BM0185Entrepreneurship

ICA1: Individual Written Report For Evidence Of Implementation

Selected Area: Competitors Research

Submittedto: Ms.KarenChiaSubmittedby: EuniceNicoleLimXin(MK0703/062969Q)Submittedon: 05June2009

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(A) INTRODUCTION My group’s business plan evolved around a love concierge service. We are targeting singles, dating couples and married couples whom are in need of love solutions. We believe in putting advices into actions, and this is exactly what we hope to achieve for our customers. Reaching out to them and resolving their onerous problems with practical solutions will be our greatest satisfaction.

Our team has defined a unique competitive space as the professional, yet affordable service provider of customized date planning. As it is brand new concept that has never been seen before in our local market, there will be no direct competitors to begin with. I have thus identified the industries that would share part of their business characteristic with us, so as to make a detailed comparison and to analysis if our proposed business idea really does have a competitive advantage.

(B) SWOT ANALYSIS AND PROFILE OF DIRECT COMPETITORS The targeted market has great potential and is not devoid of competitors. The assessment of direct competitors includes Event Planning Companies, Matchmaking Agencies, and Marriage and Family Counselling Centres. Part of the opportunities and threats are applicable to our new business concept.

DIRECT COMPETITION: EVENT PLANNING COMPANIES

STRENGTHS WEAKNESSES → Customised to each client’s

needs, requests and beliefs → Experienced in project

administration and coordination → Ability to liaise seamlessly with

vendor, venue and staffs → Have many outdoor logistic

planning contacts → Ready-to-go catering,

audio/visual equipment services → Sourcing of gifts

→ May not be flexible enough to resolve client’s top concerns as they usually plan events as the way their clients request

→ Requires a reasonably long timeframe to plan due to complexity issues

→ Do not provide advice pertaining to relationship

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OPPORTUNITIES THREATS → Have the available resources to

specialise in the same kind of love concierge service.

→ Have a pool of trained professionals in planning events.

→ Usually costly and will not appeal to an individual

→ Have specialised competitors. Eg. Wedding planning companies to compete with clients who are organising wedding events.

PROFILE OF EVENT PLANNING COMPANIES

Company’s Name: Showbiz Production URL: http://www.showbiz.com.sg Address: 100 Jalan Sultan #03-21 Sultan Plaza Singapore 199001 Contact Information: Tel – 62922202 Fax – 62922272 Staff: Miss Tracey Yin Llewellyn (HP: 97949014) Showbiz productions was established in 1995. They commenced business as an entertainment company providing music, DJs, talents, mascots and shows for client companies' Dinner and dance functions, Family Days. Over the years, they grew and in addition to the above mentioned, they also organize conferences, seminars, product launches, children's' parties, charity shows, weddings, photography, videography, dramatic openings, computerized lucky draws and installation of audio/visual equipment for seminars held at client's own premises. They pride themselves for delivering good job done at reasonable price.

Company’s Name: Sonam Yang Associates URL: http://www.sonamyang.com Address: 71 Tannery Lane #08-04 City Industrial Building Singapore 347807 Contact Information: Tel – 67320198 Fax - 68875689 Staff: Mr. Sai Yann (HP: 94774342) Sonam Yang Associates handles event-planning projects in Singapore, Malaysia, Indonesia and China. Founded in 1999, the company has developed an integrated philosophy to address the design, branding and event needs for their prestigious clienteles and partners. They collaborated actively with professionals worldwide and is reliable in the new perspective in event consultancy, production, management, creative visuals, exhibition and interior design.

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Company’s Name: Superstars Special Events Management Consultants URL: http://www.superstar.com.sg Address: 48 Hillview Terrace #06-08 Hillview Building Singapore 669269 Contact Information: Tel – 67332318 Fax – 67344611 Staff : Mr. Mike (HP: 97578478) Superstars Special Events Management Consultants provide full-service event and entertainment management services. Their team comprise professionals that are diverse in training, talent, capabilities and experience. They strive to always be creative and innovative in event concept, design, presentation and delivery and believe that style must also always go with substance. The company invested in professional hardware assets that are critical to successful event production -- audio-visual equipment, video production systems, props production machinery, special effects apparatus, rigging structures, display systems, specialised technology systems and computer software programmes, etc.

DIRECT COMPETITION: MATCHMAKING AGENCIES

STRENGTHS WEAKNESSES → Match up service is tailored to

meet the requirements of the busy professional

→ Careful and detailed profiling and assessment of candidate’s eligibility and suitability

→ Strong capability of planning first meet-up sessions for potential couples

→ Consider the convenience, duration and environment of planned dates

→ Often stop at successfully matched couples, but did not continue their commitment to help them in subsequent dates

→ Overlook clients’ inability to please, surprise and date members of the opposite gender

OPPORTUNITIES THREATS → Continue to keep focus on the

vast single’s market → Liaise with more companies, so

as to expand list of dating locations Increase acceptance of matchmaking in Singapore

→ Government’s support to match-make singles

→ Powerful competitors to be reckon with. Eg. Online dating sites which are free

→ Matchmaking still perceived to be embarrassing and unnecessary

→ Economic Downturn will possibility affect singles to be more focused on finance instead of looking for their partners

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PROFILE OF MATCHMAKING AGENCIES

Company’s Name: LUNCH Actually URL: http://www.lunchactually.com Address: 63 Circular Road #02-01 (049417) Contact Information: Tel - 65320010 This self-proclaimed largest matchmaking agency in Singapore is known for profiling singles and arranging dates through lunch. Their rationale behind dating through lunch is convenience, low pressure and appropriate duration of an hour. One of their strength is that their clients will automatically become part of The Lunch Club, would consists of an exclusive membership card which entitles their clients to special discounts and privileges at top restaurants, lifestyle and retail outlets in both Malaysia and Singapore.

Company’s Name: Club2040 Pte Ltd URL: http://www.club2040.com.sg Address: 204 Joo Chiat Road, #02-01 Singapore 427475 Contact Information: Tel - 6346 6438 Fax - 6346 3409

Red Box Events Pte Ltd, was appointed by SDU for a 2-year term in 2003. Under the 2-year contract, the company had to deliver no less than 1,000 events ranging from dinner dates, talks, workshops, outdoor activities to the all famous speed dating. The unique point of this agency is that they offer matchmaking services for males only and on an ad-hoc basis. They claim that they want to focus on matchmaking and relationship coaching. Club2040 have an in-house tool that allows clients to learn about his relationship pattern and by understanding his pattern, they will then coach and guide the client to improve and hence increase his chance to finding that right partner.

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Company’s Name: Table For Six URL: http://www.tableforsix.sg/home.php Contact Information: N/A Table For Six is a unique self-service dating agency, which offers the hybrid of Personal Dating Service and Social Gathering. All our events are based on 6 persons or 6 couples; over Dining, Movie, Travel or Activities. Membership is strictly by invitation only, and is categorized by Friends, Elite and VIPs.

DIRECT COMPETITION: MARRIAGE AND FAMILY COUNSELLING CENTRES

STRENGTHS WEAKNESSES → Dedicated counseling service for

individuals, couples and families. → Able to Established Personal

Relationships with clients, thus also building an amount of trust between the counsellor and the clients

→ Provides an extensive range of related service, such as: work-stress management, parenting concerns, sexual Identity Issues

→ Have Marriage Guidance Course

→ Advices given may be limited as it is not in the culture of counselling centres to help their clients to take actions

→ Unable to gauge or measure if the centre’s guidance will help the clients to resolve their relationship problems

→ May not be able to engage the cooperation of the client’s partner

OPPORTUNITIES THREATS → Make services more accessible to

the public → Examine other causes of an

unhealthy relationship or relationship conflicts

→ Aggressive pricing strategy from own industry

→ There are organisations providing such services at no/low cost

→ Customers unlikely to approach centres due to “face issue”

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PROFILE OF MARRIAGE AND FAMILY COUNSELLING CENTRES

Company’s Name: FamilyWorks Pte Ltd URL: http://www.familyworks.com.sg Address: 545 Orchard Rd #05-12 Far East Shopping Centre Singapore 238882 Contact Information: Tel - 62353341 FamilyWorks Pte Ltd is a private consulting and training agency that seeks to capitalize on its core strengths which are in direct consulting and training in the soft skills of managing and maximising human capital. Its director and principal consultant has over twenty years of practice and is an experienced speaker and trainer to many government, private and voluntary sector agencies. To provide the best combination and fit of services to its corporate clients, FamilyWorks also works in association with a number of consulting companies to draw on their strengths.

Company’s Name: VA Psychology Centre URL: http://www.vapc.sg/ Address: 1 Jalan Hitam Manis, Chip Bee Gardens, Singapore 278416 Contact Information: Tel - 62359602

The Von Auer Psychology Centre was founded on the premise that a warm and nurturing approach would soothe a client’s soul and psychological wellbeing. They promise to take each client’s personal life experiences and unique needs into account on their therapeutic journey with us. The company offers safe, open-minded and confidential counseling for: Individuals (children, teenagers and adults), Couples and Families, Eye Movement Dessensitization and Reprocessing (EMDR).

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Company’s Name: Apkim Resources URL: http://www.apkim.com Address: 134 Arab Street Singapore 199824 Contact Information: Tel – 62951011 Fax - 62932122 Apkim Resources is committed to provide counselling to those who are facing emotional, psychological, relationship and marital problems. Unlike other Marriage Guidance Course, Apkim Resources pre marital course provides a personalized individual couple session which include addressing the individual couples’ concerns to help the couples prepare themselves for their marriage.

(C) INFORMATION ON INDIRECT COMPETITORS

Online Dating Sites: Such as singles2meet.com, sg.match.com, and speeddate.com are examples of local dating-oriented website catered to individual who are looking for a date. Modern men and women are IT-savvy, and value convenience and time. Thus, they often turns to such website to look for potential partners. With the growing trend of posting personal information to the web and making friends online, such social websites just gets more and more popular. High-End Restaurants/ Hotels: Because they are usually patronised by high-value customers, these prestigious restaurants and hotels would allow and welcome special request. They are a group of strong competitors to look out for, as there is a high chance of them pleasing the customers for no additional charges. Couple Destinations: Such as Escape Theme Park, Singapore Flyers may start to introduce, or even customise packages that are catered for the enjoyment of couples. They may have all-in-one services, which includes their attraction and meals. This is a threat, as it will deter the purpose of our business. (D) POSSIBLE NEW COMPETITORS

- Companies competing in a related market - Companies already targeting our prime market segment but with unrelated service - Companies from other geographical areas and with similar service offerings - New start-up companies organized by former employees and/or managers of

existing related companies

CompetitorComparisonMatrixServiceProvider RangeofService Price Location Networkand

ConnectionProposedBusinessIdea

ProfessionalLoveConciergeService,inclusiveofcounsellingandeventplanningforthebattlementofourclient’srelationship.

AffordableandReasonablerateof$20to$120perhour.Packagesavailable.

Easilyaccessible,convenienceandwellknown,yetnotcompromisingwithprivacyconcerns.

Wewouldbeworkingcloselywithrestaurants,popularcoupledestinations,hotels,floristandetc.

ConciergeService:

Providesservicerangedfrombookingoflimousinetobabysitting.

Targetedathigh‐endguestsoftheirluxuryhotel.

OnMarinaSquareandrightacrossfromtheEsplanade.Nexttotheprimebusinessdistrict.

Maintainsaofficialaswellaspersonalnetworkthatcanbeusedforbusinesspurposes.

SimilartoMandarinOriental.

Targetedatbusybusinesspeople,withlittletimetorunearradsatthearea.

SituatedstrategicallyintheheartofSingapore.Easilyreachedbymajorexpressways.DirectlinktotheCityHallMRT.

Maintainsaofficialaswellaspersonalnetworkthatcanbeusedforbusinesspurposes.

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Matchmaking:

Doesnotperformfollow‐upservicesforthenewcouples

Targetedatbusyprofessionalstohavedatesoverlunch.

HavebranchesinSingapore,MalaysiaandHongKong.HoweverlocationinSingaporeisn’tverycentralisedandexactlyconvenience.

Providesmembershipcard,whichentitlesmemberstodiscountsatseveralrestaurants.

Offers the hybrid of Personal Dating Service and Social Gathering.

Strictlybyinvitationonly.So,priceisn’taconcernhere.

Unabletocomment,aslocationinformationisunavailabletopublic.

Nomajorconnectionswithothercompanies.

EventPlanning:

Eventconsultancy,production,management,creativevisuals,exhibitionandinteriordesign.

Usualevent‐planningpricing.

Pricearequotedbasedoncomplexitylevelanddemands.Usuallyapproachedbybigcorporations.

Alreadyhaveawideconnectionofcontacts,suchascateringandoutdoorlogistic.

Providefull‐serviceeventandentertainmentmanagementservices.

Usualevent‐planningpricing.

AimatSMEandsocialorganizationgroups.

Havesourcesforentertainment.

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