Kayangan Funeral Service would deliver quality product and services with great care, compassion, and respect for satisfying the consumer’s need.
The main goal of this company would be offering meaningful and permanent memories for our potential consumers by the professional and personal method. The objective of Kayangan Funeral Service would be flexibly deliver products and services to ensure the consumers for attaining their needs and demands.
Company Summary
A. Company Background
KFS (Kayangan Funeral Service) is best funeral service provider that will be located in Malaysia. It will be also established in feburary, 2018. The company will focus on building their team with highly skilled staff to deliver best services to community and friends on their desire place. This organization will be established as an independent firm, where organization will concentrate on the needs of grieving families. Kayangan Funeral Service will deliver the premium funeral services as it could help to attract more customers towards their organisation. It will also provide 24-hour services to their consumer as it could be helpful for satisfying the needs of consumers on their desired time. It would also arrange funeral on consumer’s home and support to arrange personal and modified funeral. Consequntly, the company can get pride themselves in offering consumer services.
B. Resources, Facilities, and Equipment (Business canvas model)
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Key partners · Manufacturers · Retailers · Shareholders · Stakeholders |
Key Activities · Promoting (marketing) · Research and development · Logistics · Trends and forecasting · Transportation |
Value Propositions · Funeral products and services with reasonable price · Fast delivery of products and services |
Customer Relationship · Permits consumers to return the extra or misuse products of the organization · Provide services on behalf of trends · Follow international trends · More value to the needs of consumers |
Customer Segments · Mass Market |
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Channels · Retail |
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Key Resources · Warehousing and logistics · Web site and accounts on digital platform · IT infrastructure |
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Cost Structure · Promotion · Logistics · Research and development · Manufacturing of funeral products like wood caskets and environmental caskets, and green caskets |
Revenue streams · Burial Plots · Columbarium · Cremation · Embalming · Casket / Coffin Selection · Funeral service · Pet funeral services · Funeral pre-planning · Flowers · Administrative matters and paperwork · Logistics / Transportation · Eulogy writing · Obituary |
Kayangan Funeral Service would consider three factors such as competitors, consumers and, and digitalization as it could help the company to evaluate the condition of market. The company will consider such factors as a marketing method.
Analyse Competitors
An organization would assess the local funeral homes and address different ways for evaluating the completion level and sustaining in the market (Armstrong, et al., 2015). Kayangan Funeral Service can compare their marketing strategy with competitor’s strategy for acquiring competitive benefits. An organization could also review the competitor’s branding and reputation to select the methods in order to demonstrate their unique image when consumers look for funeral goods and services (Burns, et al., 2014).
Survey Customers
The company can review prospective of potential consumers to deliver quality product and services in limited time (Foxall, 2014). Consequently, it could be capable to fulfill needs of specified consumers. It would also offer the funeral service at a lower price by considering both methods like traditional and online method. As a result, it will enable the company to obtain competitive benefits and make a unique image in the marketplace.
Social media marketing
The social media marketing could support Kayangan Funeral Service to enhance their number of consumers in specified time. The company would use media marketing approach in order to operate the funeral home services. The company would start their own page on the social sites for increasing awareness about their products and services among huge amount of consumers in specified time (Hollensen, 2015). The main objective of social media marketing is to engage buyers for sharing their views, perception and accurate data of their buying product. As a result, consumers would be capable to differentiate the product and services of a company with competitors. The company will offer valid post as it could aware the consumer regarding the significance of pre-planning. It will also enable the organization to make a valid link between consumers and organization (Keller and Kotler, 2016).
The organisational structure could be supportive to manage the whole process of business. Kayangan Funeral Service would use hierarchy structure wherein chief executive will allocate duties to senior, middle, and lower subordinates. It could be supportive to lead a top to bottom level in one direction. The hierarchical structure of business enables an organization to clearly defined accountabilities of expert or authority (Khan, et al., 2015). As a result, it would be significant for Kayangan Funeral Service to eliminate the ambiguity from working place. It would also make competent to an organisation to improve their productivity. This structure will also facilitate the company to provide opportunities for their employees and motivate them to accomplish their task (Kotler, 2015). It will be also significant for company to retain their employees for the long term as it would be beneficial to create customer’s loyalty (Martín-de Castro, 2015). This organization structure would entail many employees like a chief executive officer, home director of the funeral, and human resource manager. Others are a cashier, accountants, undertaker, mortician, marketing officer, contract officer, washer, cleaners, and security officers. They play an imperative role in an organization to accomplish their specified task.
The ownership structure play an imperative role in the organization as it would be supportive to operate the business. Kayangan Funeral Service will offer funeral service to consumers with quality. Public investors, private investors, Trustee of Kayangan Funeral Service, and management and staff would be key people of the organization. They will contribute their best in delivering quality services to their potential consumers.
SWOT analysis
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Strengths 1. Quality product and services 2. Platform business 3. lower cost business 4. Higher revenue and profitability |
Opportunities 1. Aging society opportunity 2. Expanded consumer needs 3. SNS Penetration 4. Enhance of small funeral workers 5. Higher growth rate and profitability 6. New goods and services 7. International marketplace 8. New Market 9. Venture capital |
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Weaknesses 1. Lack of consumers 2. Lack of understanding of funeral business 3. Small business units 4. Small capital |
Threats 1. Easier launch for current SNSs to this marketplace 2. Lower information technology of small funeral operators 3. Technical issues |
Social network service could support Kayangan Funeral Service to deliver online product and services to their potential consumers. It will also enable an organisation to deliver integrated services by gathering and co-operating the small funeral workers (Miquel-Romero, et al., 2014). In addition, it is also found that organization could obtain revenue from funeral services by considering the inbound marketing strategy. Since, it could help to obtain a higher benefit in specified time and co
A. External Analysis
An organization could use PESTLE method for analyzing the situation of market in a systematic manner. It also supports company to examine the factors, which could influence their business such as political, economic, social, technical, legal, and environmental factors (Mkude, and Wimmer, 2015). These factors could directly impact on performance of the business.
Political situation
The political situation of any country could influence new business Pasquier, and Villeneuve, 2017). The political situation of Malaysia would be appropriate for the Funeral services due to flexible rules and regulation for the new business. This country has stable and flexible political condition as it would encourage the entrepreneur to freely start their business. The political factor could be beneficial for Kayangan Funeral Service but at the same time, higher corruption rate could negatively impact on the business growth. It could also increase the business cost of an organization.
Economic situation
The economic growth of Malaysia is increasing over last 11 years. It could be beneficial for Kayangan Funeral Service to invest in Malaysia. The inflation rate is low as it will enable the buyer to purchase new product and services (Sheth, and Sisodia, 2015). Consequently, the company’s product will be sold due to the favorable economic condition.
Social situation
Malaysia is multicultural country because several ethnic and cultural groups are lived together. The majority of populations are Chinese, Malay, and Indian. Hence, there are many religious festivals and occasions have been celebrated each year. As a result, it can be more beneficial for Kayangan Funeral Service. Since, the multicultural country will facilitate an organization to sell a range of product and services to their consumers (Sohel, et al., 2014). Thus, the company could obtain a good percentage of sell
Technological situation
The techniques of the country could also impact on the growth and performance of the business (Weinstein and Pohlman, 2015). Malaysia uses advanced technology as it will support the Kayangan Funeral Service to easily increase the awareness of their products and services. In Malaysia, a huge number of customers are aware about the uses of internet and they are attached to the social networks. Hence, it will be advantageous for Kayangan Funeral Service to easily make a reliable relationship with them. Furthermore, Malaysia has effective banking structure and distribution of networks as it could help the organization to operate a business and reach at the more customers.
Legal situation
The trade policy of Malaysia is based on the British law as it supports Kayangan Funeral Service to maintain the cost of export and import. But at the same time, it can also be said that labor law could not be effective for Kayangan Funeral Service because it would negatively impact on the business productivity. Furthermore, environmental laws could have adverse impact on company in terms of declining the business profit (Set, 2014). Thus, company should make effective strategy to maintain their profitability (Htay, Set al., 2015).
Environmental situation
The environmental laws of Malaysia could support Kayangan Funeral Service to deal with environmental changes. It will also attract the organization to invest in Malaysia due to obtaining higher profit in long-term. The funeral products and services could be supportive for each culture of people hence the government has made flexible environmental laws (Salmon, 2016). As a result, it would be advantageous for Kayangan Funeral Service in terms of gaining revenues.
B. Customers
The company will be focused on “Specialist Operator and Ceremony Organizer” to deliver their services. Kayangan Funeral Service would give the preference to the old age home to deliver their products and services. This organisation will target G1, Silent, and Baby Boomers to provide their goods and services.
C. Strategic Alternatives
The strategic alternatives consider certain factors like price, differentiation, diversification, and adjacent businesses (Othman, et al., 2017). It will be effective to make effective strategy for the organization. These are discussed as below:
Price Focus
Kayangan Funeral Service could use niche strategy for focusing on the particular minority of market subgroup. It will also support the organization to differentiate their products and services in the niche market. This approach could concentrate on the small consumer’s segment and the firm needs to have a low-cost structure compared to competitors (Kasipillai, and Krever, 2017). This approach is effective when the business is new but at the same time, this strategy unable the organization to pursue in the bigger market. The categorization of the consumer could be different as it would depend on the targeted segment.
Differentiation
The higher amount of similar product and service availability in the market could create complexity for an organization (Eto, and Mahujchariyawong, 2015). Hemce, company could differentiate their products and services by offering quality to their potential consumers. The unique features of products and services could be crucial to develop distinguish image in the customer’s mind.
Diversification
The modification is the type of growth strategy where the organization develops new goods and services for the existing and new marketplace. This approach could enable company to differentiate their product and obtain higher competitive benefits. It could also help an organization to effectively practices of their resources for enhancing the profitability of firm (Eto, and Mahujchariyawong, 2015). Through diversification strategy, company would be capable to mitigate their risk and obtain a higher benefit in targeted time and cost.
Adjacent Businesses
The adjacent businesses strategy could facilitate an organization to enters into a niche market for operating higher surplus. In this, business concentrates on existing consumer’s preference as it would be effective for getting higher competitive advantages (Othman, et al., 2017). Moreover, adjacent businesses strategy could assist the company to introduce new products and service to develop new distribution method.
Strategic Implementation
Competitive Edge
Kayangan Funeral Service could be new group of funeral services providers in Malaysia. This organization could offer premium funereal services for an individual and sociality as it would help to make favourable relationship with them. Company could enable G1, Silent, and Boomer generation to celebrate movement when it ends. It could be more inspiring and social as compared to the traditional funeral homes. Company will also give up their slogan, “People memorizing people” as it would help make a distinguish image in consumer’s mind.
Marketing Strategy
The reputation of company could be supportive for the success of business. The organization could focus on promptly offering funeral services at the home to celebrate life of an individual when it ends. Moreover, and organization could perform non-profit activity as it would be supportive to obtain wide publicity (Eto, and Mahujchariyawong, 2015). The culture of an organization could be crucial to make a correlation between consumers, management, and employees. Consequently, it will support to improve the performance of the company and obtain a higher benefit. An organization could deliver high-quality services to customers at reasonable price for developing a long-term relationship with consumer. The company ensures that workers have a flexible working atmosphere for retaining them in long-term.
Sales Strategy
An organization could use sales strategy to accomplish targeted sale of the firm. The board executive of company will use training and development method to lead sales agent who used personal selling approach. It would be beneficial for sales agent to gain the awareness of product and services among consumers. It will change the buying behavior of consumers towards company products. In addition, it is also examined that the sales executives are influenced by consumers rather than a board of directors. They could make a reliable relationship with consumers to obtain higher competitive benefits in targeted time frame (Eto, and Mahujchariyawong, 2015). Once a customer is satisfied then they will recommend other customers to purchase the services and products of company. Hence, company will conduct market research to satisfy their customers as it could be supportive to retain not only existing customers but also attracts the new consumers in the limited time duration. Moreover, there are different services that could also be performed by sales executive like presentation, proposal, prospect and Qualify, and sales closing. Consequently, it will help to obtain favourable outcome.
A. Financial Projections
B. Contingency Plan
The contingency plan could be effective for an organization to evaluate existing strategy of organization for determine level of risk. There are three steps that would be considered by the organization in contingency plan such as critically evaluate the business, identify risk, and prioritizing the risk (Htay, Set al., 2015). It could support the organization to understand the existing situation of the company.
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Risk |
Strategies |
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Financial risk |
The organization could prepare a plan for upcoming uncertainty and mitigate the financial risk effectively. |
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Operational risk |
The organization could make a complaint or control department that would help to eliminate the operational risk from the business process. |
An organization would practice certain strategies such as cash flow and management, risk management and insurance, and saving and investment (Eto, and Mahujchariyawong, 2015). It will be effective to monitor existing financial situation of firm. Consequently, organization would be capable to improve their financial performance in targeted time frame.
References
Armstrong, G., Kotler, P., Harker, M., and Brennan, R. (2015) Marketing: an introduction. USA: Pearson Education.
Burns, A. C., Bush, R. F., and Sinha, N. (2014) Marketing research (Vol. 7). Boston, MA, USA: Pearson.
Eto, H., and Mahujchariyawong, P. (2015) ‘Feasibility and Acceptability of Long-Staying Healthcare Service Facilities in Developing Areas,’ Open Journal of Social Sciences, 3(11), P. 215.
Foxall, G. (2014) Strategic Marketing Management (RLE Marketing) (Vol. 3). UK: Routledge.
Hollensen, S. (2015) Marketing management: A relationship approach. USA: Pearson Education Limited.
Htay, S. N. N., Sadzali, N. S., and Amin, H. (2015) ‘An analysis of the viability of micro health takaful in Malaysia’, Qualitative Research in Financial Markets, 7(1), pp. 37-71.
Kasipillai, J., and Krever, R. (2017) ‘The adoption of GST in Malaysia: lessons not learned and a few new paths’, In Australian Tax Forum. 32, (2), P. 465.
Keller, K. L., and Kotler, P. (2016) Marketing management. USA: Pearson.
Khan, U. A., Alam, M. N., and Alam, S. (2015) ‘A critical analysis of internal and external environment of Apple Inc’, International Journal of Economics, Commerce and Management, 3(6), pp. 955-961.
Kotler, P. (2015) Framework for marketing management. USA: Pearson Education India.
Martín-de Castro, G. (2015) ‘Knowledge management and innovation in knowledge-based and high-tech industrial markets: The role of openness and absorptive capacity’, Industrial Marketing Management, 47, pp. 143-146.
Miquel-Romero, M. J., Caplliure-Giner, E. M., and Adame-Sánchez, C. (2014) Relationship marketing management: Its importance in private label extension. Journal of Business Research, 67(5), pp. 667-672.
Mkude, C. G., and Wimmer, M. A. (2015, May) Studying Interdependencies of E-government Challenges in Tanzania along with a Pestel Analysis. In ECIS.
Othman, R. D., Pauzi, N. F. M., Bakar, S. A. N. A., Sapari, A., and Karim, M. S. (2017) Goods and Services Tax (GST): The Importance of Comprehension Towards Achieving the Desired Awareness Among Malaysian. In SHS Web of Conferences(Vol. 36, p. 00036). EDP Sciences.
Pasquier, M., and Villeneuve, J. P. (2017) Marketing management and communications in the public sector. UK: Routledge.
Salmon, C. (2016) ‘From Cemeteries to Luxurious Memorial Parks. With Special Reference to Malaysia and Indonesia’, Archipel. Études interdisciplinaires sur le monde insulindien, 4(92), pp. 177-212.
Set, K. (2014) ‘Exploring thE intErnEt Adoption on tourism smAll And mEdium EntErprisEs (tsmEs) in mAlAysiA’, The Journal of Technology Management and Technopreneurship (JTMT), 2(1).
Sheth, J. N., and Sisodia, R. S. (2015) Does marketing need reform?: Fresh perspectives on the future. UK: Routledge.
Sohel, S. M., Rahman, A. M. A., and Uddin, M. A. (2014) Competitive profile matrix (CPM) as a competitors’ analysis tool: A theoretical perspective. International Journal of Human Potential Development, 3(1), 40-47.
Weinstein, A., and Pohlman, R. A. (2015) Customer value: a new paradigm for marketing management. In Proceedings of the 1997 Academy of Marketing Science (AMS) Annual Conference (pp. 132-133). USA: Springer, Cham.
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