian speaking people provides better access to the market in India. Singapore may be a small country but its diverse culture help to create a country that is able to thrive in a very competitive market. When considering doing business with them, note a few characteristics that are important aspects of completing business successfully. Non-verbal communication is just as important as verbal. Singaporeans rely on facial expressions, tones of voice, and posture when interacting with a business partner. And they really trust these non-verbal messages. Singaporeans rather say â€Å"I will try† or â€Å"I will see what I can  do† rather than say â€Å"no.† This is what they call saving face and maintaining harmony. They believe in silence. One should pause before responding to show actual thought has taken into consideration before answering. Greetings are based on age and ethnic origin also. Younger Singaporeans shake hands with everyone while older Singaporeans are more reserve. In Ethnic Chinese, men and women shake hands but it i s custom for the woman to extend her hand first. In Ethnic Malay, men shake hands with men but not with women. Muslim men do not touch women in public. It is more appropriate to use the â€Å"salaam† bowing of the head greeting Religion Most modern states have policies for the management of religion (Lin, 2012). For those with diverse religious communities, such as Singapore, the question of how to ensure the peaceful coexistence of various religions becomes an important challenge for the governments concerned. (Lin, 2012). In an effort to maintain social stability and political power, the government introduced various measures, such as the White Paper on Maintenance of Religious Harmony (January 1989) and the White Paper on Shared Values (Ping, 2012). The major religious denominations in Singapore are Christianity, Buddhism, Islam and Hinduism. The origin of Christianity trace back to 1965 after Singapore gained its independence. English was the official language of Singapore, churches could easily communicate the gospel. Local laypeople and ministers became involved in establishing churches, Christian ministries and missionary schools. Missionary schools were established to produce the next generation of leaders. The National Council of churches was the first organization established to represent Christians. The Singapore Industrial Mission was established in 1966 to help promote the vision and the building of a viable human and mature community; to help the community to become a participant and creative community organized for the interest of all; and, to foster new social values that would help in cultivating inter-racial community understanding and solidarity (Goh, 2010). Today, Christianity still exists in Singapore with majority of the members being of Protestant denomination and the rest Catholic. Christianity is viewed as one of affluence, progressive value and an international flair. Buddhism originated in India when SiddhÄ rtha Gautama or Buddha went into meditation for 49 days and upon awakening, he had  complete insight into the cause of suffering and he knew the steps necessary to eliminate it. The Four Noble Truths became his teaching. They are: 1) there is suffering (dukkha), 2)there is a cause or origin of suffering (samudaya), 3) there is an end of suffering (nirodha), and 4) there is a path out of suffering (magga) which is the Noble Eightfold Path, (Ong and Chang, 2012). Buddha’s teaching are not just ethical guidelines but offer a grand insight into nature of reality. Buddhism, which was regarded as a newfound â€Å"religion†, became prevalent in the writings of travelers as well as philosophers and it was soon established as an academic discipline within various universities and colleges towards the close of the century, (Aljunied, (2005). Islam is a religion of peace, love, harmony, and tranquility for all human race (Tahir, 2012). The Almighty Allah revealed in the Quran, the Islamic Holy Book, guidance of humankind. The main focus of all the teachings of prophets is on the creation of a virtuous being, (p. 120). In order to become a muslin, faith in all the prophets or a revealed book is nec essary. The first prophet was Hazrat Adams and Hazrat Muhammad is the last prophet revealed by the Almighty Allah. After World War II and Singapore gaining its independence, Muslims became a minority due to the separation. Muslims were deprived of many social advantages and prestige they were once accustomed to. Racist feelings began to form among the people. Muslims formed the Dar Al-Arqam society in an effort to confront the effects of the Christian missionaries who were trying to convert individual faiths. The Dar Al-Arqam was formed with the objective of having a place where the new Muslim converts could get together and develop the fraternal, religious and social relationships among themselves. Official Hinduism is dominated by Agamic, Shaivite precepts and practiced by the elite in Singapore, (Sebastian, 2008). Sinha has argued that a large number of Hindu reformist organizations have established a presence in Singapore since the 1970s and that many of the adherents of these organizations refer to themselves as Hindus but â€Å"redefine the category in doing so by assigning new meaning to it†, (Sebastian, 2008, p.75) They are considered a minority but make their presence known by holding public festivals, establishing temples, and locals have established what they call, Little I ndia. Today, there are many temples dedicated to Hindu gods and goddesses. The Hindu Endowments Board and The Hindu Advisory Board are set up by the government  in order to monitor Hindu affairs. Values and Attitude, Ethics Singapore’s culture is based on Shared Values and Confucian Ethics. Asian cultures are distinguished by a set of values that include obedience to authority, intense allegiance to groups, and a submergence of individual identity. It is the state’s attempt to unite its people through the vision of a â€Å"shared fate.† The ideal of a shared fate is expressed by the state developing institutional and conceptual contexts in which different communities can foster ties and shared practices while preserving religious and cultural differences (Tan, 2012). Because of multiracialism in Singapore, Deputy Prime Minister Goh Chok Tong created a vision of â€Å"Our Shared Values,† which are intended to be shared by all Singaporeans, regardless of ethnicity, religion, and other differences. The Shared Values consist of the following five broad principles: * nation before community and society before self * family as the basic unit of society * community support and respect for the individual * consensus, not conflict * racial and religious harmony Confucian is based on the same theory. Confucianism upholds the cardinal belief that every individual possesses the right to human dignity and equality (Tan, 2012). Education In 1997, National Education (NE) was added to the curriculum to strengthen the messages of moral and citizenship education, particularly those to do with young Singaporeans’ attitudes to the country. National Education takes the form of school activities distributed throughout the school year. Its messages are also incorporated in school subjects wherever appropriate, and comprise the following: Singapore is our homeland; this is where we belong; we must preserve racial and religious harmony; we must uphold meritocracy and incorruptibility; no one owes Singapore a living; we must ourselves defend Singapore; and we have confidence in our future, (Han, 2007; MOE, 2004a) How are these elements and dimensions integrated by locals conducting business in Singapore? Combating Corruption Understanding corruption is imperative for legal scholarship, both as an intellectual subject and because corruption impedes the operation of law in much of the world and inflicts damage on well-being, governance, and quality of life (Nichols, 2012, p.145). Corruption inflicts substantial damage to a nation. It weakens the government and causes poor decision making. It also affects the composition of the decision maker. Corruption causes economic fragility, it degrades the connection between the government and the people, and it degrades the quality of life. The Transparency International’s Corruption Perceptions Index was developed by Johann Lambsdorff, and is used by specialist in order to find out how much corruption there is within a country. According to the index, Singapore scored 9.3 which means Singapore effectively is among those countries with the least amount of perceived corruption in the world (Nichols, 2012, p.151). Gender discrimination and job related outcomes When considering doing business in Singapore, expect to encounter female business partners. Female Singaporean business owners have at least 10 years schooling, while 35 percent held first or postgraduate degrees, 15 percent had professional or polytechnic qualifications and 50 percent had completed second;–level education (Ramon, Valerie, 1999). The five major factors which best motivate Singaporean female business owners in particular are: (1) the perceived presence of a business opportunity; (2) the desire to put their knowledge and skills into use; (3) the need for freedom and flexibility; (4) the desire to achieve personal growth and recognition; and (5) the need to make more money for financial independence (Ramon, Valerie, 1999; see also Teo, 1996). Although the Singaporean women choose to become members of the working population, society still expects the role of traditional women in the household to be played, particularly as wife and mother. The working women still f ace the conflict of work and family and despite the number of rising educational level and attainments, Singapore’s female managers are still fewer in number when compared to males. From a Confucian Perspective Singapore’s state vision, Shared Values, resemble Confucian values. How do they differ? Confucian does not recognize civil and political rights. Confucian upholds the idea that every individual possesses the right to human dignity and equality. For Confucians, social relationships are characterized by social positions, or roles, and social positions are defined in terms of obligations, (Nuyen, (2008). Confucian core teaching is the ethical idea of a noble person, the virtue of humanity, and the process of self-cultivation. Confucian values are group identity, duty consciousness, personal discipline, consensus formation, the priority of collective interests, and emphasis on education and pragmatism (Tan, 2012, p. 462). These values recognize cultural differences. From a Confucian perspective, shared values should not be regarded as a religion in the sense of being a faith system. Shared values should remain nonreligious. Many of Singaporeans religious teaching are compatible to Confucian. How do both of the above items compare with US culture and business? Communication Communication is one of the most important factors when considering doing business with Singapore. Due to the fact that English is the most common language spoken in Singapore, this has made conducting business with the United States easier. Understanding other factors will aid communicating with business partners. Communication differences can be found between the two countries. Singapore is a high-context country while the United States is considered a low-context country. In high-text, both the sender and the speaker are involved in the context and each are expected to interpret the conversation with ease. In low-text, what must be said, will be said. As I mentioned earlier, in Singapore, non-verbal communication is just as important as verbal. Singaporeans rely on facial expressions, tones of voice, and posture to understand someone who is conducting a business transaction. And they really trust these non-verbal messages. Americans prefer comparatively little touching and relatively large personal space. Singapore is a collective society and the United States is a highly individualistic society. Therefore, Singaporeans belong to in groups and rely on loyalty to between one another. In the United States, Americans look after themselves and their families. Communication between Singapore may be different but with interpretation and knowledge, a prosperous business relationship can be formed. Religion The major religion in the United States is Christianity. Singapore is very diverse. There are four major religions in Singapore, Christianity, Hinduism, Buddhism, and Islam. Americans are becoming more tolerable of one another beliefs. Religion should not be a problem when doing business in Singapore because the United States is more tolerable of different religious beliefs. And with Singapore and the United States both identifying the freedom of religion, mutual respect should be given to any religious background. It is good practice to become familiar with religious backgrounds in order to conduct business more effectively. Ethics Individualism pertains to societies in which the ties between individuals are loose; everyone is expected to look after himself or herself and his or her immediate family. Collectivism pertains to societies in which people are integrated into strong, cohesive in-groups from birth that continue to protect them in exchange for unquestioning loyalty (Hofstede 1980). Based on these theories, we assume that compared with individualist cultures, managers in collectivist cultures are relatively less likely to follow social norms such as honesty, integrity, and law obedience. When there is a conflict of interest between corporate insiders (the in-group) and outside investors (the out-group), managers may prefer corporate insider interests, resulting in higher agency costs in collectivist cultures (Zhang, X., Liang, X., & Sun, H., 2013). Values and Attitudes, Ethics When it comes to values and attitudes of Singaporeans and Americans, we must remember Singaporeans are group oriented and Americans are concerned with making a living for themselves. Singaporeans respect higher authority where Americans live by the saying, â€Å"liberty and justice for all.† Singapore’s first Shared Value principle is, â€Å"nation before community and society before self.† This is opposite of the American value system. American shared values consist of Americans working, talking about their achievements, and  earning monetary rewards. Education It is mandatory to attend school in the United States. It is mandatory for primary age students to attend school in Singapore. If the child does not attend school, it is a criminal offense. Both the United States and Singapore have primary, secondary, high school and education beyond graduation. Today, the United States government provides sponsorship for Singaporeans to attend schools in the United States. These students attend the most prestigious schools such as, Harvard, Cornell, and Stanford. Singaporeans are noticed for their high achievement in math and science. The United States government offer scholarships to outstanding Singapore students. The number of Singaporeans studying in the United States reflects that Singapore and the United States relationship could not be any better. Hofstede’s Analysis Using Hofstede’s cross cultural analysis model is one way to understand the difference in culture between Singapore and the United States. From 1967 to 1973 Geert Hofstede applied the subset of cultural dimensions to the field of business management, segregating them into independent areas to be further divided in order to get a more precise understanding, Satterlee, 2009, p. 56). He analyzed a data base of employee values from IBM which covered more than 70 countries. Hofstede included Power Distance Index, Individualism, Masculinity, Uncertainty Avoidance Index, and Long-Term Orientation. Singapore scored higher in Power Distance Index. This means that members of organizations rely on their higher ups for authority rather than making decisions for themselves. Relationships are unequal between people. The United States scored higher in Individualism. Singapore is a collective society. The Americans are more concerned about individuals or themselves. Singapore scored in the mi ddle in the Masculinity Index but tends to lean more to the feminine side. This shows a modest, humble, and softer aspect of culture. The Uncertainty Avoidance Index is the level of tolerance for uncertainty and ambiguity within the society. Singapore scored low. Singaporeans abide by the rules due to high PDI. Singapore has many fines. The Americans operate on the idea of freedom of expression and do not require a lot of rules and strict laws. The last dimension is  Long-Term Orientation. Long-term orientation refers to long-term versus short-term orientation toward the future, (Boonghee, Donthu, and Lenartowicz, 2013, p. 194). Singapore scored in the middle of this Index also. Singapore is showing an immense economic success. Singaporeans are showing a way to do things. The United States has seen signs of economic growth in Singapore and, by using Geert Hofstede’s five dimensions to further understand the country, business relations are sure to continue in the future. What are the implications for US businesses that wish to conduct business in that region? Singapore and the United States are close strategic partners. Singapore is the United States’ 15th largest trading partner and 11th largest export market. United States investment in Singapore is over $116 billion and Singapore has $22 billion of foreign direct investment in th United States. Job creation and economic development in Singapore due to American companies using Singapore as a regional base for doing business. U.S. Trade with Singapore and ASEAN Singapore sees in the United States an economic partner and security ally that offers the most present value, hence motivating it to forge a free trade agreement as well as foster a military strategic partnership (Page, 2007). Economic conditions, an urgent demand for security, and fear of diplomatic isolation, are factors that lead to the United States and Singapore to put into effect the United States-Singapore Free Trade Agreement (USSFTA). There were other extenuating circumstances that also drove the United States and Singapore to sign the FTA, most notably their common frustration with the stalled multilateral trade liberalization during the WTO’s first decade; the sluggish progress in the regional economic integration within the respective free trade region of ASEAN and the Free Trade Area for the Americas; the inability of the 21 APEC members to come to binding terms as to the way the ambitious Bogor agenda can forge Pacific Basin economic integration; Singaporeâ€℠¢s desire to spur ASEAN cohorts to move faster with market opening; the US desire to bind the right of preferential access to the world’s largest market to Washington’s global security agenda;  and finally, ASEAN’s inability to keep political risk low to discourage capital flight (Page, 2007). The agreement was signed by the President of the United States, George Bush and Prime Minister Goh Chok Tong, May 2003 in Washington, DC. Both the United States and Singapore benefit from the signing of the FTA. With a population of 287.7 million and a per capita income of US$36,273, the United States can provide a strong economic stimulus which is badly needed during these times of sluggish regional growth and uncertainties (Tongzon, 2003). U.S. littoral combat ships (LCS) in Singapore In early 2012, US flexible basing in the region inched forward when the United States requested concurrence from Singapore to deploy up to four littoral combat ships (LCS) to Singapore by 2016 (Dalpino, 2012). The primary missions of the (LCS) are antisubmarine warfare, mine countermeasures and surface warfare against small boats. The Singapore military agreed to allow the naval ships to deploy in Singapore. The United States and Singapore navy will work together to finalize the process. Previously, Singapore had agreed to deploy two ships. Agreeing to deploy a total of four ships will strengthen U.S. engagement in the region. This is another strong in implication that the U.S. wants to conduct business in Singapore. U.S. Foreign Domestic Investment (FDI) Analysis Foreign Direct Investment (FDI) refers to an investment made to acquire lasting interest in enterprises operating outside of the economy of the investor. The investor’s purpose is to gain an effective voice in the management of the enterprise (Journal of US-China Public Administration). While no standard percentage of ownership exists, most nations consider the threshold to be within the range of 10 to 25 percent. The US Department of Commerce’s FDI ownership is 10% (Satterlee, 119). Most companies seek out foreign investments as a way to gain a better return for their money. So, the company is looking to expand in global markets but what about the local economy? Do local firms benefit from FDI? Spillover effects and linkages play a key role in this determination. Spillover effects relate to increased productivity benefits of local firms and technology diffusion from multinational enterprise (MNEs) to the domestic economy. Up until the 70’s, attitudes toward MNEs were hostile. Governments have since changed their policies pertaining to investors entering the local markets due to the potentially positive impact of FDI. Governments attempt to attract FDI expecting to increase the productivity of local firms. Intangible assets, such as knowledge and technology are â€Å"spilled over† to local firms. It is believed that local firms benefit from superior knowledge of product or process technologies or markets without occurring a cost that exhausts the whole gain from the improvement (Asian Social Science, p.68). In addition, the Asian Social Science journal explains how MNEs set up direct linkages to suppliers when entering through FDI (Stephan, (2013). Linkages are non-equity relationships with suppliers or customers and are a crucial channel for knowledge diffusion. When MNEs enter the host country, local firms do not have knowledge about technical innovation or it may be too costly for them. This leads to locals feeling a sense of uncertainty, which is an example of knowledge confusion. Another example refers to the movement of labor. MNEs may provide more training for their employees and invest in staff development than local firms. This builds more human capital. The spillover occurs when these MNE employees move to other local firms and transfer their gained knowledge to loc al firms, increasing the local’s productivity. Another example of the spillover effect on locals refers to increased competition. When MNEs enter the market, local firms are forced to become more efficient. Local firms have to update their technology or use it more efficiently in order to become more competitive. This could yield productivity gains and also increase the speed of adoption of new technology. Increased competition can also lead to productivity losses for local firms. This article gives an example of how a study of 4000 Venezuelan companies that the productivity of wholly domestically owned firms decreases when FDI increases. The presence of MNEs lead to a loss of market share and referred to this loss as the â€Å"market stealing effect† of MNEs. The presence of MNEs may lead to crowding out of local firms. SWOT Analysis Strengths ? Singapore is the fifth least corrupt country in the world. ? Strikes and labor protests will remain rare, if not absent, for the foreseeable future. Weaknesses ? The government censors the media and limits the distribution of foreign publications. Opportunities ? Owing to the lack of progress at the WTO, the government has committed the country to sign 18 bilateral free trade agreements with 24 trading partners. ? Singapore has one of the best business operating environments in Asia. Threats ? The city-state has previously been identified as a target by Islamist militants from neighboring Indonesia and elsewhere, (Singapore Defence & Security Report, 2013). Conclusion As stated earlier, Singapore is known today as one of the most prosperous countries and boasts the world’s busiest port. It is clean and orderly, and since becoming an independent country, Singapore is one of the least corrupt countries in the world. It is a multi-racial, multi-lingual, and multi-religious society consisting of four major languages and four major religions. These factors aid in having successful business relation. By identifying cultural similarities and differences, Americans can benefit from the structure of the Singaporean family values. Americans are known for making money instead of building relationships and establishing strong social bonds. There is opportunity for economic growth within the Singaporean region. The United States has already recognized the prosperity within the region and has built on that knowledge. The United States and Singapore will continue to develop a better relationship in the future and form a solid base for amicable relations b etween the two countries. References Aljunied, S. (2005). Sir Thomas Stamford Raffles’ Discourse on the Malay World: A Revisionist Perspective. SOJOURN: Journal of Social Issues in Southeast Asia, 20(1), 1-22. http://search.ebscohost.com.ezproxy.liberty.edu:2048/login.aspx?direct=true&d b=bth&AN=17381757&site=ehost-live&scope=site Dalpino, C. (2012). US-southeast Asia relations: Conflict in the east; Opportunity in the west. Comparative Connections, 14(1), 57-67,152-153. Retrieved from http://search.proquest.com/docview/1030087243?accountid=12085 De Prato, Giuditta; Simon, Jean-Paul. (2013) Singapore, an Industrial Cluster and a Global IT Hub. 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Educational Theory, 62(4), 449-463. doi:10.1111/j.1741-5446.2012.00456.x http://search.ebscohost.com.ezproxy.liberty.edu:2048/login.aspx?direct=true&db=a9h&AN=77873291&site=ehost-live&scope=site Teo, S.K. (1996). Work-Home Role Conflict in Female Owners of Small Business: An Exploratory Study,† Journal of Small Business Management 28, 30-39. Tongzon, J. L. (2003). U.S.-Singapore free trade agreement: Implications for ASEAN. ASEAN Economic Bulletin, 20(2), 174-178. Retrieved from http://search.proquest.com/docview/219628565?accountid=12085 Zakaria, F. (2002). Asian Values. Foreign Policy, (133), 38-39. Retrieved from http://search.proquest.com/docview/822409129?accountid=12085 Zhang, X., Liang, X., & Sun, H. (2013). Individualism-collectivism, private benefits of control, and earnings management: A cross-culture comparison. Journal of Business Ethics, 114(4), 655-664. doi:http://dx.doi.org/10.1007/s10551-013-1711-5

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â€Å"My source is not your concern. But if you spend some time studying these figures, you will clearly see that Senator Sexton does not have the kind of money he is currently spending. After Katherine died, he squandered the vast majority of her legacy on bad investments, personal comforts, and buying himself what appears to be certain victory in the primaries. As of six months ago, your candidate was broke.† Gabrielle sensed this had to be a bluff. If Sexton were broke, he sure wasn't acting it. He was buying advertising time in bigger and bigger blocks every week. â€Å"Your candidate,† Tench continued, â€Å"is currently outspending the President four to one. And he has no personal money.† â€Å"We get a lot of donations.† â€Å"Yes, some of them legal.† Gabrielle's head shot up. â€Å"I beg your pardon?† Tench leaned across the desk, and Gabrielle could smell her nicotine breath. â€Å"Gabrielle Ashe, I am going to ask you a question, and I suggest you think very carefully before you answer. It could affect whether you spend the next few years in jail or not. Are you aware that Senator Sexton is accepting enormous illegal campaign bribes from aerospace companies who have billions to gain from the privatization of NASA?† Gabrielle stared. â€Å"That's an absurd allegation!† â€Å"Are you saying you are unaware of this activity?† â€Å"I think I would know if the senator were accepting bribes of the magnitude you are suggesting.† Tench smiled coldly. â€Å"Gabrielle, I understand that Senator Sexton has shared a lot of himself with you, but I assure you there is plenty you do not know about the man.† Gabrielle stood up. â€Å"This meeting is over.† â€Å"On the contrary,† Tench said, removing the remaining contents of the folder and spreading it on the desk. â€Å"This meeting is just beginning.† 44 Inside the habisphere's â€Å"staging room,† Rachel Sexton felt like an astronaut as she slid into one of NASA's Mark IX microclimate survival suits. The black, one-piece, hooded jumpsuit resembled an inflatable scuba suit. Its two-ply, memory-foam fabric was fitted with hollow channels through which a dense gel was pumped to help the wearer regulate body temperature in both hot and cold environments. Now, as Rachel pulled the tight-fitting hood over her head, her eyes fell on the NASA administrator. He appeared as a silent sentinel at the door, clearly displeased with the necessity for this little mission. Norah Mangor was muttering obscenities as she got everyone outfitted. â€Å"Here's an extra pudgy,† she said, tossing Corky his suit. Tolland was already half into his. Once Rachel was fully zipped up, Norah found the stopcock on Rachel's side and connected her to an infusion tube that coiled out of a silver canister resembling a large scuba tank. â€Å"Inhale,† Norah said, opening the valve. Rachel heard a hiss and felt gel being injected into the suit. The memory foam expanded, and the suit compressed around her, pressing down on her inner layer of clothing. The sensation reminded her of sticking her hand underwater while wearing a rubber glove. As the hood inflated around her head, it pressed in on her ears, making everything sound muffled. I'm in a cocoon. â€Å"Best thing about the Mark IX,† Norah said, â€Å"is the padding. You can fall on your ass and not feel a thing.† Rachel believed it. She felt like she was trapped inside a mattress. Norah handed Rachel a series of tools-an ice ax, tether snaps, and carabiners, which she affixed to the belt harnessed on Rachel's waist. â€Å"All this?† Rachel asked, eyeing the gear. â€Å"To go two hundred yards?† Norah's eyes narrowed. â€Å"You want to come or not?† Tolland gave Rachel a reassuring nod. â€Å"Norah's just being careful.† Corky connected to the infusion tank and inflated his suit, looking amused. â€Å"I feel like I'm wearing a giant condom.† Norah gave a disgusted groan. â€Å"Like you'd know, virgin boy.† Tolland sat down next to Rachel. He gave her a weak smile as she donned her heavy boots and crampons. â€Å"You sure you want to come?† His eyes had a protective concern that drew her in. Rachel hoped her confident nod belied her growing trepidation. Two hundred yards†¦ not far at all. â€Å"And you thought you could find excitement only on the high seas.† Tolland chuckled, talking as he attached his own crampons. â€Å"I've decided I like liquid water much better than this frozen stuff.† â€Å"I've never been a big fan of either,† Rachel said. â€Å"I fell through the ice as a kid. Water's made me nervous ever since.† Tolland glanced over, his eyes sympathetic. â€Å"Sorry to hear that. When this is over, you'll have to come out and visit me on the Goya. I'll change your mind about water. Promise.† The invitation surprised her. The Goya was Tolland's research ship-well-known both from its role in Amazing Seas as well as its reputation as one of the strangest-looking ships on the ocean. Although a visit to the Goya would be unnerving for Rachel, she knew it would be hard to pass up. â€Å"She's anchored twelve miles off the coast of New Jersey at the moment,† Tolland said, struggling with his crampon latches. â€Å"Sounds like an unlikely spot.† â€Å"Not at all. The Atlantic seaboard is an incredible place. We were gearing up to shoot a new documentary when I was so rudely interrupted by the President.† Rachel laughed. â€Å"Shooting a documentary on what?† â€Å"Sphyrna mokarran and megaplumes.† Rachel frowned. â€Å"Glad I asked.† Tolland finished attaching his crampons and looked up. â€Å"Seriously, I'll be filming out there for a couple weeks. Washington's not that far from the Jersey coast. Come out when you get back home. No reason to spend your life afraid of the water. My crew would roll out the red carpet for you.† Norah Mangor's voice blared. â€Å"Are we going outside, or should I get you two some candles and champagne?† 45 Gabrielle Ashe had no idea what to make of the documents now spread out before her on Marjorie Tench's desk. The pile included photocopied letters, faxes, transcripts of phone conversations, and they all seemed to support the allegation that Senator Sexton was in covert dialogue with private space companies. Tench pushed a couple of grainy black-and-white photographs toward Gabrielle. â€Å"I assume this is news to you?† Gabrielle looked at the photos. The first candid shot showed Senator Sexton getting out of a taxi in some kind of underground garage. Sexton never takes taxis. Gabrielle looked at the second shot-a telephoto of Sexton climbing into a parked white minivan. An old man appeared to be in the van waiting for him. â€Å"Who is that?† Gabrielle said, suspicious the photos might be faked. â€Å"A big shot from the SFF.† Gabrielle was doubtful. â€Å"The Space Frontier Foundation?† The SFF was like a â€Å"union† for private space companies. It represented aerospace contractors, entrepreneurs, venture capitalists-any private entity that wanted to go into space. They tended to be critical of NASA, arguing that the U.S. space program employed unfair business practices to prevent private companies from launching missions into space. â€Å"The SFF,† Tench said, â€Å"now represents over a hundred major corporations, some very wealthy enterprises who are waiting eagerly for the Space Commercialization Promotions Act to be ratified.† Gabrielle considered it. For obvious reasons the SFF was a vocal supporter of Sexton's campaign, although the senator had been careful not to get too close to them because of their controversial lobbying tactics. Recently the SFF had published an explosive rant charging that NASA was in fact an â€Å"illegal monopoly† whose ability to operate at a loss and still stay in business represented unfair competition to private firms. According to the SFF, whenever AT T needed a telecomm satellite launched, several private space companies offered to do the job at a reasonable $50 million. Unfortunately, NASA always stepped in and offered to launch AT T's satellites for a mere twenty-five million, even though it cost NASA five times that to do the job! Operating at a loss is one way NASA keeps its grip on space, the SFF lawyers accused. And taxpayers pick up the tab.

Raoul

Executive Summary FJ Benjamin is a Singapore based fashion and lifestyle company. The company distributes major clothing brands and accessories, and is one of the leading fashion distributors in Singapore. Their success is derived from their ability to secure distribution rights from major brands. FJ Benjamin introduced it very own house label, Raoul, in 2002. Raoul was created to increase the company? s portfolio as well as to diversify away from distribution risk. Raoul contributes a large percentage of FJ Benjamin? s annual revenue.With intensive competition in the fashion industry, Raoul must have it own identity in order to differentiate itself from the competitor. Analyses have been undertaken to determine what necessary strategies to be implemented to enhance the brand image so as to increase profits. Strategies are recommended by taking advantage of Raoul? s strengths and building on their weaknesses in order to take advantage of the available opportunities in the market and to defend it from threats. Studies of the internal and external environment had been conducted to be able to work with Raoul? core competencies to gain a competitive advantage over its competitors.This report concludes that Raoul needs to make adjustments on its marketing strategies, and maintain some of its current strategies, in order to be more competitive in the fashion market. Hence, it is proposed that (1) Raoul focus on a single-market strategy and focus on the local market as well as to create strong market commitment, to be able to serve customer better. (2) Introduce a new ecofriendly product line based on product improvement strategy, and offer product customization for current and new products, as well as enhance current product and services. 3) Maintain current product pricing, and implement price skimming strategy on new product line. (4) Maintain its efficient and cost effective distribution strategy. (5) Changes are to be made on its promotional efforts in order to g ain max exposure possible. Benefits of the proposed recommendations would allow Raoul to achieve the proposed objectives which includes increasing in sales revenue, repurchase rate, and introducing a new product line within the next three years.It is there for proposed that the recommended strategies be implemented at Raoul to be able to reap in revenues as well as gaining a competitive edge in the fashion industry for a highly sustainable business.Over the last 20 years, Singapore has taken a great leap in its fashion industry. Singapore is recognised as the second largest fashion apparel business and sourcing hub in Asia-Pacific after Hong Kong. Special fashion events such as Singapore Fashion Week and Singapore Fashion Festival are some of the impressive achievements made in the fashion industry. These events played a critical role in portraying Singapore as a major fashion hub in the whole of Asia Pacific region. This also gives both local and international designers a platform to showcase their talents to the fashion industry in this region.Today, a total of 4,500 wholesalers, retailers, and manufacturers generate some $7 billion in operating receipts and $1. 2 billion in value added to Singapore economy. As Asian consumers become more affluent, they increasingly drive global demand. With Singapore? s strategic location, cultural affinity and connectivity with the region made Singapore an ideal place to serve as a test-bed to gather and analyse consumer insights, to develop products for the Asian market. This also made Singapore an optimum location for many companies to set a base in, managing and controlling their regional and global operations. . 0 Corporate Background F J Benjamin was founded in 1959 by Frank Benjamin, who came from a well-to-do family who have been in the fashion industry before World War 2. The company was initially FJ Benjamin and Sons but due to the nature of the business, where it positioned itself as a holding firm with subsidiar ies, it was later renamed to FJ Benjamin Holdings Ltd in 1993 (Wang 2009). The company started of dealing with photographic equipment, and everyday novelties such as paper products as well as pots and pans.However, in the 1960s, the company started to modernise its operations by entering into partnerships with many fashion labels, by importing and retailing designer jeans. The success motivated Benjamin to focus his business on the fashion industry. The company brought in brand names such as Lanvin, Gucci and Fendi in the early 1970s, and was a big player of the fashion industry in Singapore (Wang 2009). FJ Benjamin was listed on the SGX in 1996, before the Asian financial crisis, posting a net loss of over $40m in their first financial year; it was mainly due to high operating expenses and fixed cost.The profitability of the company continued into the early 2000s, where they lost major brand names such as Gucci, Lanvin and Fendi. The company learnt to diversify away from distributo rship risk by developing its own brand, thus the creation of Raoul. 1 Company Present Operation& Business Core Today, FJ Benjamin has operations in eight cities worldwide, including Singapore, Sydney Australia, Jakarta Indonesia, Hong Kong, Vietnam, Kuala Lumpur Malaysia, Taiwan and Bangkok Thailand carrying over 20 brands and has over 180 retail stores in the Asia Pacific region.FJ Benjamin focuses on 3 core business; fashion retailing and distribution, timepiece distribution, and licensing and design: (FJ Holdings Limited 2009). ? Fashion retailing and distribution core – Acquired rights to distribute major fashion labels across the South East Asia and the Pacific region ? Exclusive distributers of timepiece – Acquired rights to distribute timepieces in the South East Asia and the Pacific region ? Licensing and Design – Has a design division to design for Guess Kids and its own house label, Raoul However, they also have their fair share of failures, one exampl e was with the Manchester United brand and Devil? Bar that were unprofitable, which the company had a joint venture with CEO of St James Power Station, Dennis Foo. The company dropped the Manchester United brand name and closed all its retail stores and cafes. Current Developments FJ Benjamin is benefiting from Singapore? s healthy economic growth. With Singapore transforming into a tourism hub, and the opening of Marina Bay Sands (MBS), the company had took advantage of the influx of visitors and has opened four new retail stores at the MBS, including brands names like Guess, Banana Republic, La Senza and Raoul; totalling the number of stores in Singapore to 32.The management was optimistic with its new stores as it was able to secure attractive rental rates at MBS and would be able to benefit from the ever growing number of tourist. The company also stand to avoid other competition with the opening of new shopping malls in Orchard Road and other shopping districts in Singapore (FJ Holdings Limited 2009). Future Developments FJ Benjamin had secure exclusive distributorship for high end brands such as Goyard, Givenchy and Dewitt, building the company? s brand portfolio to more than 20 reputable brand. The company? success is evidenced by its ability to attain distributorship of French luxury giant Moet Hennessey Louis Vuitton? s (LVMH) Celine and Givenchy; this is only the beginning of their collaboration with LVMH (FJ Holdings Limited 2009). 2 Company’s Milestones & Achievements FJ Benjamin have made its mark in Singapore and have been contributing much to the fashion industry and providing various lifestyle products [See Appendix 1]. Corporate Vision FJ Benjamin? s vision is to be a global company ? Dedicated to delivering their promise to their customers by fulfilling their lifestyle aspirations ? Committed to talent development Delivering sustainable and superior returns to their shareholders Corporate Mission FJ Benjamin? s mission is strive to lea d in everything they do ? Implementing brand strategies with deep market penetration ? Delivering superior customer service with long-term customer loyalty ? Empowering employees to deliver value processes for phenomenal growth ? Pursuing best-in-class economics with strong margins Corporate Social Responsibility (CSR) FJ Benjamin has been committed to various charities in Singapore since the company was founded in 1959. The company believes that charitable giving is a necessary element of CSR.The company? s Charitable Giving Committee is made key employee of the company. The committee meets on a quarterly basis to review the company? s charitable initiatives and approves all charitable giving. The company sets aside up to 1% of its net profit for a fiscal year, in forms of monetary or in-kind gifts. FJ Benjamin? s charitable objectives includes, supporting good causes relating to health, education, arts and/or the community in Singapore. The company also encourages and supports pro jects and activities that helps strengthen in which their employees work and live in. FJ Benjamin? Contributions to the society [See Appendix 2]. Company Structure FJ Benjamin Holding employs a divisional structure that is divided according to geographical region and further subdivided into countries and product [See Appendix 3]. In the South East Asian region, the company branch out to various countries such as Singapore, Malaysia, Thailand and Indonesia. Each country would then be fragment base on products, e. g. Timepieces, Investment and Concepts (FJ Holdings Limited 2009). 3 As of financial year end 2009, Douglas Benjamin is the Chief Executive Officer for FJ Benjamin Singapore.Mr. Douglas oversees the operation in Singapore, directs the international expansion of Raoul house label and heads the Raoul design team as a Creative Director. Douglas Benjamin has strong experience in brand management and development of retail distribution thereby allowing the company to expand quickl y into various regions within eight years and having a diverse range of products (Star Creation 2010). The senior management board in Singapore includes Samuel Benjamin, Quah Kim Tong and Matthew Chan (FJ Holdings Limited 2009).Samuel Benjamin is the Group Director of Timepiece and the Senior Vice-President of FJ Benjamin Fashion U. S. Inc. He joined the company Fashion division in 1991 and has more than 19 years of experience in the retail industry (FJ Holdings Limited 2009). Quah Kim Tong is the Director for Wholesale. He administers the logistic/ distribution center in Singapore, plus the distribution business of Sheridan and Guess Accessories. He started his career as a product manager in 1982 and steadily moved up the corporate ladder. Matthew Chan is the Divisional CEO of Fashion and Corporate Services.He oversees the day-to-day running of the fashion retail in Singapore, as well as the managing the back end support services in the company. Mr. Chan joined the company back in 2006, providing strong organizational and financial knowledge from his past experience as Director for Head of Channel Acquisitions and Head of Acceptance with American Express. Key stakeholders FJ Benjamin key stakeholders are directly affected by the company? s performance, which includes: ? Customers who purchase products from various SBU ? Employees – Management staff to salespeople ?Licensors who sell the distribution rights to FJ Benjamin ? Retail malls that leases out spaces for company? s retail division ? Investors who own FJ Benjamin? s corporate share ? Creditors – Banks ? Shareholders ? Government agencies which may require the company to abide/ conform to accounting standards, taxation regulations and employees? CPF ? Trade unions which may certain framework that the company needs to work within; such as working hours and minimum wage 4 Financial Performance Financial Year Profits after tax and shares 2005 4. 26 million 2006 10. 17million 2007 1. 47millon 2008 14. 8 million 2009 (2. 66 million) Table 1 Financial performance of the past 5 years The growth from financial year 2005 to 2006 was mainly attributed by attainting the distribution rights for Gap and Banana Republic in Singapore and in Malaysia. During the same year, other SBUs, namely Raoul and Timepieces started its expansion into the Middle East and Thailand (FJ Benjamin Limited 2006). The significant growth from 2006 to 2007 was further encouraged by the optimistic economies and mainly by the conversion of warrants to share (FJ Benjamin Limited 2007).The decline in profit for 2007 to 2008 was caused by the subprime crisis in America, the increasing inflation rate that reduced consumer spending power and the high volatility in the financial market. It was also noted that, FJ Benjamin exited from the Thailand market due to the political instability and shut down two timepiece shop in Hong Kong due to poor results (Leong 2010). On the other hand, the company reassured shareho lders through their diversified portfolio of brands and vigilant cost discipline; the company business is still viable (FJ Benjamin Limited 2008).As of financial year end 2009, FJ Benjamin had made a net loss of $2,661,000 compared to a net profit of $14,804,000 in 2008. The loss in 2009 was caused by the financial crisis. FJ Benjamin minimizes their financial risk by ensuring that there is sufficient cash reserves to meet any unforeseen circumstances and is committed to a low gearing ratio. 5 Breakdown of Financial Result Liquidity ratio Current ratio Quick ratio 2009 2. 11 times 7. 8 2008 1. 67 times 14. 7 Table 2 Financial results – Liquidity Ratio The liquidity ratio refers to the company? ability to meet its short term obligation (Madura 2007, 580). As compared to 2008, the current ratio has increased but it is still within the healthy range of 1 – 2. Excessive liquidity could imply that the company may have excessive cash or stocks in inventories (Madura 2007, 58 0). Leverage Ratio Debt/Equity ratio 2009 2. 13 2008 1. 14 2009 -2. 02% 2008 10. 65% Table 3 Financial results – Leverage Ratio Return on Equity Table 4 Financial results – Return on Equity Return on equity measures the return of investments in the firm for the shareholders (Madura 2007, 586).Although losses were made in 2009, the company has since been making steady progress in their quarterly financial results as show in Figure 1. 2009 Earnings per share (cents) 2008 -0. 47 2. 61 Table 5 Financial results – Earning/share Earnings per share serve as an indicator for the company? s profitability. Since in 2009 losses were made, it is accepted that the earning per share would decrease significantly as compared to 2008. Figure 1 Analysis of Financial Results Despites the losses made in 2009 due to the financial crisis, FJ Benjamin has since been making steady progression.For first quarter 2010, a net profit of $459,000 was made, followed by the second quarter with a net profit of $1. 72 million and latest financial results for third quarter 2010 showed a net profit of $3 million. 6 The company is financially sound; based on the breakdown of ratio, financial reports and third party recommendation for investors to invest in the company. FJ Benjamin has recently secured license for Goyard, a French luxury retail brand and has intention to introduce three other new brands in 2011 (Seow 2010). Currently the company has plans to expand into China and widen its existing market in US and Europe (Leong 2010). . 2 Strategic Business Unit Fashion FJ Benjamin? s fashion retailing includes prestigious line such as Guess, Celine, La Senza, Banana Republic, GAP and Raoul. It takes up two-third of its profit turnover through fashion retailing (Wang 2009). Timepieces F J Benjamin held exclusively rights to distribute timepiece brands such as Bell & Ross, GirardPerregauz, Guess, Chronotech, Victorinox Swiss Army, Marc Ecko, Rado and Nautica (FJ Benjamin Holdi ngs Ltd 2009). Timepiece contributes about 30% or one-third of FJ Benjamin? s profit turnover through retailing (Wang 2009). Creative & LicensingFJ Benjamin? s creative and licensing division has conceptualized and developed house brand Raoul and has licence to create original designs and manufactures merchandise, such as Guess Kids. 7 2. 3 SBU BCG Matrix The following is the tabulated values for BCG matrix analysis, for the breakdown of calculations [see Appendix 4]. Largest Competitor 2009 2008 RMS Growth rate % Total Fashion $48. 92 $203. 40 $226. 30 4. 17 10% 68. 00% Timepieces $35. 87 $94. 30 $113. 40 2. 59 17% 31. 00% Licensing $14. 80 $2. 20 $2. 70 0. 20 20% 1. 00% Table 6 BCG matrix analysis Star Question MarkDog Growth Cash Cow Relative Market Share Figure 2 BCG Matrix This shows that Raoul is considered a cash cow of FJ Benjamin? s business with high relative market share and average industry growth rate. Raoul is currently positioned under a maturity stage where growth ra te and market share may decline into dog in the next few years. Therefore, new marketing strategies are needed to maintain the Raoul? s position by altering the product, price, distribution and promotional strategies to increase growth and maintain its current market share. 8 3. 0 SBU Raoul Situation AnalysisRaoul is the brainchild of creative director Douglas and Odile Benjamin (Raoul 2008). Currently Raoul is one of the most profiled fashion brands coming out of Asia. It is being known as a stylish, innovative fashion brand offering high quality accessible luxury products to their consumers. Raoul? s is designed, manufactured, and retailed under a corporate vertical marketing system with is solely owned by FJ Benjamin (FJ Holdings Limited 2009). 3. 1. 1 SBU Culture FJ Benjamin believes that Raoul can help them move up a level from being a brand distributor to a brand owner.Frank Benjamin claims that in fashion today, there is no shortage of brands and there would be market that Ra oul can cater to (Sim 2009). Raoul has created a new history for Singapore by introducing luxury fashion-forward corporate wear at an affordable price to business executives in Singapore. Raoul has become a renowned homegrown label that is now known to many business executives that demands style in corporate wear. (Smart lines for business times n. d. ) Raoul has such a strong influence in Singapore that local Prime Minister Lee Hsien Loong wore a pink Raoul tailor shirt during his National Day Rally Speech.Therefore, with a strong culture and adequate support from the parent company and local government, Raoul culture can become part of the Singapore heritage brand (Jalal. 2010). 3. 1. 2 SBU Resources Tangibles Resources Physical Physical refers to the equipments, furniture, retail outlet which can use to grow or sustain the business. With 24 Raoul flagship stores in Southeast Asia and Dubai, the company is still looking to expand its geographical footprint. Currently, FJ Benjamin occupies the second floor of the â€Å"The Alpha† at the Science Park. It is filled with show boutiques and workrooms.It is used by the company's visual merchandising team for training purposes and doubles as an impressive space for press samples (Simon 2009). This allows Raoul? s staffs to provide quality service to the consumers by using boutiques to train, giving them a chance to experience in a real life scenario. The availability of showroom allows Raoul to customize its concept layout before executing on the actual shop front. 9 Technological With the help of FJ Benjamin? s support in terms of finance and experience, Raoul is able to fully utilize technology to help Raoul perform more effectively and efficiently.Raoul also has its very own Customer Relationship Management (CRM) system. CRM system is effective in increasing spending per customer, by tracking the spending patterns of customers, increasing the efficiency of marketing communication strategies. In addition, the front-end point-ofsales system has been upgraded to integrate with the CRM to improve in-store service quality (FJ Benjamin 2008). Sales Force Automation (SFA) is combined with CRM system to record stages of a sales process. It helps to manage customers? contact for future follow ups through contact management system.SFA would increase productivity and allow salespeople to utilize their time efficiently and effectively. SFA can help increase customer satisfaction which leads to increased customer loyalty and in return, high profit margins. Technology used on Supply Chain Management has improved the efficiency of the back-end support. Having implemented a new auto replenishment system, Raoul has been able to make inventory distribution more efficient. This help to save time and labour cost to keep track on all the movement of stocks and can provide a more accurate prediction of the delivery time (FJ Benjamin 2008).Financial FJ Benjamin achieved three consecutive quarters of earni ngs recovery in the first nine months of Financial Year Jun10. Earnings surged from a loss of $0. 1m for Financial Year Jun 2009 to a net profit of $5. 2m for Financial Year June 10 (Lee 2010). The outperformance in core earnings was driven by an improvement in gross profit margin, reflecting FJB? s strengthening brand portfolio and astute merchandising capability, as well as rising consumer demand (Lee 2010). In June 2010, the group? s turnover from the fashion business was flat at $49. m, with the marginal increase in the Southeast Asia markets offset by the slide in the Australian market. Geographically, sales in Southeast Asia rose three per cent, with fashion up two per cent (Seow 2010). As economics begin to recover, consumers? confidence begin to rise so purchasing increases. 10 Organization There are 9 directors on the board, consisting of Executive Chairman, Chief Executive Officer, Independent Director, Executive Director, Non- Executive Deputy Chairman and Non- Executive Directors [see Appendix 5].In Singapore, there are 2 members on the senior management, consisting of the top management, such as Group Director and Wholesale Director FJ Benjamin adopt Traditional Organization Structure (Subhash and Haley 2009, 207), where different departments concentrate specifically in an area which they are an expert in it. Therefore, it helps Raoul to have a strong management team, which can grow Raoul to the next level and sustain a competitive edge. Intangibles Resources Goodwill As mentioned in section 4. 1 FJ Benjamin has been proactive in its CSR.This helps project a positive image of FJ Benjamin to the public. Therefore, in the future they can do a combine sponsorship with Raoul to increase brand exposure and awareness. Goodwill are intangible assets, this includes the company being in a dominant market position by building a positive brand image, create a positive reputation and increase consumer confidence of the company (Reference for Business : Encycl opedia of Business, 2nd ed n. d. ). Under the context of Raoul, they continuously explore different strategies where they aim to ecome a global renowned luxury brand that is recognised both regionally and internationally. As shown in appendices [see Appendix 6], Raoul had participate in numerous fashion events where they are able to showcase its products with other major luxury brands in the world. This would create a perception that Raoul as an international luxury brand. In Singapore, FJ Benjamin also creates a positive image by supporting and grooming Asian talents to become professional designers. Raoul had also won numerous prestigious awards, portraying that Raoul is a prestigious brand to Singaporeans.Innovation FJ Benjamin? s expertise and capabilities in original design manufacturing allows the company to create its own house-brand, Raoul. FJ Benjamin is committed to deliver innovative and differentiated products to the market. Raoul aims to create and deliver new value-add ed products and invest in research in order to respond to the ever changing needs of consumers. 11 Knowledge/Skills FJ Benjamin has rich experience in marketing and distributing luxury products. This makes FJ Benjamin an industry leader for building brands and management.This can help Raoul has a clear directions and a strong strategy to grow the brand. FJ Benjamin place customer service top on their priority list, therefore, every year they will send their staffs for upgrading or training to increase their service quality. After years of hard work, in 2009 FJ Benjamin won â€Å"Best Service Provider in the Industry† award. In retail, FJ Benjamin has a rich experience in marketing and advertising campaign to expand its market share. They also have the capital to heavily advertise Raoul on traditional print such as fashion magazines, newspapers, posters and billboards (Wong and Lim 2009). . 1. 3 SBU Stakeholders Stakeholders hold an important to affect Raoul? s ultimate growth . Raoul needs to take in the view of the interest of their stakeholders in order to have a positive growth. Stakeholders can also influence the directions of Raoul. The stakeholders are further classified into 4 different groups: Classification of Stakeholders The Community The Customers / Partners The Competitors The Investors ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Government regulators Media General public Shopping Mall Developers Shopping Mall Management EmployeesFashion Designers Customers prospects Strategic alliances partners Raw Materials Suppliers Insurance Company Supply Chain/Freight Forwarding Company Schools (e. g. School of Business, School of Art and etc) Direct Competitors (e. g. Massimo Dutti, G2000 Black Label) Non- Direct Competitors/Substitutes Board of directors Investment Analysts / Financial Consultant Shareholders/Investors Table 7 Classification of Stakeholders 12 3. 1. 4 SBU Performance Raoul entered into the fashion industry at the right time, where men have b een paying more attention of their looks.With the successful launch and business, Raoul has also further strengthened its well established values (Sunny Side Up: Start your day the Kim Eng Way 2010). Financial Year Profits after tax and shares 2005 724,200 2006 1,728,900 2007 3,649,900 2008 2,516,000 2009 (452,200) Table 8 Financial Performance for the past 5 years Base on assumption from the above financial year performance under section 1 with Raoul having a financial contribution to FJ Benjamin profit of approximately 17%. From 2005 to 2007 shows a steady increase mainly attribute by positive financial economies.From 2008 to 2009 a dip in Raoul? s sales was caused by financial crisis across the world. As of June 2010, FJ Benjamin recorded a net profit of $8,260,000 from a net loss of $2,661,000 in 2009 (FJB Singapore 2010) and Raoul accounts for approximately 15% – 20% of FJ Benjamin? s sales revenue, it is clear that FJ Benjamin wishes to take this opportunity to venture into other big market to increase their revenue and market share. 3. 2 SBU Customers Characteristics Segment 1 Segment 2 Working Adults Generation Y Sex Male and Female Male and Female Age 36-60 22-35 Education ;gt;Diploma gt;Degree Monthly Income ;gt;$3800 ;gt;$2800 Purchasing Power High Medium – High Benefit Sought Seek Prestige Services ; Product Seek Individualism, Status ; Self Quality Image VALS Innovators Achievers/Experiencers Lifestyle Factors Traditionalist Modernist Brand Loyalist Opinion Leaders Opinion Leaders Early Adopters Purchase Frequency Occasionally Occasionally Occasion of Use Work Work and Social Size 65% 35% Demographics Description Table 9 SBU Customers 13 3. 3 SBU Competition 14 Table 10 SBU competition 15 3. 3. 1 Current Product Positioning Quality +ve Price -ve + ve -veFigure 3 Current Product Positioning Purple: Raoul, Blue: Massimo Dutti, Orange: G2000 Black Label The above shows the current position of Raoul and its competitor, Massimo Dutti and G2000 Black label. Raoul currently offers high quality products at a mid-range price, while competitor such G2000 Black label offers slightly lower priced and quality clothing. Massimo Dutti offers slightly lower price and same quality clothing as Raoul. 16 3. 4 Key Findings PESTLE Environment Political Political Stability and Risk Political stability and risk varies between countries in the region.Singapore has very little political issues compared to neighbouring countries such as Indonesia, Malaysia, Taiwan and Thailand. Singapore is rank 1st in Southeast Asia as the least corrupted country and 4th worldwide. Low degree of social unrest, political sovereignty, conflicts and low government interventions, makes Singapore a safe place for any business operation. As indicate in the World Bank? s Doing Business Report, Singapore is the world? s easiest place to do business in the year of 2009 and 2010 due the political stability of Singapore. Economic Singapore? economic growth, inter est rates, exchange rates and inflation rates, consumer purchasing power and the standard of living in Singapore are part and parcel of the economic environment. In May 2010, Singapore topped the list of world? s most competitive nation in the World Competitiveness Yearbook. Singapore dethroned USA as from its 16 year reign (Lim 2010). Gross Domestic Product (GDP) Singapore? s GDP expanded strongly by 15. 5% in the 1st quarter of 2010, it exceeded the projected 13. 1% estimates. On a quarterly basis the Singapore economy grew 38. 6 %, 6. 5% more than the government? s estimates (Howells 2010).According to World Bank, Singapore GDP is worth 182 billion dollars or 0. 29% of the world economy (Singapore GDP Growth Rate 2010). Singapore has a highly developed and successful freemarket economy and it soared above 30% in the first quarter of 2010, the manufacturing sector growth was doubled as compare to previous quarter of the year recovering from a 2. 8% drop in fourth quarter of 2009. The growth of the manufacturing sector accounts for up to one quarter of the country? s economy. This would cause the projected forecast of the GDP to increase to up to 9% in 2010 (Adam 2010). Inflation Rates As of 2010, Singapore? inflation rate is 1. 6% (Singapore Inflation Rate 2010). Inflation is an increase of overall price level in the country. This would increase the cost of living as products/services would now cost more than previous years. It is interrelated to the Consumer Price Index, which will be further discussed in the next section. 17 Consumer Price Index The current CPI of Singapore is 1. 6%, it is the measures of inflation rate, where measures consumer prices that the price changes in a fixed amount of consumer goods and services that are commonly purchased over time (Singapore Department of Statistics 2010).CPI is influenced by lifestyle, income level, household composition and consumer preference (Singapore Department of Statistics 2010) this also determines the quality of life of Singaporeans. This relates to the increasing trend in Singaporeans having higher spending power, where cost of consumer products are increasing; resulting in the increase in inflation rate. With the increasing cost of living and quality of life, Singaporeans have more disposable cash to spend on better quality products which would aid the sales growth of Raoul. Socio-Cultural Social AttitudesSingaporean has a „fear of losing? attitude, which is frequently used to describe the social attitude of Singaporeans. This refers to people who desire to always want to be first, the best and never losing out. This could be a positive attitude that reflects the high standards of Singaporeans; however it could lead graceless image to the society. It also strongly reflects on the Singaporean work ethics and competitiveness. ‘Face’ This is an important value amongst Singaporeans. It refers to saving and maintaining „face?. Singaporeans typically are not expressive in their ehaviour and emotions and do not criticize others openly in public; to avoid losing face. Losing face will lead to damage to one? s reputation, credibility and authority in the social and working environment. Technological Factor Technological Infrastructure Broadband infrastructure in Singapore allows for better global networking for businesses that enables better customer support. With the support of such technology, Supply Chain Management (SCM), Customer Relationship Management (CRM), Sales Force Automation (SFA) and Point of Sales (POS) system are made easier.Thus, allowing Raoul to operate more effectively and efficiently in Singapore. Furthermore, the government introduced the next generation high-speed fibre optic broadband (Next Gen NBN 2010). 18 Legal Factors Singapore Legal System Singapore? s legal system is English common law and has a strong regulation in place protecting consumer and company. Raoul, being a domestic brand would receive stronger su pport from the government. Singapore also has an additional Islamic law to cater to the Muslim community. Since, Singapore? economy is highly dependent on the revenue from import and export, it is important to implement proper regulations to protect the safety of Singapore. Also in terms of employment policies, firms need to consider the working hours and wages rate of the employees. Environment Factor Environmentalism There is an increasing trend green consumer in the global segment and since Singapore being one of the countries that is actively involved; environmentalism becomes an opportunity for Raoul to introduce environmentally friendly products as recommended in products.Targeting environmentally conscious consumers, where they are more willing to pay for greener products. Green Movement Singapore is highly involved in going green and government bodies that are responsible include National Environmental Agency (NEA) and Environmental Challenge Organisation (ECO). The NEA sign ed the Singapore Packaging Agreement with 5 industry associations, 19 individual companies, 2 non-governmental organizations, the Waste Management ; Recycling Association of Singapore and 4 public waste collectors on 5 June 2007 that aims to reduce packaging waste over a 5year period.It encourages the flexibility for the industries to adopt cost-effective solutions to reduce waste (Singapore Packaging Agreement 2008). ECO launched the „Million Acts of Green? Singapore Campaign to spur a national green movement by getting Singaporeans to think and act green in their day-to-day lives. Million Acts of Green Singapore is targeted at both Singaporeans and businesses with the aim of getting them to register their green acts and sustainability ideas on the millionactsofgreen. sg website (ECO Singapore 2010). 19 3. 5 Internal Analysis – TOWS Matrix AnalysisTable 11 Internal Analysis – TOWS Matrix Analysis 20 4. 0 SBU Objectives and Goals Table 12 SBU Objectives and Goals 21 5. 0 Recommended Strategies Recommendations have been made in order for Raoul to achieve their objectives and goals. 5. 1 Market Strategies Market-Scope Strategy It is recommended that Raoul should focus its strategy on a single market basis, where Raoul can gain competitive advantage of being able to adaptive and responsive to market opportunities threats to successfully remedying any possible changes in policies.Thus, Raoul will be able to capture the market and better serve the customers, at the same time experiencing higher profits while keeping the cost down while prices are kept high. Market-Geography Strategy Currently, Raoul has existing plans for expanding its business geographically. However, this report recommends that Raoul should return to the most traditional form of local-market strategy. As a home grown brand by a local company, F J Benjamin, it can gain competitive advantage of serving a narrow geographic area within Singapore.This can emphasis more interpersona l service with local consumers that can induce beliefs into consumers to motivate them in buying and supporting local produce. Market Commitment Strategy It is recommended that Raoul should create strong commitment with the potential consumers, where Raoul needs to create a firm foundation of operations within the market and amplifying its own economies of scales in promotion, distribution, manufacturing and promotion. This would in turn create high barrier to entry and competitors would have difficulties in challenging Raoul? s existing system.Creation of strong commitment can also be enhance with development or new products, improving product quality and increasing budget for sales force personnel. Raoul can work its product line with a more environmental approach. Such as usage of organic cotton in manufacturing of the apparels and recyclable shopping bags, to promote the eco-friendly line, to the consumers that are committed in saving the environment. Allocating resources to tra in retail associates can create a wholesome retail experience for the patrons of the boutique and would increase product and brand loyalty. 22 5. 2 Product StrategiesNew Product Strategy: Improvement ; Positioning The introduction of eco-friendly clothing aims to attract new consumers from the targeted segment. In Singapore context, organic cotton wear is still a relatively new concept. Currently there are not many fashion retailers providing formal wear made of eco-friendly materials. By being the first to introduce, Raoul could gain to attract a greater awareness for its own brand name and products. The eco-friendly clothing would help Raoul in attracting a larger number of potential consumers from the identified target segment. Quality +ve Price -ve + ve -veFigure 4 New Product Positioning Green: Eco-range positioning It is recommended that Raoul maintain its product positioning for the current clothing line. However, with the launch of eco-range, quality of product should be imp roved so as to differentiate the product from the competitors. Price of eco-range should increase so as to in-line with the new product pricing strategy (Price Skimming). 23 Value-marketing strategy: Product and Service Differentiation To differentiate its customer service from other fashion retailers, Raoul could offer complementary beverages for shoppers as well as offering image consultation service.The image consultant would make recommendations to consumer based on their needs, based on their body contour, purpose of occasion and nature of job scope. The consultation service is an optional product aimed at building the brand image and is subjected to charges. Product-design strategy: Product Customization Raoul should adopt standardise customisation to gain the extra competitive edge and to maximise benefits. Product customisation would aid Raoul in showcasing itself as a quality provider thereby differentiating the brand and increasing consumers? commitment to the brand.Standa rdise products refer to the clothing offered such as shirt, pants and blouse. Customisations could be done on various levels: ? At a basic level, clothing could be tailored in terms of length to meet basic expectations of consumers. ? At an intermediary level clothing could be tailored to meet specific needs of consumers, such as broadness of the lapel, thickness of shoulder padding in jackets, allow requests for particular colour and particular material for clothing like cashmere Lycra as well as embroidery of customers? initials on clothing. 24 5. 3 Price StrategiesWith reference to the PESTEL analysis, Singapore has a stable economy; does not face drastic changes in the environment. It is recommended that company should maintain the current pricing strategy for current products and use price skimming strategy for the new eco-friendly clothing. Maintaining Current Pricing Strategy It would allow Raoul to maintaining its position in the marketplace and enhance public image. The ben efit of maintaining price is appropriate when Raoul cannot anticipate the reaction of customers and competitors? price change. Furthermore, with this strategy it can further enhance the Raoul? public image New Product Pricing It is recommended that due to the uncertainty of consumers? demand and competitors? responds to the new eco-friendly range, that Raoul should use price skimming strategy to gain maximum revenue prior to competitors? respond with similar products.It not only serves customers who are less price sensitive, while there are demands for eco-friendly clothing in the early stage of the Product lifecycle, but also recovers the high cost of R;D used to develop eco-friendly clothing, and high promotional cost incurred to education consumers on the need to go green. . 4 Distribution Strategies Corporate Vertical Marketing System (VMS) Figure 5 Corporate VMS Raoul currently uses a Corporate VMS. As seen on the above figure, Raoul? s products are designed, manufactured and r etailed under a single ownership of FJ Benjamin. It is recommended that the distribution strategy remains the same as Raoul would have greater control over the entire distribution chains. This would eliminate the need of slow-moving suppliers for raw materials.New products designs shaped in Raoul? design centre at the â€Å"Alpha† as mentioned in section 5. 2. 1, and new designs 25 feed into Raoul? s manufacturing centres and is distributed directly to its retail outlets. This saves time, cost and keeps inventories low. 5. 5 Communication Strategies Raoul needs to further improve their current strategies and introduce new strategies to increase their market share and consumer base. Advertising A good advertising is able to stimulate interests and could lead to sales. It is able to influence customers? erception of Raoul and is able to reach out to more audience at a lower cost. Traditional advertising (Magazine) The use of traditional advertising such as magazines will be an effective medium for Raoul. Raoul could advertise in both male and female and luxury magazines such like HerWorld, Elle, Cleo, August Man, Prestige and L? Officiel, as these are the magazines that have readers that are similar to that of Raoul; targeted consumers get the latest information on fashion trends. Outdoor advertising and informative advertisingIn order for Raoul to introduce eco-friendly clothing, they have to do informative advertisements to generate environmental awareness among the public. Raoul can portray a positive brand image by introducing an eco-friendly range of clothing, and informing the public of the need to protect the environment through sustainable means. For instance, they are could place advertisements along high end shopping districts like Orchard Road, Marina Bay as well as the Central Business District areas to be able to attract attention of potential targeted consumers.However, special attention has to be made as not to place posters at cluttered en vironment as people may not notice the posters. Placing huge posters of bright green and earthy colours would draw consumers? attention, followed by a few informative words that explain the need for using organic materials which are biodegradable and pesticide free, such as organic cotton, to reduce environmental impacts. 26 Personal Selling strategy In retail line, personal touch and customer service is essential, and would differentiate Raoul from the rest of its competitors.It is recommended those salespeople are trained to be able to interact well with customers, as a good salesperson would be able to close higher sales, and customers are usually loyal to the person who provides the service, and may not be loyal to the brand. Therefore, more resources should be allocated in training of salespeople. Building Relationship through Database Marketing and CRM Building up a relationship with consumers with aim to retain consumers and increase their level of satisfaction. Raoul can imp lement customer loyalty programs so as to have a long-term valued relationship.This could be done by constantly sending update to their consumer through email or direct mail whenever there is any new launch or sales. Alternatively, Raoul could send birthday cards and offering birthday discounts to consumers on their birthday month. This will create a sense of belonging for the customer and further encourage return sales. Collaboration with designers In order to attract eco-conscious consumers, Raoul can collaborate with renowned designers to come up with a new series and designs made from organic materials.By taking a proactive approach in saving the environment, it projects a positive image of the brand. In addition, they are also able to educate the public on the need to save the environment. Product Packaging To be line with the eco-friendly range and promotion, purchase of any clothing in stores will be packaged with recycled paper wraps and paper bags. In addition, with purchas e of eco-friendly apparels, customers will be issued a specially designed recycled cloth bag with a green theme. Those special eco-bags should be able to attract potential buyers? ttention as well as raise awareness of the need to go green. 27 6. 0 Implementation Program An implementation table has been drawn up for the recommended strategies. IMPLEMENTATION AND CONTROL TABLE STRATEGY WHERE DATES HOW TO IMPLEMENT BUDGET CONTROL MECHANISM Market 1. Scope – Single Market 2. Geography – Local 3 years 3. Commitment – Strong 3 years Market Research on ideal store locations 3 years Singapore Island-wide Market Research Integrate CRM system Sales return – if segment is not profitable then use market haversting strategy $1,000,000Outlet sales figure – close outlets that are less profitable due to customer traffic Measuring repurchase rate – if repurchase rate is low, $500,000 consider using market haversting strategy Product Reviewing current produc t to come Nov 10 – Jan 11 up with improvements to restore product to health 1. New Product Positioning 2. Value-Marketing – Product ; Service Differentiation Training and development of staff Work closely with customer to review the progress of the product until completion that meets customer's specification. On going 3. Design – Customization On going

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Analysis of Holy Water - Essay Example Water is an uncontrollable force and people find joy living in the illusion that they can control the uncontrollable. She is not cynical of people that don’t share her intensity of love for water, she merely shows in a very subtle and delicate way that people consider water another commodity, they take it for granted whereas it is a force of nature, and in some parts of the world it is extremely scarce. True value for this blessing can be observed in those remote areas of land where people collect it drop by drop. That is why people (including Didion) show due respect to water while others might consider that overdue. The technique used in this essay is predominantly not of ethos or logos, but of pathos. Didion clearly states that she is simply obsessed with water, not by its politics but by its flow, how the water flows in ducts and pipes and drains. She meditates thinking about this natural force. The weird thing is she was once caught in the river passageway in a military-raft when she was seventeen and instead of panicking, she was ‘deliriously happy’. She highlights how water moves around from one place to another and how it has become commodity that is released or held according to supply and demand. UNIVAC 418 machine has been mentioned probably referring to the ‘mechanics’ of water control. People have devised water-speak like â€Å"putting some over the hill† and â€Å"pulling it down† to indicate the movement of water. They move around water in a mechanical fashion. Didion points this out when she missed her chance of ‘draining the quail’. She deemed that a vocation that she missed and puts it as missing on her ‘instinctive affinity’. To her it was a matter of utmost significance to be able to control the magnificence of huge water reservoirs. The complain Didion makes is that people don’t realize how water affects their daily lives. Even if there is someone she talks to on this

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Chronic Condition Essay Example | Topics and Well Written Essays - 2250 words

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