Some of the practices that have allowed the three largest retailers to remain on top include price strategy – where the stores offer low prices, massive investment, provision of quality products, employee and customer satisfaction, right supplier sourcing and corporate and environmental responsibility. All three retailers engage in green initiatives that reduce waste and they all engage in giving back to the community.
3.2 Key Performance Indicators
Key performance indicator is defined as business metric aimed at assessing factors that are essential to the success of a firm (Murley 1997, p. 131). Here, I will analyse Sheng Siong’s KPI against its competitors using financial metrics and customer metrics. When measuring performance metrics …show more content…
205). Sheng Siong is influenced by the politics of the countries it operates in that is Singapore, Malaysia and China. Since all these countries have had a relative political stability, Sheng Siong has been able to operate without problems such as violence or immigration. On an economic viewpoint, Sheng Siong operates in countries with high growth rate and rising nominal GDP: Singapore $307.9 billion, Malaysia $375.633 billion, and China $13.38 trillion (in USD). the rising economy has influenced the standard of living of many people positively creating a wide middle-class population. Consequently, Sheng Siong attracts a mass middle-class that has high spending power. Sheng Siong has integrated various retail technologies to gain leverage such as application of an advanced payment system in stores that allows complete self-payment, data visualization that allows the store to count individuals and to assess traffic pattern, and inform ERP inventory system meant to track inventory. As a retail outlet involved in supply chain and packaging, Sheng Siong is dedicated to environmental conservation by employing efficient methods such as rationalization of delivery networks and a shift from polythene paper bags to reusable packages that are biodegradable. When Siong ventures in foreign countries, it …show more content…
205). Kaplan and Norton who developed the concept suggest that it is a strategy map for an organization. The scoreboard measures performance of internal business processes, customers perspective, financial perspective, and growth perspective (Kaplan 2009, p. 6-7). The internal business process involves factors to do with a good supply chain management, corporate and social responsibility, and personnel retention. Sheng Siong practices efficient supply chain system through strategic sourcing, good management, cost leadership and control and monitoring (Sheng Siong 2013). Sheng Siong has managed to maintain a low rate of turnover by offering its employees pay for performance and membership benefits. In terms of customers, Sheng Siong has been increasing its customers annually and they currently range at 210,000 customers daily (Sheng Siong 2013). The increase is a result of excellent customer service, quality products, loyal customers and low prices. Although Sheng Siong suffered financial losses in 2011 from closure of some of its strategic outlets and high investment in foreign countries, there has been an increase in project revenue, ROI, and local & international sales. Sheng Siong has been involved in growth
3.2 Key Performance Indicators
Key performance indicator is defined as business metric aimed at assessing factors that are essential to the success of a firm (Murley 1997, p. 131). Here, I will analyse Sheng Siong’s KPI against its competitors using financial metrics and customer metrics. When measuring performance metrics …show more content…
205). Sheng Siong is influenced by the politics of the countries it operates in that is Singapore, Malaysia and China. Since all these countries have had a relative political stability, Sheng Siong has been able to operate without problems such as violence or immigration. On an economic viewpoint, Sheng Siong operates in countries with high growth rate and rising nominal GDP: Singapore $307.9 billion, Malaysia $375.633 billion, and China $13.38 trillion (in USD). the rising economy has influenced the standard of living of many people positively creating a wide middle-class population. Consequently, Sheng Siong attracts a mass middle-class that has high spending power. Sheng Siong has integrated various retail technologies to gain leverage such as application of an advanced payment system in stores that allows complete self-payment, data visualization that allows the store to count individuals and to assess traffic pattern, and inform ERP inventory system meant to track inventory. As a retail outlet involved in supply chain and packaging, Sheng Siong is dedicated to environmental conservation by employing efficient methods such as rationalization of delivery networks and a shift from polythene paper bags to reusable packages that are biodegradable. When Siong ventures in foreign countries, it …show more content…
205). Kaplan and Norton who developed the concept suggest that it is a strategy map for an organization. The scoreboard measures performance of internal business processes, customers perspective, financial perspective, and growth perspective (Kaplan 2009, p. 6-7). The internal business process involves factors to do with a good supply chain management, corporate and social responsibility, and personnel retention. Sheng Siong practices efficient supply chain system through strategic sourcing, good management, cost leadership and control and monitoring (Sheng Siong 2013). Sheng Siong has managed to maintain a low rate of turnover by offering its employees pay for performance and membership benefits. In terms of customers, Sheng Siong has been increasing its customers annually and they currently range at 210,000 customers daily (Sheng Siong 2013). The increase is a result of excellent customer service, quality products, loyal customers and low prices. Although Sheng Siong suffered financial losses in 2011 from closure of some of its strategic outlets and high investment in foreign countries, there has been an increase in project revenue, ROI, and local & international sales. Sheng Siong has been involved in growth