| Summary: | 碩士 === 醒吾科技大學 === 行銷與流通管理系所 === 105 === Traditional Chinese Medicine (TCM) and herbs industry has been struggling in Malaysia. More and more people prefer quick and easy modern medicine and supplement. The goal of this research is to find out what it takes for a TCM retail to be adaptable in today’s environment. We will be using Soon Hing Cheong Ginseng Sdn Bhd (SHC) as an example. We will focus on 3 main category: modernization, digitalization, and sustainability. We have interviewed 53 loyal customers and 4 directors/managers of SHC. The questionnaires and interview questions to both loyal customers and directors managers will base on SWOT analysis, Porter 5 forces analysis, and Service innovation. We used SPSS Clementine 12.0 to analyse some of the data we collected. We found that SHC innovated 10 years ago to introduce a new product called “Porcupine Date”. The most important factors for customers to buy expensive and rather new products are age and income. Most customers prefer to see a new herbal restaurant than a new herbal retail shop if SHC decided to open a new branch. The managers all agreed that innovation and branding are important. However, little training and planning were being done to do both. For modernization, we have suggested SHC to introduce some herbal products that are easy to consume and rebrand the company to fit to mass market. For digitalization, we pointed out SHC, which is a grocery store style retail, does not work well online. We suggested SHC to focus on online marketing. However, if SHC is to revamp and rebrand, specific products that solve specific problems of consumers will work well online. For sustainability, we strongly suggest SHC to provide innovation training to their staff. We pointed out Oriental Bowl (OB), a subsidiary restaurant of SHC, might be a good way to increase the sustainability of SHC. We have suggested SHC to apply lean startup principal to test their new products and new business model in the future. We further elaborate the above points using Service innovation principals.
Keywords: Traditional Chinese Herbal Industry, Service Innovation, Expert Interview, Case Study
|
|---|
