Eu Yan Sang- Assignment Report of Principles of Marketing

Table of Content

Assessment Page Number

1 Introduction

Present a brief history / background of the chosen company / brand

and its nature of business. Its vision, mission and objectives.

Identify the target market of the brand / product or services.

4

2 The Marketing Mix Strategies

Identify and discuss the FOUR (4) marketing mix strategies of

the company.

5-8

3 Market Opportunities

Identify TWO (2) market opportunities that exist or may exist in

the business or industry.

The prospective market growth of the market opportunities as

mentioned above.

9-10

4 Recommendations

Discuss THREE (3) ideas each the company can make use of the

identified opportunities mentioned above to increase its profit.

11-12

5 Conclusion

To sum up the assignment and explain what you have learned from

the project.

13

6 Bibliography 14-18

7 References 19-57

UBTM1013 Principles of Marketing

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1. Introduction

The story of Eu Yan Sang starts from its founder, Eu Kong Pai. He left China and

reached to a small mining town of Gopeng, Perak in 1870s. At that time, most people in

Gopeng relied on opium to cure their illness. This inspired Eu Kong Pai to establish his

maiden Traditional Chinese Medicine (TCM) shop named Yan Sang in 1879, for

helping those ill people. In 1898, his son Eu Tong Sen took over his family business.

With his effort and wit, Eu Yan Sang has developed into big Chinese medicine room, and

expanded from Malaysia and Singapore to China and Hong Kong. In year 2000, the

company renamed Eu Yan Sang International (EYSI) and was listed in the Singapore

Stock Exchange.

Eu Yan Sang conducts Chinese Herbal retail chain. It retails health foods and

supplements, Chinese herbs and Chinese proprietary medicine. Mission statement of Eu

Yan Sang is to care for mankind by helping our consumer realise good life-long health.

Vision statement of Eu Yan Sang is to be a trusted, global leading integrative healthcare

and wellness company with a strong foundation in traditional Chinese medicine. The

objective of Eu Yan Sang is to help its customers enjoy a good, long and fulfilling life by

providing the best natural healthcare products and services (Traditional Remedies Made

Contemporary: Redesigning Eu Yan Sang, 2004). Eu Yan Sang targets on health-

conscious consumers. Most products of Eu Yan Sang are to enhance immunity system

and promote fitness.


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2. The Marketing Mix Strategies

(a) Product

The brand name Eu Yan Sang inherits from the Chinese words Eu, Yan and

Sang. Eu is the surname of the founder, Eu Kong Pai. Yan brings the meaning of

compassionate, whereas Sang signifies life. Eu Yan Sang is categorized as family

brand because it identifies its product lines. Examples of their products are Eu Yan Sang

Bak Foong Pills, Eu Yan Sang Bo Ying Compound, and Eu Yan Sang Bottled Birds

Nest.

Attractive design in packaging captures customers attention. During Chinese

New Year, Eu Yan Sang markets Bucket of Gold, which is an 8-sided, red bucket

which contains 8 oranges, and can attract the customers interest as it means

auspiciousness and prosperity for Chinese. Packaging also means to enhance the

convenience for buyers. Eu Yan Sang offers ginseng sachet and packaged herbal soups as

fast moving consumer goods (FMCG) is prevalent now. Labelling provides information

of the products, such as the ingredients, the expired date and the functions of the product.

Since Eu Yan Sang offers many types of Chinese herbs, it is imperative to state the

functions of herbs in labelling for ease of differentiation.

We choose Eu Yan Sang Menoease Pill to explain new product development.

During idea generation, there are several methods can be done to generate ideas, like

meeting and collection data from suppliers. There is decision made to invent a new

product which acts similar like Bak Foong Pills to suit most elderly woman. Then, it is

followed by screening. The company have to ensure that it can attract many customers,

and gain profits, as well as follow companys objectives. Under business analysis, Eu

Yan Sang should investigate potential market and competitive strength. The product,

Menoease Pill, is specially designed for elderly females. Eu Yan Sang has competitive

advantage since its main competitors like Brands and Hai-O do not have such product

yet. As for product development, Eu Yan Sang has co-operated with Chinese University

of Hong Kong to develop their ideas into realistic product. The university has done their

research for three years before launching the product. On test marketing, they would let

their proposed target market to have sample of Menoease Pills. Marketers must gather

response from target market (elder women) so as to determine the success of the product


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in market later. Finally in commercialization, Eu Yan Sang offers its Menoease Pills to

the market.

There are products which can be described under Product Life Cycle. Nestum 3-

in-1 cereal drinks with American Ginseng and Chinese Angelica (Dang Gui), a product

under collaboration of Eu Yan Sang and Nestle Malaysia, is in introductory stage since it

is offered in market on 2nd October 2012. Since it is new to market, informative

promotion is needed to make customers aware its existence. Products like Eu Yan Sang

Bak Foong Pill and Eu Yan Sang Bird Nests Series are in maturity stage, whereby these

products are commonplace among customers. Diversification of brand or models should

be done to defend mature products.

Eu Yan Sang focuses on quality as it is one of its core values. Their two Good

Manufacturing Practice (GMP) plants received quality assurance, ISO 9001: Eu Yan

Sang Centre (located in Hong Kong) received ISO 9001: 2008 from Hong Kong Quality

Assurance Agency, whereas Weng Li Sdn. Bhd. (located in Malaysia) was granted ISO

9001 international accreditation.

(b) Pricing

Quality is one of the core values of Eu Yan Sang. Therefore, Eu Yan Sang set prestige

objective as their pricing objective which focuses on product quality. Pricing strategy that

Eu Yan Sang practice in this context is market skimming. For example, Eu Yan Sang has

products which have high image and high quality, like Pure Pearl Powder. There are only

few competitors in Traditional Chinese Medicine offering pearl powder in market. Price

policy that Eu Yan Sang implements is psychological pricing. This is because most

consumers would think of high price, high quality.

Next, Eu Yan Sang targets on sales maximization. In 2011, Eu Yan Sang

expanded 26 new TCM store and 4 new clinics to meet the volume objectives. The

penetration pricing strategy is taken by the Eu Yan Sang to meet the competitors. Its main

competitor, Brands uses the lower price to compete with Eu Yan Sang Essence of

Chicken. Brands Essence of Chicken is about RM48.80, but thanks to adoption of

economics of scales, price of Eu Yan Sang Essence of Chicken is only about RM36.80.


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Based on the annual report of 2011, the sales of Essence of Chicken have increased

almost 6% to S$9.2 million.

Lastly, Eu Yan Sang encounters with another main competitor, which is Hai-o

Group. To meet the competitive objective, Eu Yan Sang implements competitive pricing

strategy and become the winner of the market. During Chinese New Year, sales of Hai-o

hamper increases dramatically. To defend its market share, Eu Yan Sang matches with

Hai-o price reduction and introduce the Bucket of gold promotion. This promotion

helps Eu Yan Sang to achieve its new sales records, where it grows by by 9% to S$266.3

million to become the winner of the year in TCM industries.

(c) Distribution

Eu Yan Sang has a wide distribution: Malaysia, Singapore, Hong Kong, China, and

Macau. Eu Yan Sang distributes their products through indirect channel, where they have

wholesalers and retailers acting as marketing intermediaries before selling products to

final customers. According to DMG Research from OSK, wholesales of Eu Yan Sang

majorly stems from Hong Kong (FY12 Results Review: Eu Yan Sang, 2012). Based on

the Standard & Poors Report in 2010, Mannings and Watsons are two examples of large

chain stores which Eu Yan Sang has chosen for selling their products with distribution

arrangement. In China, a major distributor has helped Eu Yan Sang to distribute products

like Bo Ying Compound and Bak Foong Pills to hospitals and pharmacies.

As for retailing, there are approximately 200 retail outlets of Eu Yan Sang in

Malaysia, Singapore, Hong Kong, China and Macau. In addition, there is Eu Yan Sang

Restaurant in Mid Valley Megamall, Kuala Lumpur. Eu Yan Sang has also acquired most

of the business and assets of Healthy Life Group Pty Ltd of Australia on 16 February

2012, according to The Edge Singapore. The organization has become the subsidiary of

Eu Yan Sang International Ltd, and directly, Eu Yan Sang has control over 125 stores

and a distribution centre for expanding its business to Australia.

Eu Yan Sang has used several types of transportation for distributing products.

Since Eu Yan Sang has its outlets majorly in five countries, air freight can help in

delivering the products of Eu Yan Sang to different countries fast. Motor carrier is

another option for Eu Yan Sang to deliver the products to retail outlets locally. There are


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trucks under name of Eu Yan Sang which play important role in distribution of products

of Eu Yan Sang.

(d) Promotion

Eu Yan Sang adopts sales promotion. The latest special promotion by Eu Yan Sang is

Moms Club Healthy Fun Fest. By getting 1 beautiful Bo Ying Cares Thermos Flask

Bowl with every purchase of 8 boxes of Eu Yan Sang Bo Ying Compound, it grants

consumers saving up to 15% on nutritional supplements for health care. It is a short-term

promotional activity organized by Eu Yan Sang to attract and stimulate consumers to buy

the company products. In addition, attach with bringing their child for height and weight

measurement to understand their nutritional needs for those who possess Eu Yan Sang

membership only. By using short-term incentives such as discounts coupons,

complimentary gift and membership entitled consumers to enjoy many advantages and

privileges.

Eu Yan Sang has launched much kind of advertisements in order to give

information to and persuade the members of the audience, such as media and paper. Eu

Yan Sang has created the Facebook page. Besides, Eu Yan Sang has also advertised

through television commercial, Astro. A blog named Malaysia Food Promotion has

advertised Eu Yan Sang during Chinese New Year. Besides, through celebrity

testimonials, Eu Yan Sang has invited Thomas Jack and two Malaysian singers to

promote their product, Essence of Chicken with Ginkgo Biloba Extract. With any single

purchase on the product, Eu Yan Sang will give Thomas Jack cups with three different

attractive designs.

In addition, public relation is another promotion of Eu Yan Sang. For example, Eu

Yan Sang have been organizing One Year One School Charity Campaign annually

since year 2005. The main purpose is to extent the support range in whole Malaysia that

let society participates in an education fundraising program. In order to support this

fundraising program, consumers only need to buy 3 boxes of Eu Yan Sang Essence of

Chicken with Ginkgo Biloba and the company will automatically allocate RM5 ringgit

into the One Year One School fund. Although it serves broader objectives, it will

indirectly establish a noble corporate image to promote the company products.


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3. Market Opportunities

We have found two types of market opportunities for Eu Yan Sang: technology and

socio-cultural. Technology can help Eu Yan Sang to grow in Traditional Chinese

Medicine (TCM) market. One of the scientific technologies endorsed by Eu Yan Sang is

Individual Chromatographic Fingerprinting Technology. It allows the precise

quantification of constituents and their attributes used in preparation of the ingredients

like herbs and other properties of Chinese Medicine. Fingerprinting Capabilities possess a

monograph library of more than 500 herbs that purpose is for ensure the herb extraction

and concentration database will continuously stay at stability and consistency of quantity

as well as their quality. Ying Liu et al. (2010) states that many enterprise of TCM fails to

manage the resources efficiently and effectively due to lack of technology.

Virtual stores have become essential part in market nowadays. Through Internet

and smart phones, customers can just have their purchase in virtual stores which provide

myriad of products and fountain of information (Chen, I.Y.L, 2010). After doing careful

research, Tesco has done their own virtual stores in South Korea since most South

Koreans possess smart phones. Customers would only need to scan the QR-code from

poster in order to find information of products, before having online purchase (Lee,

Chung, Bang, & Lee, 2011). Both Fingerprinting technologies and virtual stores stand to

give good prospect in future. Since many people now has become health-conscious, and

it is important for preventing resources wastage which can incur costs, Fingerprinting

technologies stand to be useful for every enterprise to manage resources efficiently, and

produce high-quality products. Virtual stores will become profitable in future since trend

of using smart phone expands, and number of people expose to Internet has gradually

grown.

For socio-cultural context, we have seen that there is demand on TCM from other

regions, such as Europe (Yang & Das, 2011). Moreover, the phenomenon where there

will be more and more countries to give TCM a legal status within the countries, as well

as marketplace globalization, grants TCM chance to gain more customers from regions

outside Asia (World Federation of Chinese Medicine Societies, 2012). After observing

that most of TCM is actually safe for consumption (The Conversation, 2012), there are

relieves among most people from countries of other regions who actually had fear on


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consuming TCM. From the dissertation of Sharon W. Bertrand (2009), seventeen nurses,

who had used modern treatment previously, had their illness recovered after using

treatment of TCM. This proves that TCM has its usefulness. Besides that, there are

integrations of TCM and Western Medicine (WM) in reality. According to Zhang

Rongxun (1982), some psychiatric disorder, like adhesive obstructive arachnoiditis, can

be treated with combination of TCM and WM. Added by James Lake (2004), both TCM

and WM can be skillfully integrated, and each can benefit other. In short, TCM will gain

its own legal status worldwide, as well as recognition through harmonization between

TCM and WM in future, and therefore, a privilege for TCM.


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4. Recommendation

With using available Chromatographic Fingerprinting Technology, Eu Yan Sang can

produce more new products with high quality. We suggest that Eu Yan Sang should

identify unmet needs among customers. There should be always analysis on market

before making any products. Identification of unmet needs can be done through

approaching to customers, recognizing their problems, and understanding their business

or operation and its workflow (Cooper, R.G., Edgett, S. & Kleinschmidt, E.J., 2002).

Then, Eu Yan Sang should find those needs in which they can serve profitably. For

example, Eu Yan Sang Menoease Pill is invented due to high needs among elder woman.

Successful market planning and implementation helps a company to gain more profits

eventually.

We recommend that Eu Yan Sang can market its products through virtual stores.

With virtual stores, Eu Yan Sang can save much cost as the setup cost and maintenance

cost for the store is low. The right kinds of products offered by a virtual store can create

cost advantages and attract customers (Chen & Tan, 2004, cited by Chen, I.Y.L., 2010).

Setting virtual stores posters can save the customers time and can approach to

customers more closely, as the store itself reaches to people. According to the research

from Euromonitor International (2012), as well as Mohd Azam Osman et al. (2012), the

trends of using smart phones are increasing from years to years. However, Eu Yan Sang

needs to determine regions which have its mass smart-phone-users customers before

establishing the virtual stores posters. Eu Yan Sang can also set up seasonal virtual

stores, in which the virtual stores posters are only available during certain period of

time like pre-Chinese New Year. It is important for marketers to offer right products, at

right place and time. In short, with the upward trend of smart phone use, as well as more

people will get exposure of Internet, virtual stores play important part to give promise Eu

Yan Sang to gain more customers, indirectly, more profits

As there is demand from non-Asia countries on Traditional Chinese Medicine

(TCM), and TCM will gain its more-legal status in many countries in future, therefore we

suggest that Eu Yan Sang should expand its market to other region which perhaps has

demand on TCM highly. Eu Yan Sang would need to understand the available law on

TCM in every country before marketing their products in other regions. Many western


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countries such as United States, Canada, Britain and other developed countries have

endorsed regulations and policies for Acupuncture and Traditional Chinese Medicine,

from the research of the Wu Bing Jiang (2012) and Yang Jingzhong& Devapriyo Das

(n.d.). We suggest that Eu Yan Sang can collaborate with Western Medicine (WM)

enterprises to establish Chinese and Western clinic and hospital. With current treatment

offered like acupuncture, massage, Tui Na and herbal medication, clinics of Eu Yan Sang

can harmonize the TCM treatment with modern treatment. According to Professor Xue-

mei You, integrated TCM and WM therapy is safe and effective in treating disease like

arteriosclerosis obliterans (ASO). This helps to portray globalization of TCM, as well as

reflect trend of combining TCM with WM in reality. Internalization of TCM nowadays

can help Eu Yan Sang to gain more profits.


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5. Conclusion

Eu Yan Sang has become an established company in the TCM industry due to few

reasons: the greater quality of the products and services, affordable price for all income

levels of people, a whoop and a holler promotion and well-planned distribution strategy

around its target market. With identifying marketing opportunities aroused from external

environment, Eu Yan Sang should utilize the opportunities in order to gain more profit.

We have learned numerous experiences upon completing this project. Rome

wasnt built in a day. A company cannot become successful in a short time; instead it has

to go through stages by stages for doing well. Planning and analysis on market

environment should be done before implementing any strategies. Company should also

know to have marketing controlling to reduce defects.

Besides that, we have actually gained knowledge on Traditional Chinese

Medicine (TCM) after accomplishing this project. Since Eu Yan Sang involves in TCM

industries, we have to do research on products related to TCM. Indirectly, we have learnt

the usefulness of alternative medicine. As the final sentence, we would like to thank those

who have helped us in this assignment, directly or indirectly.

(2958 words)


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Eu Yan Sang- Assignment Report of Principles of Marketing

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Transcript of Eu Yan Sang- Assignment Report of Principles of Marketing