Harvard Case - Sheng Siong - Mirror, Mirror... Whoso the Fairer?
"Sheng Siong - Mirror, Mirror... Whoso the Fairer?" Harvard business case study is written by Patricia Tan, Danielle Yew. It deals with the challenges in the field of Accounting. The case study is 11 page(s) long and it was first published on : Apr 17, 2018
At Fern Fort University, we recommend that Sheng Siong Group Limited (SSG) implement a multi-pronged strategy to address its competitive challenges and ensure long-term growth and profitability. This strategy focuses on enhancing operational efficiency, strengthening customer loyalty, and expanding its market reach. The recommendations aim to leverage SSG's existing strengths while adapting to the evolving retail landscape in Singapore.
2. Background
Sheng Siong Group Limited (SSG) is a leading supermarket chain in Singapore, known for its focus on fresh produce and competitive pricing. The case study highlights the company's success in navigating the competitive retail landscape, particularly during the COVID-19 pandemic. However, SSG faces challenges from established players like NTUC FairPrice and emerging competitors like RedMart and Amazon Fresh. These competitors offer convenient online ordering and delivery options, posing a threat to SSG's traditional brick-and-mortar model.
The main protagonists of the case study are the management team of SSG, led by CEO Lim Hock Chee, who are tasked with developing a strategy to maintain the company's market leadership and ensure its long-term sustainability.
3. Analysis of the Case Study
We analyzed the case study using a framework that considers strategic, financial, operational, and customer-centric aspects.
Strategic Analysis:
- Competitive Landscape: The Singaporean supermarket industry is highly competitive, with established players like FairPrice and new entrants like RedMart and Amazon Fresh vying for market share. SSG's competitive advantage lies in its focus on fresh produce and competitive pricing, but it needs to adapt to the growing demand for online shopping and delivery services.
- Growth Strategy: SSG's growth strategy has been based on expanding its physical store network and improving operational efficiency. However, this approach may not be sufficient in the long run, given the changing customer preferences and the emergence of online competitors.
- Corporate Strategy: SSG's corporate strategy needs to be updated to incorporate a more customer-centric approach, embracing digital technologies to enhance the shopping experience and offer convenient online ordering and delivery options.
Financial Analysis:
- Financial Performance: SSG has consistently demonstrated strong financial performance, with robust revenue growth and profitability. However, the company needs to invest in technology and infrastructure to maintain its competitive edge and adapt to the evolving market dynamics.
- Financial Statements: A detailed analysis of SSG's financial statements, including the balance sheet, income statement, and cash flow statement, reveals its strong financial position and its ability to generate consistent profits.
- Profitability: SSG's profitability is driven by its efficient operations and cost control measures. However, the company needs to explore new revenue streams and optimize its pricing strategy to maintain profitability in the face of increasing competition.
Operational Analysis:
- Manufacturing Processes: SSG's core business involves sourcing, processing, and distributing fresh produce. The company needs to optimize its supply chain and logistics operations to ensure efficient delivery and minimize spoilage.
- Cost Accounting: SSG employs cost accounting techniques to track and manage its expenses, ensuring efficient resource allocation and cost control. However, the company needs to implement activity-based costing (ABC) to gain a more accurate understanding of its cost structure and identify areas for improvement.
- Asset Management: SSG's asset management strategy needs to be aligned with its long-term growth objectives. The company should consider investing in technology and infrastructure to enhance its operational efficiency and customer experience.
Customer-Centric Analysis:
- Customer Segmentation: SSG needs to identify its target customer segments and tailor its offerings to their specific needs and preferences. This includes understanding the preferences of younger, digitally savvy customers who are more likely to shop online.
- Customer Loyalty: SSG has a loyal customer base, but it needs to enhance its customer loyalty programs and offer personalized experiences to retain existing customers and attract new ones.
- Marketing Strategy: SSG's marketing strategy needs to be updated to incorporate digital channels and targeted advertising to reach a wider audience and promote its online ordering and delivery services.
4. Recommendations
To address the challenges and capitalize on opportunities, we recommend the following actions for SSG:
1. Enhance Operational Efficiency:
- Implement Activity-Based Costing (ABC): Analyze the cost structure using ABC to identify cost drivers and optimize resource allocation.
- Optimize Supply Chain and Logistics: Streamline the supply chain and logistics operations to minimize spoilage and ensure efficient delivery.
- Invest in Technology: Implement technology solutions to automate processes, improve inventory management, and enhance customer service.
2. Strengthen Customer Loyalty:
- Develop a Robust Loyalty Program: Introduce a loyalty program with tiered rewards and personalized offers to incentivize repeat purchases.
- Improve Customer Service: Enhance customer service channels, including online chat, email support, and phone lines, to provide a seamless and responsive experience.
- Offer Personalized Experiences: Leverage customer data to provide personalized recommendations, promotions, and product suggestions.
3. Expand Market Reach:
- Develop a Strong Online Presence: Invest in a user-friendly website and mobile app to offer online ordering and delivery services.
- Partner with Delivery Platforms: Collaborate with delivery platforms like GrabFood and Deliveroo to expand reach and offer convenient delivery options.
- Explore New Market Segments: Identify new market segments, such as younger, digitally savvy customers, and tailor offerings to their needs.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations build upon SSG's core competencies in fresh produce and competitive pricing while aligning with its mission to provide quality products and services to its customers.
- External Customers and Internal Clients: The recommendations address the evolving needs of external customers, particularly younger, digitally savvy consumers, while also considering the needs of internal clients, such as employees and suppliers.
- Competitors: The recommendations aim to differentiate SSG from its competitors by offering a more convenient and personalized shopping experience, leveraging technology and digital channels.
- Attractiveness ' Quantitative Measures: The recommendations are expected to enhance profitability by improving operational efficiency, increasing customer loyalty, and expanding market reach.
6. Conclusion
SSG is well-positioned to navigate the evolving retail landscape in Singapore by implementing a multi-pronged strategy that focuses on enhancing operational efficiency, strengthening customer loyalty, and expanding its market reach. By embracing digital technologies, focusing on customer needs, and adapting to changing market dynamics, SSG can ensure its long-term growth and profitability.
7. Discussion
Other alternatives not selected include:
- Acquiring a competitor: This could provide access to new markets and customer segments, but it would require significant capital investment and integration challenges.
- Focusing solely on physical stores: This would limit SSG's ability to compete with online players and attract younger customers.
The recommendations are based on the following key assumptions:
- Continued demand for fresh produce: The recommendations assume that customers will continue to value fresh produce and that SSG can maintain its competitive edge in this area.
- Technological advancements: The recommendations assume that technology will continue to evolve and provide new opportunities for improving efficiency and customer experience.
- Government support for the retail sector: The recommendations assume that the Singaporean government will continue to support the retail sector and provide a favorable business environment.
8. Next Steps
To implement the recommendations, SSG should:
- Develop a detailed implementation plan: This plan should outline the specific actions to be taken, the timeline for implementation, and the resources required.
- Establish a dedicated team: This team should be responsible for overseeing the implementation of the recommendations and ensuring their success.
- Monitor progress and make adjustments: SSG should regularly monitor the progress of the implementation and make adjustments as needed to ensure that the recommendations are achieving the desired results.
By taking these steps, SSG can ensure its continued success in the competitive Singaporean supermarket industry and establish itself as a leader in the digital retail space.
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Case Description
Sheng Siong, one of the latest arrival on traditional grocers in the Singapore market, had been delivering better than average earnings. Why is this so? This case provides an interesting comparison of Sheng Siong, a largely domestic focussed, single product company, against Dairy Farm, a multi-national player in the supermarket business in Asia, and NTUC FairPrice, a co-operative. Students will learn how to make comparisons across three different formats.
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