Assess the Grand Strategy of the Company As one of the oldest company in Malaysia, Eu Yan Sang has undergone growth strategies to expand its business through increasing the size of the company and transformation of branding and image, types of products, packaging and marketing method. Eu Yan Sang has comes a long way beginning offering traditional Chinese medicines to tin mine coolies in Malaya 133 years ago. Today, listed on the Singapore Exchange, Eu Yan Sang has more than 300 retail outlets in Hong Kong, Malaysia, Singapore, China, Macau and Australia.
It is one of the largest TCM groups in South East Asia, recognized as the trusted brand and leader of the TCM industry. In the earlier time, consumers had to bring back packets of herb to decoct or boil after getting it from Chinese medical shop. In order to suit this modern life, Eu Yan Sang had innovated its products into medicine that are ready-to-consume pills and drinks. An example of ready-to-consume pills is Bak Foong pills and ready-to-drink YEN (bird’s nest).
Besides, Eu Yan Sang has redesigned and refurbished all its retail outlets in order to provide better presentation and conducive shopping environment for its customers.
Consequently, its customers’ base has been widen and incorporated younger consumers and hence contribute to the growth of Traditional Chinese Medicine. The packaging of TCM products such as ginseng in sachets is also innovated by Eu Yan Sang. To broaden outreach to its customers, Eu Yan Sang has ventured into new channel of marketing. To meet this purpose, Eu Yan Sang has allocated its products in the health corner of selected supermarket. And to ensure customer get what they need in an even more convenient way, Eu Yan Sang has started its online store to sell their products.
The Essay on Why Is a Product/Customer Focus an Important Characteristic for Successful Entrepreneurs
A product/customer focus is a pivotal characteristic that entrepreneurs must have in order for the entrepreneur themselves and their business to be successful. With that said, an entrepreneur with a product/customer focus is one that clearly understands the needs and wants of their customers and thereby producing and developing products that enhance people’s lives, but also products that meet and ...
Furthermore, Eu Yan Sang has built up its first Traditional Chinese Medicine Research and Development laboratory in Singapore to combine modern and traditional medicine production. Then, Eu Yan Sang also set up 20 Traditional Chinese Medical clinics in Malaysia and Singapore and another 2 integrative medical central in Hong Kong. In conclusion, innovation is one of the significant role in the business operation of Eu Yan Sang in order to growth their business and to stabilize their position as Asia’s leading integrative healthcare company.
