Entrepreurship Hung Fook Tong, A Hong Kong Based Chinese Herbal Drink Company

3962 words - 16 pages

IntroductionHong Kong people have become more health-conscious in the past decade. In 2003, the SARS epidemic in Hong Kong had cruelly taken away the lives of 300 people and left us with traumatic experiences. After such a painful lesson, people have realised the vulnerability of life and the importance of health. Their consumption on healthy products has surged considerably as a result. In order to explore the lucrative market of healthy products, I have chosen Hung Fook Tong ( HFT) for my analysis assignment. Found in 1986, HFT is a large herbal tea enterprise with chain stores, manufactories of health products and bottled herbal drinks. It is determined to devote itself to the search for a perfectly natural path to health for the benefits of mankind and to hand down the fine tradition of Chinese herbal application.Coincidentally, one of my friends had previously worked at HFT during summer vacation. In order to carry out a thorough analysis of HFT and the Chinese herbal drink, my friend has kindly arranged an interview for me with the marketing manager, Mr. Ricky Wong.However, before we process further, let us see what does a typical customer mean. A typical customer is someone who makes use of the paid products of an individual or organisation. This is typically through purchasing or renting goods or services. They are someone who frequented a particular shop, who made it a habit to purchase goods of the sort the shop sold there rather than elsewhere, and with whom the shopkeeper had to maintain a relationship to keep his or her "custom", meaning expected purchases in the future. The shopkeeper remembered the sizes and preferences of his or her customers.Types of typical customersTypical customers can be classified into two main groups: internal and external. Internal customers work for the organisation, possibly in another department or another branch. External customers are essentially the general public.Internal Customers- People working in different departments of the vendor's organisation- People working in different branches of the vendor's organisationExternal Customers- Individuals- Businesses or businesspeople, including suppliers, bankers and competitors.- NGOs, Government Bodies, Voluntary Organisations.However, although there are different types of typical customers, they are actually quite common because every customers have needs and expectations.Customer needs may be defined as the facilities or services a customer requires to achieve specific goals or objectives. Needs are generally non-negotiable, but may be optional or of varying importance to the customer. In any transaction, customers seek value-for-money, and will often consider a range of vendors' offers before purchasing.Customer expectations are based on perceived values of facilities or services as applied to specific needs. Expectations are influenced by cultural values, advertising, marketing, and other communications, both with the supplier and with other sources....

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