Assignment 5: Managing an International Business
As a traditional Chinese medicine company, since the 1990s, European and American countries have formed a trend of returning to nature, and natural botanicals have received increasing attention worldwide. Traditional Chinese medicine has been accepted by more and more people in the world with its unique scientific theoretical system and unique curative effect.
Before formulating the strategy, first conduct a swot analysis of the company’s current situation:
Strength: Abundant medicinal resources are my other big advantage, and it is also the capital and foundation for the development of the Chinese medicine industry. In terms of medicinal resources, there are more than 10,000 kinds of Chinese medicines, including 11,146 kinds of botanical medicines, 1581 kinds of animal medicines, and 80 kinds of mineral medicines, including more than 320 commonly used medicines.
Weak: At present, most of the Chinese medicine products exported by the company are simply processed by raw materials, and the technological content is generally low.
Opportunity: The current trend of people buying Chinese medicinal materials is more towards light processing, keeping the original of the medicinal materials, which is consistent with our company’s business
Threat: Japanese and Korean traditional Chinese medicine production is very mature, and has its own unique industrial system, and it occupies more market share in the US market
Now I can make a overall strategy base on upon analysis:
Enterprise level: Establish a good brand image, and the company is positioned to sell healthy, original and natural Chinese medicinal materials. Looking for local partners in the United States, familiar with and infiltrating the local medicinal material market. Look for famous American sports stars as spokespersons to attract people’s attention to the company’s Chinese herbal medicines.
Business level: With middle-aged and elderly people as the main target group of the business, experience areas are opened in retail pharmacies such as CVS and Walgreen. Set up a local pharmacy and cooperate with local medical institutions. And mainly promote original medicinal materials, publicizing the health and nature of medicinal materials
Functional level: Do not take sales as the main goal during publicity, focus on the health effects of popular science Chinese medicine, let Americans know more about Chinese medicine, and know the benefits of Chinese medicine for everyone, so as to attract customers to take the initiative to understand the product, and ultimately love Chinese medicine