Question 3 Based On Your Understanding Of The Article

Question 3based On Your Understanding Of The Article And Your Research

Question 3based On Your Understanding Of The Article And Your Research

Question 3 Based on your understanding of the article and your research, discuss two (2) strengths and two (2) weaknesses of Eu Yan Sang. -Explain the Strategic and Tactical element of a marketing and discuss the pros and Cons of markeing planning -illustrate at least two tools for market analysis and diagnosis used in strategic marketing planning. 1000 words With Referencing You will need to conduct additional secondary research to support your answers adequately and you must acknowledge and reference all sources used or it will be considered as plagiarism.

Paper For Above instruction

Eu Yan Sang, a well-established traditional Chinese medicine (TCM) company, has built a significant reputation across Asia and beyond. The company’s strengths lie primarily in its extensive heritage, strong brand recognition, and a comprehensive product range that combines traditional practices with modern health needs. However, despite its successes, Eu Yan Sang faces several weaknesses that could impact its growth and sustainability moving forward.

One of Eu Yan Sang’s key strengths is its deep-rooted brand heritage and reputation for quality. As a company that has operated for over a century, it benefits from the trust cultivated among consumers seeking reliable herbal medicine and wellness products. Its extensive distribution network, including physical stores and online channels, enhances accessibility and customer reach. Additionally, Eu Yan Sang has managed to blend traditional Chinese medicine principles with contemporary health trends, appealing to a broad demographic. Its product innovation and diversification, including health supplements and herbal dietary products, demonstrate strategic adaptability.

Conversely, the company’s weaknesses include its limited geographic diversification and potential regulatory challenges. While Eu Yan Sang has had significant success in Asian markets and some Western markets, its presence remains concentrated in particular regions, primarily Singapore, Malaysia, and Hong Kong. This geographic concentration exposes the company to regional economic fluctuations and regulatory policies that could affect operations. Furthermore, the strict regulation of herbal and health supplement products in different countries poses compliance challenges, requiring substantial investment in quality assurance and legal frameworks. Another weakness may be the perception of herbal products as less scientifically validated than Western pharmaceuticals, which can impede broader acceptance and market penetration among skeptical consumers.

In approaching marketing, organizations utilize both strategic and tactical elements to align objectives with activities. Strategic marketing involves long-term planning aimed at establishing a sustainable competitive advantage, defining target markets, and positioning the brand effectively. It encompasses broader decisions such as segmentation, targeting, positioning (STP), and resource allocation. Tactical marketing, on the other hand, relates to the specific actions and short-term initiatives that implement the strategic plan, including advertising campaigns, promotions, pricing strategies, and distribution decisions.

The advantages of marketing planning include providing a clear direction for marketing efforts, aligning resources efficiently, and enabling proactive responses to market changes. It helps organizations understand their market environment, set measurable objectives, and coordinate activities across departments. However, marketing planning also has disadvantages. It can be time-consuming and costly, sometimes leading to rigidity if plans are not adaptable to unforeseen market shifts. Over-reliance on planning might stifle innovation and responsiveness, especially in dynamic markets like herbal health products, where consumer preferences rapidly evolve.

Strategic marketing analysis tools are essential for diagnosing market conditions and guiding decision-making. Two commonly used tools are SWOT analysis and PESTEL analysis. SWOT (Strengths, Weaknesses, Opportunities, Threats) provides a comprehensive internal and external review of a company's position, aiding in identifying strategic options. PESTEL analysis examines Political, Economic, Social, Technological, Environmental, and Legal factors influencing the industry environment, helping firms anticipate external changes and adapt strategies accordingly.

For Eu Yan Sang, SWOT analysis reveals their strong brand heritage and extensive product portfolio as internal strengths, while the limited geographic presence is an external weakness. Opportunities may include expanding into emerging markets with growing demand for traditional health products, while threats encompass regulatory changes and increasing competition from health supplement brands. PESTEL analysis points towards societal shifts favoring holistic health, but also highlights regulations that could limit market access in certain regions.

In conclusion, Eu Yan Sang’s ability to leverage its strengths while addressing weaknesses through strategic marketing practices is crucial for sustained growth. The integration of effective tools like SWOT and PESTEL in strategic planning allows the company to navigate complex markets effectively. The balance between strategic foresight and tactical agility is vital to maintaining competitive advantage, ensuring the company stays relevant in a rapidly evolving health and wellness industry.

References

• Chong, S. C. (2018). Strategic Management in Chinese Medicine Industry. Asian Journal of Business and Management. 6(3), 45-58.
• Eu Yan Sang International Limited. (2022). Annual Report 2022. Retrieved from https://www.euyansang.com/investor-relations
• Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
• Porter, M. E. (1985). Competitive Advantage. Free Press.
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• Armstrong, G., & Kotler, P. (2015). Marketing: An Introduction. Pearson.
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• OECD. (2020). The Future of Traditional and Complementary Medicine: Policy Implications. OECD Publishing.