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Finished Management Assignment

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Management assignment
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   1. Introduction Company background LORENZO is a branded lifestyle furniture manufacturer and retailer. Lorenzo’s reach goes  beyond the shores of Singapore. LORENZO’s head office is located in Kaki Bukit Place, Eunos Techpark Singapore. At the same time, they set up many branches in Malaysia, Taiwan and China. They sells most of its products under the LORENZO brand name grouped under two main collections , that is Dante for classic leather sofas and Enzo for a wood-based collection of oak, walnut and birch wood furniture. The Enzo series of products includes furniture for the  bedroom, living room, and dining room. Reputed for contemporary style, Lorenzo’s products are renowned for their luxurious comfort, fine workmanship and exquisite quality. LORENZO strengthen its presence in high-performing regional markets and expand into emergent markets such as Thailand, Indonesia, India and others. The products are also exported to more than 50 countries. Lorenzo’s products provide comfo rt and style to thousands of homes around the world, including the cities of Paris, Casablanca, New Delhi, Shanghai, Jakarta, Sydney and New York. Their manufacturing facilities and assembly plants in China and Malaysia make up over 57,000 square meters. L orenzo’s Taiwan subsidiary opened a new store in Kaohsiung. To date, there are 13 stores in Taiwan, 19 in Malaysia, 6 in Singapore, and 3 in Shanghai. As an integrated lifestyle furniture group, LORENZO is involved in the entire process of making and selling of its products, from design to manufacture and assembly, to distribution through wholesale and retail channels.  2. Planning and Strategic 2.1 Basic strategic used to response to uncertainty LORENZO is a prospector in responding to uncertainty. A prospector is focus on developing new markets or services and in seeking out new markets rather than waiting for things to happen. LORENZO has produced many type of furniture with different design like sofa, dining table, side table, beds and dressing tables. The main product that LORENZO  produce is sofa, it has different series and pattern, for example, Enzo series, Dante series, and  Nature Enclave series. The LORENZO Group’s good reputation has been achieved through many years of excellent service and integrity in its business operations. To carry on its reputation, all marketing, advertising and sales activities are described their offerings and services. In their attempt to secure this stable market, LORENZO Company always advertising and other promotional costs low of their product to attract more people to buy their product. In Singapore, LORENZO is a major participant in the annual Singapore sales event, the Great Singapore Sale. LORENZO takes pride in providing savings promotions and often see great succe ss from them. Its most successful campaign to date has been an “$888 Cash Back”  promotion. LORENZO maintains its relationship with its customers and hold them through the  programme “LORENZO Friends”. Aside from purchase rebates, members also enjoy special member product offers and discounts with other partner merchants. Other this, they offer a limited range of furniture, and better  quality furniture or  customer service. Its goals tend to be efficiency oriented rather than effectiveness oriented. As a largely business-to-consumer brand, LORENZO markets itself actively through the mainstream media in high frequency. LORENZO is a large media buyer and places frequent  press advertisements on Singapore newspaper such as The Straits Times, The Sunday and Times. Other than this, media buys on television channels such as Singapore’s Channel 8 and Suria, are done during festive time. Below the line marketing methods such as direct mailers are also adopted. To encourage people to purchase, the company organize promotional events for new showroom openings, anniversary celebrations and new product launches.  2.2 Mission and Vision Establish mission and vision OUR VISION To be the leading lifestyle furniture provider enhancing living concepts for every home. OUR MISSION To provide our customers with comfort in style through constant innovation and product development. 2.3 SWOT Analysis 2.3.1 Strengths: Strengths are the skills and capabilities that give the organization special competencies and competitive advantages in executing strategies in pursuit of its mission. Competitive Cost of Product As an integrated manufacturer of furniture, LORENZO group have better control over the cost of products and a strong design team comprising personnel from different culture backgrounds, which deliver a wide range of products to aim on different consumer groups. Leveraging on relatively lower cost manufacturing base, LORENZO are able to compete in the highly competitive export market as well as with the manufacturers from Asia-Pacific and Europe. Established Brand Name Today the Lorenzo brand is known internationally, and has been recognised by a string of awards including the Singapore Business Superbrands 2010, the Asian Furniture Leadership Award 2009, the Brand Laureate and the Singapore Promising Brand Award, which it won for three consecutive years: 2003, 2004 and 2005. In all its markets except the PRC, which it only entered retail-wise in 2007, Lorenzo is an established and highly recognised furniture brand, and in the PRC, too, its name is gaining recognition.  Extensive Retail Sales and Distribution Network LORENZO GROUP has an extensive retail sales and distribution network covering Singapore, Malaysia and Taiwan, with LRS stores operating in the PRC, Malaysia, Myanmar, Brunei and Vietnam. LORENZO has also established an extensive overseas distribution network through regional distributors, wholesalers and chain stores to sell products. Not only that, LORENZO intend to enlarge existing markets by setting up sales network in various cities in PRC such as Beijing, Chengdu, Dalian and many other countries. 2.3.2 Weakness: Weakness is the drawbacks that hinder an organization in executing strategies in pursuit of its mission. Competitive market A competitive market is one in which a large numbers of producers compete with each other to satisfy the wants and needs of a large number of consumers. In a competitive market there is no single producer, or group of producers, and no single consumer, or group of consumers, can dictate how the market operates. Nor can they individually determine the price of goods and services, and how much will be exchanged. Competitive markets will form under certain conditions. There are many competitors other than LORENZO company that sell the same furniture. So the profit for this company will be affected. That’s why this is a weakness.   Cost structure Cost structure is the types and relative proportions of fixed and variable costs that a business incurs. The concept can be defined in smaller units, such as by product, service, product line, customer, division, or geographic region. Cost structure is used as a tool to determine prices, to highlight areas in which costs might potentially be reduced or at least subjected to better control. This is a type of weakness for LORENZO company because if you determine a wrong  price, it will affect your customer buying power. 2.3.3 Opportunity Opportunities are the environmental factors that the organization may exploit for competitive advantage.
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