Econ

School Of Architecture, Building & Design

Foundation In Natural & Built Environment

Presentation Title :

A Tale Of Two Businesses (Chinese Herbal Medicine Shop)

Group Members :

NAME STUDENT ID

SEET TIONG HONG 0320438

NGIENG TIEN YUNG 0320221

TERENCE TAN 0320275

LING SUE ER 0321683

OOI YIN JI 0319962

TAN MING HOWE 0320199

DANIEL SONG 0320155

LILLIAN TAN AI JUN 0320087

Principles of Economics [ECN30205]

Lecturer : Chang Jau Ho

Submission Date : 22 May 2015

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Table of Contents

No. Title Page Number

1. Cover Page 1

2. Table of Contents 2

3. Summary 3

4. Research Report

A. Brief Bio Of The Businesses B. Comparative Analysis

4 14

5. Conclusion 15 16

6. Recommendations 17 21

7. Appendices 22 37

8. References 38 39

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SUMMARY This report is a comparative analysis of two Chinese medical herb businesses in different geographical locations. The chosen industry is known to have an uninterrupted history of development dating back to thousands of years, in China and other parts of the Far East. The selected Chinese medical halls are Poh Aun Tong Medical Hall in Georgetown, Penang and Huah Shan Medical Hall in Klang Valley, Selangor. Interviews have been conducted in each of the respective medical halls in order to obtain further information from both businesses. The collected information has been analyzed, and the analyses have been justified through research carried out with reliable sources in reference. It is concluded that Huah Shan Medical Hall is more commercially successful than Poh Aun Tong Medical Hall due to a greater annual revenue, a higher number of customers and also, a wider variety of goods provided.

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BRIEF BIO OF BUSINESSES

A) Poh Aun Tong Medical Hall Poh Aun Tong Medical Hall is located at 125, Campbell Street, 10100, Georgetown, Pulau Pinang, and is a smallscale family business. They are a traditional chinese pharmacy selling traditional chinese herbs besides providing healthcare consultation services. The pharmacy was founded in 1945 by Mr. Chan Swee Foo and was operated singlehandedly by himself. Ms. Chan Soo Sum, his only daughter, started helping him at the age of 19 and managed to learn most of the herbologybased knowledge from him. Ms. Chan officially took over the business in 1990 and has been running the shop since then. She does not have any employees to help her as she’s able to cope with the workload, and because employees would need certain traditional Chinese medicine (TCM) licenses in order to work in the hall.

Poh Aun Tong provides services that most of the pharmacies seem to be lacking in which chinese herbs could be predecocted or decocted by Ms. Chan so that customers are able to get the most out of the herbs as she understands that her customers might be very busy or lacking in knowledge on the decocting of herbs. The majority of her customer are customers who have patronised this business for many years. According to Ms. Chan, there will be no more than 10 customers visiting her shop daily and that most of her customers are adults and senior citizens. She believes that sooner or later, TCM will be substituted by Western medicine. Furthermore, there has been no changes or developments in her family business as she thinks that she will have to retire in few years time and her only intention is to provide her services to the residents of Georgetown.

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B) Huah Shan Medical Hall Huah Shan is currently located at No.33, Jalan USJ 10/1E, 47620 Subang Jaya, Selangor Darul Ehsan. They are a modern chinese pharmacy which provides healthcare consultation services and also sells traditional chinese herbs. Huah Shan’s main branch is located in Taman Megah, SS 2 where Mr. Lee worked at for 8 years. The main branch was founded in year 1985 by Mr. Lee Lap Man and was operated single handedly by himself. Since young, Mr. Lee desired to become a chinese physician mainly due to his strong TCM background and his father’s influence, who was also a Chinese physician. Today, there are a total of ten employees being employed to help him manage two of the shops. He runs his business in such a way that he will diagnose patients and delegate that his employees prepare the medicines or herbs to the patients based on the prescriptions issued by him. Moreover, Huah Shan provides services such as acupuncture and cupping therapy. Unlike the other modern chinese pharmacies whose business models are moneydriven as they are more focused on processed and packaged products. Surprisingly, their best selling products are herbal soup packs and dry herbs such as Bai Qu Cai. Besides that, utensils meant for decocting chinese medicine are being sold here. The price range of their products is as low as RM 1 up till RM 3000. According to Mr. Lee, the minimum capital needed to start this TCM business amounts to RM 200,000. An average of 20 customers are expected daily and 30 customers during peak seasons such as durian harvest seasons. Most of his customers are adults and senior citizens. Mr. Lee believes that TCM will not be substituted by Western medicine in the future as TCM has centuries of historic culture and believes that every genre of medicine has its own benefits.

Similarities & Differences Of Both Business 5

Poh Aun Tong Medical Hall

Similarities Huah Shan Medical Hall

Shortsighted Future Plan Shortsighted

Local Customer Senior Citizens

Targeted Market Local Customer Senior Citizens

Poh Aun Tong Medical Hall

Differences Huah Shan Medical Hall

Founder

Mr. Chan Swee Foo

History

Emigrant from

China Took over by Ms.

Chan Operate single

handedly

Founder & History Founder

Mr. Lee Lap Man

History

First shop in SS2 Chinese Physician

Father Determination to helping

the poor

125, Lbh Campbell, 10100 Georgetown, Pulau Pinang

Location No.33, Jalan USJ 10/1E,47620 Subang Jaya Selangor Darul Ehsan.

Current Branches 1

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Workers Ten

Chinese Herbs

Types of Products Sold &

Services

Packaged Herbs Utensil

PreDecocts Herbs

Services Acupuncture Cupping Therapy

Everyday 10 am to 7.30 pm

Business Hour Monday Saturday 9 am to 8 pm

Second generation is currently operating the

business

Business Operation Owner is an experienced Chinese physician.

Around 10 Number of customers Around 20

Internet blogs Newspaper

articles

Media None

Old signboard Antique cabinets

Shop Layout & Atmosphere

AirCondition Tempered Glass

Around RM 180,000 Annual Revenue Around RM 400,000

Comparative Analysis Between Poh Aun Tong Medical Hall & Huah Shan Medical Hall

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I Number of Competitors Poh Aun Tong Medical Hall, which is located at George Town, Penang has only 2 top competitors which are Cheng Woh Medical Hall and Kean Aun Hoe Medical Hall. On the other hand, Huah Shan Medical Hall has 3 top competitors which is Hai O, Eu Yan Sang and Herbs and Food.

II Brief Description Of Competitors

Poh Aun Tong Medical Hall, Penang Although there are many Chinese medical halls in Penang, Ms. Chan Soo Sum knows very well who her competitors are. In the fore, Cheng Ho Medical Hall is the strongest competitor among all, as they have been established for more than 80 years and has built longterm client relationships. They provide over 500 different formulas of herbal soup, desserts and teas recipes. Their best selling products are bird’s nest, packaged antiaging supplements and traditional Chinese herbs. Cheng Ho Medical Hall believes that people respond to incentives, hence improves customers’ demand on products as they offer free delivery service for customers who purchase products worth RM100 and above. To stay in the game, they also has their own official website to gain a bigger market share as the website provides convenience to the customers. Secondly, Kean Aun Hoe Medical Hall was established in year 1956. They are a family business committed to providing friendly and trustworthy service to their customers. Their main products are packaged ‘Penang Bak Ku Teh’ and Cordyceps Flower Soup Base. Both of the products have received many positive feedbacks from local and international customers. Huah Shan Medical Hall, Selangor

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On the flip side, it’s much tougher to operate a Chinese medicine hall in Selangor as the competitors are more aggressive in terms of marketing and expansion of businesses. Based on Mr. Lee, Huah Shan Medical Hall has three top competitors around the area. Firstly, HaiO Enterprise Berhad which was established in 1975, and owns over 70 branches nationwide. They offer a wide variety of complementary medicine, healthcare products and much more. They employ professional herbalists in every branch to advise their customers on herbs. Besides, HaiO Enterprise Berhad also has their own inhouse brands which are recognized internationally. They only import patented products that are approved by the Ministry of Health. Secondly, Eu Yan Sang which started as a small Chinese medicine hall was established in 1879 and has built an empire of over 300 retail outlets globally. Eu Yan Sang provides more than 1000 types of quality traditional Chinese medicines, health foods, packaged antiaging supplements and much more. They offer over 300 varieties of products under their brand, Eu Yan Sang. In order to increase customers’ demand, they also offers several kinds of special promotion for members. Furthermore, they intentionally increase their brand awareness by organizing many events locally and internationally such as the wellreceived Parenting Sharing Sessions, Natural Organic Party, Thank You Teacher Campaign and many more. Thirdly, Herbs and Food Sdn.Bhd was established in 1981. It is a modern Chinese medicine hall dealing with chinese herbs, grocery, wines and packaged herbs. Its main products are bird’s nest, homemade Chinese herbal jelly and wines. They believe that in order to improve their products’ demand, incentive is a must for their customers as exemplified in their free member only monthly wine tasting sessions. Moreover, they also apply promotions on their groceries weekly as an incentive to potential customers.

III Competition Strategies

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A) Poh Aun Tong Medical Hall, Penang

I) Advertisement In order to increase the brand awareness of the business, Ms. Chan has been accepting interviews in order to feature in newspaper articles and blogs and both mediums have been receiving positive responses. II) Services With their excellent services, Poh Aun Tong Medical Hall attracts many customers by word of mouth. Ms. Chan who is a Chinese physician gives prescriptions based on results from the measurement of her patients’ pulses. Moreover, Ms Chan also decocts herbs for those patients who are too busy with their jobs to do this on their own. She has a good understanding of her patients’ health and needs. III) Pricing All of the products are priced reasonably in accord to the market price. In order to increase profit, she keeps the operating expenses low by reducing the utility expenses and by employing no personnel.

B) Huah Shan Medical Hall, Selangor I) Services Mr Lee has established close relationships with his customers by providing trustworthy services .He provides diagnosis based on pulsemeasurement, acupuncture services, and cupping therapy. Nowadays, most of the Chinese pharmacies do not provide these services as their business models are profitdriven. II) Pricing

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The price of a product is an obstacle for potential customers who wish to purchase products. If the price of the product decreases, the quantity demand will be increased. Mr.Lee sets a slightly cheaper price compared to his competitors in order to take advantage of this principle.

IV Obstacles Faced By the New Firms

A) Poh Aun Tong Medical Hall explains : There are some obstacles faced by new firms. For example, Poh Aun Tong Medical Hall claims that chinese herbs will eventually be replaced by modern medicine because the younger generations believe that modern Western medicine is more effective and reliable as compared to traditional Chinese medicine. Besides, there are more and more modern pharmacies emerging in the market, which leads to increase in competition. Based on the principle of economics in a monopolistic competitive firm, they are known that a greater number of competitors leads to a weaker pricing power. Moreover, new firms would face difficulties in the process of getting licenses in terms of time required as every type of herb has its own license. Furthermore, Ms. Chan suggests that an experienced individual is needed in order to start the TCM business. Nowadays, new firms are required to install aircondition and tempered glass at the entrance due to hygiene reasons. B) Huah Shan Medical Hall explains : Huah Shan Medical Hall indicates that it is difficult to hire experienced individuals who have basic knowledge about TCM these days as most of people are looking for jobs that pay high salary with lesser working hours. In order to start a new TCM shop, it also requires huge startup capital as compared to decades ago. Besides that, Mr. Lee said that nowadays owners of

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new firms do not have sufficient knowledge and experience to operate the business successfully. Based on the principle of economics, the meaning of economies of scale is the firm’s ability to produce its goods at gradually lower cost over the long run. As such, new firms require some time to compete with such prices. As established businesses already have some amount of customer loyalty, it’s very hard to attract customers to go for other medicine halls.

V Nature Of The Market The nature of the market for Poh Aun Tong Medical Hall and Huah Shan Medical Hall is monopolistic competition as both businesses are operating in a market structure full of competitors selling similar but not identical products. The barrier to entry is relatively weak because new firms can enter and exit the market easily. Besides that, pricing power of monopolistic competition is weak as the firms cannot influence the prices of their products strongly because there are still many competitors who also hold influence on the pricing. If one firm were to independently manipulate product prices, customers would swarm to other firms who have not altered their prices. In order to maximize their profits, these business strive to differentiate their product from that of their competitors. Moreover, it is very hard for competitors to attract customers who have strong tendencies towards their preferred pharmacies.

Comparative Analysis Summary Table

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Competitive Traits Poh Aun Tong Medical Hall Huah Shan Medical Hall

1. Number of Competitors

5 to 10 within the immediate area

10 to 15 within the immediate area

2. Barrier to Entry Weak Barrier to Entry

Firms easily enter and exit the market

Legal barriers which are

regulated by the government, such as patents

No firm control on

majority of raw materials needed to produce a product

Weak Barrier to Entry

Without any strategic moves because they do not actively advertise their product

Not able to produce its

goods at gradually low costs over the long run

3. Differentiated or Standardized Products

Differentiated Products

Rare traditional chinese herbs

Pearl Powder

Differentiated Products

Cooking Utensils

Groceries

Packaged antiaging supplements

4. Pricing Power Price taker Weak pricing power

Price taker Weak pricing power

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Causes the business have

no ability to charge the price higher than the market price unreasonably, lest customers will turn to other competitors

Constrained to follow

the market price determined by supply and demand

5. Other Characteristics

Substitute goods Modern Medicine

Substitute goods Modern Medicine

6. Verdict Monopolistic Competition Monopolistic Competition

CONCLUSION

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Based on the comparative analysis, it has been concluded that Huah Shan Medical Hall in Klang Valley is more commercially successful as compared to Poh Aun Tong Medical Hall in Georgetown, Penang. This statement has been supported by evidences obtained through throrough research and critical analysis based on economics principles. Firstly, Huah Shan Medical Hall has two outlets, with their main outlet is located at Taman Megah, Petaling Jaya and the second outlet being located in Subang Jaya, Klang Valley. As for Poh Aun Tong Medical Hall, the business has continued to operate within a single outlet for a period of more than 70 years. Hence, with 2 outlets with each operating at different locations, the amount of income and the business’s annual revenue figure of Huah Shan Medical Hall is reported to be higher as compared to that of Poh Aun Tong Medical Hall. In addition, the average number of customers who visits the outlet daily for Poh Aun Tong Medical Hall is estimated to be approximately 10 customers per day, whereas Huah Shan Medical Hall has twice the amount of customers as compared to that. Ultimately, a greater number of customers leads to an increase in the revenues and therefore, the amount of profit generated annually tends to be higher for Huah Shan Medical Hall, resulting in a more successful commercialized business within the industry in comparison to Poh Aun Tong Medical Hall. Secondly, besides having Chinese herbs as the mainselling products in both businesses, Huah Shan Medical Hall also provides a wide variety of goods such as packaged herbal soup recipe, organic food supplement, medical ointment, dry goods, snacks and more. On the contrary, Poh Aun Tong Medical Hall has shown a lack in variety of goods and products sold as the business adheres firmly to their own principles and traditions such that Chinese medical herbs and ointment remain as their main and only focus in the market. As a result of product variation in Huah Shan Medical Hall, consumers are provided with a wide range of choices and are able to purchase according to their preferences instead of being bounded by limitation with only a single or two options. Hence, it is concluded that more customers can be drawn to the firm, thereby creating more business

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opportunities to take place in Huah Shan medical store as compared to Poh Aun Tong Medical Hall. In conclusion, Huah Shan Medical Store is more commercially successful than Poh Aun Tong Medical Hall due to the supporting reasons as stated above which includes a greater amount of income and business’s annual revenue, higher average number of customers visited daily and last but not least, a wider variety of goods provided.

RECOMMENDATIONS After the study was completed, it was determined that the businesses were lacking in specific areas, which hinders their ability to compete to their full

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potential in the market. The following, is a set of recommendations which can be undertaken in order to improve their competitive edge. Poh Aun Tong Medical Hall A1 Area Of Focus & Current Diagnosis : Location & Accessibility The business currently only owns one outlet, which is located in the heart of Georgetown, where vehicular circulation is poorly organised. As such, customers may find reaching the outlet difficult. Also, given its position in the heart of the sprawl of the city, it can be difficult to find its specific location. People who are unfamiliar with the outlet will find it hard to reach. This can seriously hamper the potential the business has to expand in its market and develop. A2 Recommendation(s) Of Improvement : Relocate The Outlet The option to relocate the only existing outlet is viable in the sense that moving it to a more accessible and navigable area would allow the current pool of potential customers to be expanded. Perhaps a more accessible, suburban area like Gelugor would be a good alternative. Open Multiple Outlets This option would allow for the authenticity and novelty of the original outlet to be retained, while allowing for the business to become more accessible to existing and potential customers. B1 Area Of Focus & Current Diagnosis: Brand Awareness & Distinctivity Generally, with medical halls as antiquated as the one we studied, brand awareness is almost totally reliant on word of mouth and brand loyalty. As

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observed, Poh Aun Tong is almost unknown to those who do not use its services, or buy its products. The closest this business is in the way of advertising is a customised tote bag it distributes to those who buy products from its outlet. The outlet is also indistinct from other shops in the vicinity, let alone other medicine halls. B2 Recommendation(s) Of Improvement: Engage in Advertising This manner of improvement involves the use of flyers, advertisements on billboards, newspapers, or any other form of mass media. This will raise awareness of the business, which will attract customers, driving profits higher while giving this business the edge over competitors who have not caught on. Distinctive Outlet Identity The business needs to ensure that the outlet is pronounced, and well defined amidst its surroundings, even among other medicine halls. This can be done through the use of noticeable signage, and a recognisable exterior C1 Area Of Focus & Current Diagnosis: Cost of Operations & Profit Aforementioned facts have stated that the Poh Aun Tong Medical Hall is a small business, which has been established for a long time. Due to the obligation to tradition, as well as the desire to preserve the original identity of the business, cost of operations has not been decreased in the areas of technological improvement, and stagnant business size. C2 Recommendation(s) Of Improvement: Utilise Modern Technology Through the use of modern technology, this business can provide services, and produce medicines in a much more efficient manner, driving up profits indirectly.

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For example, through use of modern scales and weights, and industrial grade centrifuges Grow the Size of the Firm This measure will allow the medicine hall to gain bargaining power, as suppliers are more obligated to provide better prices for larger firms. This in turn, decreases the cost of operations the business incurs. This is especially important in the purchase of supplies and raw materials, which this business engages in often. Huah Shan Medical Hall A1 Area Of Focus & Current Diagnosis: Product Variation & Distinctivity As of now, the reach of Hua Shan in terms of customers and market share may be limited, due to the fact that the products which are sold in Huah Shan are not distinct or varied from the products which are sold in other medicine halls, in the surrounding area. This reduces the ability of this business to perform at its full potential, as it has to constantly compete with the other medicine halls which are located at such proximity due to the fact that they all sell similar products. A2 Recommendation(s) Of Improvement: Variation of Products & Sales of Unique Commodities This measure involves acquiring different products, which are not available in the other medicine halls in the vicinity. This can be done by seeking different suppliers, who can provide rarer products for the outlet to sell. This will drive customers to Huah Shan, as it has a variety of products, which is not available elsewhere. This in turn, greatly increases the firm’s competitive edge. B1 Area Of Focus & Current Diagnosis: Skilled Labour & Trained Medical Personnel Huah Shan is not simply a shop where traditional Chinese medicine is distributed, but also serves as a clinic of sorts, where one receives diagnosis and treatment for

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specific ailments. However, as stated. Huah Shan operates with the expenditure of very few staff and personnel. This causes certain problems, especially considering that Huah Shan cannot hire any applicant who wishes to work in the firm, but must carefully select staff who are knowledgeable in the area of traditional Chinese medicine. During peak seasons, they are understaffed, especially in the clinic, as only one practitioner is available for consultation and service. This can decrease the productivity of the firm. B2 Recommendation(s) Of Improvement: Hire More Personnel The firm could remedy the situation aforementioned, through the employment of more trained personnel. This can be achieved by sourcing talent from training centers which specialise in traditional Chinese medicine, or colleges which offer such sources. This way, the firm is able to greatly increase productivity. For example, with the addition of more skilled staff, shop assistants can be replaced by knowledgeable staff who are able to advise customers on medication, or treatment, driving up the brand reputation and sales revenue. Also, by hiring more practitioners of traditional Chinese medicine, more patients can be treated as the workload is now spreaded out between more doctors. C1 Area Of Focus & Current Diagnosis: Location & Outlet Size The current outlet is the only existing outlet that the firm owns and operates. The location of the outlet is not conducive for business, as there are at least three other traditional medicinal halls in the immediate vicinity, and countless more pharmacies. Besides that, Huah Shan has the ability and capacity to expand the business, and can take this measure in order to develop it. Finally, the outlet size may not be conducive in the short run if Huah Shan does grow, as the principle of scale constraint applies, where it becomes inefficient to expand the business within the constraints of the current outlet. C2 Recommendation(s) Of Improvement: Open Multiple Outlets By opening more outlets and medical halls, Huah Shan stands to gain tremendously. This is understood in a threefold manner. First of all, by opening multiple outlets, the business will be able to gain more revenue as the sales

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potential increases due to the expansion of the reachable market. Besides that, by opening more outlets, Huah Shan does not need to directly compete with the many medicine halls in the direct vicinity of the existing outlet. It will be able to compete better. Finally, Huah Shan will be able to solve the problem of scale constraint if it does choose to expand.

APPENDICES

This is a compilation of interview notes, documents and photos of both Chinese herbal medicine halls, as well as the background details of their competitors that were recorded in the process of investigating and comparing both businesses.

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A) Poh Aun Tong Medical Hall, Penang. I. Details of the business

Trademark of the business. Front view of the shop.

Interior view of the shop.

II. Details of the owner

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Current owner, Miss Chan.

Name card of Miss Chan.

Certificate of Miss Chan as a valid Chinese Physician.

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Founder of the business, Mr. Chan Swee Foo (left) and his wife.

The books that were used by Miss Chan as references.

III. Products or services sold

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Main products sold: Chinese medical herbs

Poh Aun Tong sells herbs which are rarely seen as well.

There are also packaged products such as traditional chinese medicine and chinese ointment.

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Services provided: Prescription for the patients and herb decocting.

IV. Strategies of promotional advertising

Articles taken from both English and Chinese newspapers which promote the rare products

and services provided by Poh Aun Tong.

Media report by China Press.com on 29 May 2013.

V. Top Competitors

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I. Cheng Woh Medical Hall, Penang.

Exterior and interior view of Cheng Woh.

Products sold by Cheng Woh Medical Hall include soups, teas, desserts and chinese herbs.

II. Kean Aun Hoe Medical Hall, Penang.

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Front view of Kean Aun Hoe.

They sell soups that were made by their secret recipes. The special Kean Aun Hoe recipe

Penang Bak Ku Teh (left) and special Ginseng Soup Base (right).

Kean Aun Hoe Medical Hall sells valuable bird nests and herbs as well.

VI. Documents

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Printed interview questions.

Handwritten notes which were recorded during the interview process.

B. Huah Shan Medical Hall, Subang Jaya.

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I. Details of the business

Front view of the shop.

Closer view of the shop.

II. Details of the owner.

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The founder and current owner, Mr. Lee.

Above are license of Mr. Lee to run his business (left) and name card of Mr. Lee (right).

Mr. Lee refers to books to widen his knowledge about chinese medicine.

III. Products or services provided.

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Packaged herbal soup bases are the main products of Huah Shan.

Chrysanthemum is one of the main products as well.

Variety of chinese herbs available at Huah Shan Medical Hall.

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They sell other products such as chinese ointment, chinese herbal jelly and snacks as well.

They provide services such as cupping therapy and acupuncture.

Mr Lee uses these to provide a better understanding of the sickness to his patient.

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IV. Top Competitors I. HaiO Enterprise Berhad.

Front view of HaiO.

They sell various products which are traditional as well as modern one such as traditional

chinese pills (left) and Bamboo salt drink (right).

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II. Eu Yan Sang.

. Front view of Eu Yan Sang (left) and surrounding area of the shop (right).

Chicken Essence and Bird Nest are the main products of Eu Yan Sang. They promote their main products by combining them into gift hampers (right) which are in a lower price.

Above are promotion advertisements of Mother’s day and Father’s day. They have very strong

promotion strategies especially during the festival such as Chinese New Year.

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III. Herbs N Food Sdn Bhd.

Exterior view of the shop.

Packaged herbs are the main products of Herbs N Food.

They sell special products such as homemade honey drink, homemade chinese herbal jelly

(left) and bird nest, snacks (right).

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V. Documents

Handwritten interview notes that the transcriber used to document the interview process.

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Econ

Presentations & Public Speaking

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