Discuss About The Companies In Singapore Other Adjoining Areas?
Ready Sports Equipments would look to bring in improvement and motivation in every human being. Within the next 3 years the company focuses on growing into a $50 million company in Singapore and other adjoining areas. This sports equipments manufacturer would offer all sorts of sporting apparatus to both athletes and non-athletes.
Ready Sports Equipments: Helping people to dream like an athlete.
The primary goals would be:
- Brand appreciation. Ready Sports Equipments would be an identified sporting goods and fitness equipment manufacturer in Singapore.
- It looks to serve the younger athletes, para-athletes and runners.
- To be operating at a profitable rate by the end of the first annual year of business
- Attaining a 15 per cent expansion rate in sales from the first year to second year, and maintaining no less than 10.5 per cent growth velocity subsequently.
- Increasing efficiency in community events.
- It would try and focus on ‘programs’ supporting families, youth development and women education.
- Manufacturing sports equipments that would help the disability people a great deal.
- To increase the share in the market to be the leader in the market.
- Its initial brand ‘Reefil’ looks to become the training and fitness brad for casual and active sports.
- Expanding Ready Sports Style in the business of first fashion with Boost brand.
- Upgrading the website to being more user-friendly than professional, offering incentives and promotions in attracting customers to the site on regular basis.
- Negotiating best possible agreements with the key suppliers facilitating us in improving the hold down costs, margins, and inventory turnover.
- Expansion of the product line within 2018 March by providing equipments for additional sports that is in demand during the slower seasons.
- Training the employees on the features of the products and the ways of providing customer support and family-oriented sales.
- Sponsoring Singapore Marathon in 2018 January and bringing in the Paralympics of Singapore in the mainstream.
- Porter’s 5 Forces:
Rivalry among existing competitors (High):
Requirement of larger amount of capital for building chain of stores
Most of the favorable locations are already being occupied.
Brand differentiation -High fixed costs
Countless number of athletic equipments companies are present
Moderate growth of market
Increased options of buying, value-added service and digital distribution intensifies the competition (. Dobbs, 2014). -Recession and dip in spending of consumers witnessed the growth rate of industry dipping negative.
Threat of innovative products exist, however it is difficult in successfully creating substitute products. Manufacturers are realizing systems and solutions for facilitating them in selling directly to retailers
Intense competition among the suppliers helps in product differentiation and avoiding the shortcomings of purchasing same materials at much lower volume
Presence of numerous buyers along with being fragmented
Customers are moving online having more options
Wider range of choices
Brand recognition is important in this fiel
Regulations that are surrounding the sports equipments industry
Laws related to employment
Regulations of local authority Economic Factors:
Likely changes affecting the economic environment
Population becoming interested in sports
Increasing number of people who wants to stay fit and indulge themselves on sports Technological Factors:
Increasing in the factor of online shopping
Need for proper website containing valuable information
Need for obligatory permits and inspections
Laboratory testing required for the sports products being arranged by producer (Eva et al., 2014) Environmental Factors:
Elements like changes in climate, weather and natural disaster are being considered
Company should ensure the product is safe for use in regular life.
Good quality sports equipments with reasonable price would hold us in good state
The store location should be such which would be positioned in an area easily available from all the corners of Singapore (Cosenz & Noto, 2017).In the initial stage the sports equipments store would be introducing a few of the items from its probable product line. The limited sports goods item can serve as a weakness.
Lack of proper experience: This sports equipment company is in its start-up phase where the odds are generally against it. Stiff competition from other local players expected (Brooks, Heffner & Henderson, 2014).
Brooks, G., Heffner, A., & Henderson, D. (2014). A SWOT analysis of competitive knowledge from social media for a small start-up business. The Review of Business Information Systems (Online), 18(1), 23.
Cosenz, F., & Noto, G. (2017). A dynamic business modelling approach to design and experiment new business venture strategies. Long Range Planning.
Dobbs, M. (2014). Guidelines for applying Porter's five forces framework: a set of industry analysis templates. Competitiveness Review, 24(1), 32-45.
Eva, M., Hindle, K., Paul, D., Rollaston, C., & Tudor, D. (2014). Business analysis. BCS.
Ho, J. K. K. (2014). Formulation of a systemic PEST analysis for strategic analysis. European academic research, 2(5), 6478-6492.