Group CEO Message
Governments worldwide have observed a shift in market dynamics due to the global COVID-19 pandemic. Throughout the crisis, it became evident that our communities relied heavily on digital connectivity as they were compelled to maintain physical distance. In a time of widespread lockdowns, the importance of digital connectivity cannot be overstated.
As we stand today, we hold a mixture of concern and optimism for the future, while also feeling well-prepared for the uncertainties that lie ahead. The reality of the crisis is undeniable, and its associated risks are becoming more evident.
Effecting a change in perception and leveraging a sluggish market to our advantage will necessitate significant efforts. The onus is on us to adeptly navigate this evolving market and reshape perception, requiring us to adopt a fresh mindset that remains resilient amid changing circumstances.
As we step into the post-pandemic stage, we’re adapting to a new reality and actively contemplating its implications. While much remains uncertain, several aspects are clear:
- We will explore new business opportunities by immersing ourselves in emerging market trends, poised to seize advantages beyond our conventional scope.
- There will be a demand for innovative approaches to enhance value for customers and partners, including refining product quality, performance, and strategic approaches.
- The digital realm will continue to exert a strong influence. We intend to amplify our online presence through product webinars and streamline operations through digitalization.
It’s imperative to evaluate the existing systems within our regional branch offices, considering their performance and growth projections. This evaluation is crucial for establishing a robust organizational structure within each Southeast Asian country. In line with our expansion strategy, we established local subsidiaries in Vietnam (March 2020) and Thailand (June 2020), aiming to formulate regionally aligned strategies.
The markets of China and Southeast Asia possess unique characteristics, shaped by local functions and service expectations. These attributes are intricately linked to factors such as industrial structures and service values. Building a localized business model with a strong management team in each country is advantageous, allowing us to tailor optimal product strategies for each distinct market. By pursuing this approach, we aspire to increase earnings in these markets respectively.
STRIVE FOR ENHANCED MARKET GROWTH IN THAILAND
Our recently established branch in Thailand is dedicated to promoting the sales of interior furnishing products, services, designs, and construction solutions. Our objective is to advance the local market further, capitalizing on the increasing influence of Sangetsu. Wallpaper, a favored decorative material found commonly in hotels, has garnered popularity. To this end, we’re intensifying our efforts to bolster product capabilities encompassing design, construction, and applications. Our primary focus is on driving sales among interior designers and professionals. Despite the challenges imposed by COVID-19 travel restrictions, our team adeptly maintained business operations through virtual meetings, ensuring minimal disruption.
ENHANCING PRODUCT STRATEGIES FOR DISTINCT MARKETS IN EACH COUNTRY
The operational model of the Goodrich Group has traditionally involved the initial selection of appropriate product lines at its Singapore headquarters, followed by their distribution to various Southeast Asian nations through local branch offices. However, we are currently reevaluating this business approach as we endeavor to create sample portfolios featuring products common to all entities within the Group. To facilitate this, we’ve appointed product development managers in each country to focus on crafting local products with substantial sales potential. Our aim is to strike a balance between the quantities of inventory for Group-wide products and locally designed items, promoting efficient utilization of these sample portfolios.
The enhanced sample portfolio will have universal applicability across all countries serviced by the Goodrich Group, offering several advantages, including:
- Efficient distribution of inventory by maintaining common stocks in each country.
- Consistent specification processes across countries by configuring product compositions that align with the design requirements of each nation.
- Enablement of specialized sales strategies for each country, such as featuring high-end offerings in Hong Kong and bespoke solutions in China.
In addition to strengthening our bonds with customers and partners, we are also deeply committed to reducing our environmental footprint through refined operational practices. Our dedication extends to supporting social causes within the communities where we operate.
Furthermore, we are rigorously reviewing our safety protocols to ensure stringent adherence to the highest safety standards across all our projects.
Our growth strategy centers on adapting to the increasingly diverse and refined needs of our clientele. This involves expanding our product strategies to cater to the distinct demands of local markets.
In summation, it’s imperative that we recalibrate ourselves to align with the evolving landscape and progress unitedly as a cohesive team. Earning the trust of our customers and stakeholders stands as our paramount goal. Guided by our people-centric approach, we will steadfastly uphold our enduring values of entrepreneurship, teamwork, and integrity.