Executive Summary
Advancement in technology and the growth of the internet has made many individuals to increase their frequency of using digital media and online information. Equally, there has been an increased need for businesses to strengthen their online presence in order to expand their marketing capabilities and access increased customer portfolios. Another important factor that has generated is the need for online presence is the need to develop a competitive edge in the business. This can be attributed to the fact that nearly all business aspects are dependent on technology. For this reason, Worldwide Web Functions Limited is dedicated towards the provision of digital online solutions and applications to customers in Singapore and other parts of the globe to assist them in reaching their target market. Worldwide Web Functions Limited provides a platform for businesses to share digital information in a cost effective manner.
Worldwide Web Functions Limited focuses in the creation of marketing websites for business to share digital information with the customers in both real time and non-real time. It also creates web portals to enable businesses to interact with other suppliers along the supply chain. Services include custom charts, such as the Gantt chart, which may be assessed by both customers and suppliers. These digital services cover a wide range of business applications that include website creation, building e-commerce websites, creation of marketing and sales applications, and offers strategies to help businesses enhance the quality of their service provision. Above all, Worldwide Web Functions Limited ensures that businesses are equipped with all the tools necessary for improving customer engagement in addition to advancing the quality of customer experience of the business.
Customer base: Currently 70% of customers are domestic. We are focusing now on helping foreign companies to better integrate themselves locally.
History/Overview of the Company
Company overview
Worldwide Web Functions Limited is a company that specializes in the provision of global digital media and online information. The company is involved in website development and management of online marketing applications and online sharing applications. The company’s multi-channel e-commerce website platform supports information sharing on real-time and non-real time basis. Worldwide Web Functions Limited’ comprehensive website platform offers such as website creation, direct and indirect information sharing, digital product fulfilment, online order management, and advanced strategic marketing services. The company primarily operates in Singapore but offers its services to international clients.
Currently, Worldwide Web Functions Limited provides its business services in one market segment: primarily providing online and digital media solutions in Singapore and global companies. Worldwide Web Functions Limited portfolio of services range from website design, website development and hosting, digital information sharing, advanced information sharing and analytics, online marketing strategies, and online graph analysis. Website design, development, and hosting services involve the delivery of website services that suit e-commerce needs of many companies. These services are deployed and implemented using diverse platforms. Similarly, the information-sharing platform enables businesses and clients to promote their products, cross-sell activities, and outline specific features of information and products they are willing to share.
Worldwide Web Functions Limited’ strategic marketing services involve the provision of marketing advisory services intended at enabling businesses to increase the rate of customer acquisition and retention in addition to enhancing the long-term value of customers. Using the company’s website analytic tools and analytic-based optimization, Worldwide Web Functions Limited allows customers to access information services such as custom charts (Gantt chart) and other summarized website information. Other advanced services provided by the company entail the provision of electronic delivery capabilities whereby clients and businesses are capable of delivering digital products to their targeted markets via the company’s online platform.
Historically, Worldwide Web Functions Limited was formed in 2011 but started offering online and digital media services in January 2012. J. Cohen who holds experience in digital media solutions and international businesses formed the company. Together with his friend Bob Collymore, J. Cohen researched information on e-commerce providers in Singapore and analyzed the capability of the online and digital information sharing industry. Having collected the necessary information, they identified the gaps in the industry and formed a company committed to fulfilling the identified gaps. In October 2011, Cohen and Collymore reorganized their ideas and formed a company focused in the provision of digital media services and online information sharing services. In the same month, they acquired all the necessary software needed to run the business. This included hiring on Software engineers, and web specialists. The founders undertook the marketing obligations of the company and using their skills, they developed the e-book portfolio to outline the range of services offered by the company.
In January 2012, Worldwide Web Functions Limited rolled out its services to businesses, suppliers, and individual clients in Singapore. This included signing deals with companies interested in e-commerce solutions and global information sharing. By June 2012, the company had managed to increase its employee capacity to 10 people excluding Cohen and Collymore who had assumed the roles of company executives. By this time, the company had also managed to enter into an agreement with Skype to enable it improve the quality of services offered to clients through direct interactions. The company had also managed to encrypt all data and information being processed through the company to protect the privacy and confidentiality of sensitive information. Even through information provided by the company was to be shared; all the necessary security measures had been put in place because of the dangers associated with online security.
In February 2013, the company entered into a joint agreement with MartketingExpert, a provider of next-generation marketing management tools and services. Within the same month, Worldwide Web Functions Limited developed and launched the new platform for offering strategic marketing services. This solution was designed to offer online businesses and suppliers a platform for automating and simplifying daily tasks associated to the management and growth of online services. As of April 2014, Worldwide Web Functions Limited had distinguished itself in the delivery of online and digital media solutions to companies in Singapore and other parts of the globe. These services range from website creation, direct and indirect information sharing, digital product fulfilment, online order management, and advanced strategic marketing services.
Industry and Competitors
Globalization continues to provide increased opportunities for many a person and businesses in the digital and online industry thereby acting as a primary source of growth for companies in this industry. Strong macroeconomic forces are responsible for driving growth in emerged markets such as Singapore. Improvements in technological infrastructures particularly in online technologies play a fundamental role in enhancing the growth of business activities in this industry. Increased provision of internet services has also facilitated access to digital information and online sharing activities with the same rate expected to grow at a promising rate. Online access through online platforms has also increased tremendously thereby creating the need for the creation of mobile platforms and applications to enable customers to access services through their mobile devices ("Industry Report: Telecoms And Technology: Singapore” 2).
Another important macroeconomic factor that has promoted the growth of the industry is increased consumer spending on online and digital related products. This increases the likelihood of consumers and businesses to consume products offered by the company. However, the increased growth of online services and digital media segments provides increases the level of competition in the industry. This creates a challenge for companies in the industry to develop innovative strategies that are certain to improve their competitive advantage in the industry. Improvement of the existing product portfolios offers an ideal opportunity for these companies to expand to new heights. Innovativeness is key to growth in this industry. For this reason, technology and technological related infrastructures are other important macroeconomic facilities that influence the growth of business activities in this industry. It is therefore emphatically crucial for companies to invest in new technologies in order to enhance their level of competitive influence.
Trends in the industry also show that interactive applications and media play a significant role in influencing the consumption of digital and online services. The use of interactive applications such as live chat support, video conferencing, and instant response services have proven to be points of attractions for many a client.
Competition
In terms of competition, the development of online and digital content is subject to increased competitive forces. Singapore’s technological industry is identified as one of the leading, cost efficient and most effective industries. This can be attributed to its ability to match or exceed the standards expected in developed countries in various aspects. This factor has enabled Singapore to attract multinational corporations to set up offices in Singapore so that they can have easier access to the international market. Equally, rapid technological changes coupled with the development of new business innovations have led to the creation of formulation of new business ideas thereby increasing the capability of creating new business opportunities ("Industry Report: Telecoms And Technology: Singapore”). In turn, this has led to intense competition among new businesses. Internet marketing in Singapore offers one of the highest market penetration rates in the industry. This market enables interested companies to access other markets in the Southeastern parts of Asia ("Industry Report: Telecoms And Technology: Singapore”). For this reason, competition among companies to access this market is very high.
Worldwide Web Functions Limited faces competition from a number of companies in this industry. However, the two most competitive firms that might provide the greatest challenge for Worldwide Web Functions Limited are Mercury Design and 24K Design Studios.
Mercury Design
This company specializes in the provision of online communication services to companies and client’s customers in several countries across Asia. Mercury Design is headquartered in Singapore and has years of experience in providing online solutions to companies utilizing online marketing services. Primarily, its products and services include internet marketing, website designing and development, event management, and online conferencing.
24K Design Studious
24K Design Studious is a Singaporean company that specializes in the provision of a plethora of Business-to-Business (B2B) and Business-To-Consumer (B2C) services to companies in the Singapore. It also enables companies to realize their growth and profitability goals and objectives. The range of services provided by 24K design studious include internet marketing, online communication, outsourcing, and Search Engine Optimization (SEO) for interested companies.
Potential Profitability of the Industry
According to ("Telecoms And Technology Industry Report: Singapore."), the online and digital media information industry is projected to grow at an increasing rate over the coming years. This growth is expected to come from continued development of new digital media delivered through the online and mobile platforms. With the increasing growth of the emerging economies such as Singapore, businesses and individuals in the digital and online information sharing market will continue to identify new ways of using opportunities available through these markets (Country Report: Singapore). This shows a future characterized by increased demand for digital information sharing, website services, and online marketing services. Increased digitization and versatile online applications and services are likely to make a greater impact on business activities thereby offering attractive opportunities for companies specializing in the delivery of digital and online services.
Based on the above factors, the digital and online industry will continue being attractive to individuals and businesses over the coming years. As a new company in the industry, Worldwide Web Functions Limited is certain to make an impact in this industry and benefit from the wide range of opportunities available in this industry. Adoption of advanced and emerging technologies will enable Worldwide Web Functions Limited to provide new business services and products thereby enhancing its ability to generate increased profits.
Situational Analysis: PEST Analysis
This section provides an overview of the political, economic, social, and technological factors that influence business activities in Singapore.
Political
The political landscape In Singapore is characterized by democracy. On January 26 2013, Singapore went through a democracy test, which it passed impressively well. This provides an ideal environment for investors to undertake their business initiatives in the country. There has been a public outcry that foreigners are given more priority than the locals are. Most investors have seen the country to be independent from politics, but the recent development in the political scene tend to support the growth of business activities. Equally, legal regulations such as licensing enables the government to control illegal activities in the country. The government through Acts of parliament has passed regulations to minimize unnecessary competition thereby enabling new businesses to benefit from growth opportunities ("Telecoms And Technology Industry Report: Singapore.").
Economic Factors
According to data from the CIA world Factbook, Singapore is considered a developed economy based on IMF standards. According to IMF data, its GDP was $341 billion in 2012 and was ranked 41 globally (CIA). China, Hong Kong, and Malaysia are the main export partners of the country. The main goods exported out of the country include refined petroleum product, pharmaceuticals, and machinery and equipment. Concerning imports, the US, China and Malaysia form the top three major import partners with chemical, mineral fuel, and machinery being the main imports. Companies and consumers interested in conducting their business opportunities in Singapore are certain to benefit from services offered by Worldwide Web Functions Limited.
Socio-Cultural Factors
The society also has a culture of embracing diversity. Ethnic differences existing in the Singaporean society are accepted and used to unite the society. English is the most common language used by business people, the government, and in schools as a medium of instruction. The country is rich in culture because of its diverse nature. As a result, the single most acceptable cultural norm is accepting everyone. This sets a good environment for enterprises in the country. There is freedom of religion, which has greatly been linked, to the country’s economic prosperity over the years. These factors would be influential in enabling Worldwide Web Functions Limited to access a wide portfolio of clients.
Technological Factors
Worldwide Web Functions Limited depends on technology to execute its functions. The Singaporean technological industry is well developed and offers the latest technological tools ("Telecoms And Technology Industry Report: Singapore."). This provides a good incentive for the growth of business services and products provided by the Worldwide Web Functions Limited.
Statement of Objectives
Worldwide Web Functions Limited intends to realize a number of business objectives in the Singaporean and global market. These include:
- Become the leading company in Singapore in website design and development
- Increasing its commitment in building innovative e-commerce websites to companies and clients in Singapore and other parts of the globe
- Developing marketing and sales applications to assist businesses to access and offer their services to clients in both online and mobile platforms
- Delivery of a wide range of business strategies and solutions designed to help businesses enhance the quality of their service provision.
Strategic Analysis
This section outlines the forces that influence the internal and external factors of the organization. These includes the company’s core competencies, strategic options, and weaknesses that might influence the quality of services offered by the company.
Core Competencies
Speaking of core competencies, Worldwide Web Functions Limited seeks to distinguish itself from its competitors through the delivery of distinctive, high quality products, and services using a unique business model. Another source of core competency entails the establishment innovative and interactive digital and online solutions that appeal customers. Finally yet important, the adoption of the latest technological products and solutions enables Worldwide Web Functions Limited to stay ahead of the competition.
SWOT Analysis
Strengths
The strengths of the proposed Worldwide Web Functions Limited include;
- Interactive technological platform
- Reduced costs in store locations because most services are offered on the online platform.
- High developed customer services that will help in attracting and retaining new customer
- Worldwide Web Functions Limited is guided by values, principles, and goals that are aimed at realizing a sustainable future
- highest and finest quality of digital products and solutions
- Wide a variety of products and services
- Excellent professional skills and abilities of the founders and Web experts
Weaknesses
- Low capital base and lack of a developed market
- Limited detailed understanding of the Singaporean digital and online
- Amalgamation of cultures in Singapore might affect the delivery of services
Opportunities
- The growing global digital and online market
- Availability of expansion opportunities for the delivery of Online content and marketing services
- The willingness and dedication to satisfy the changing needs and aspirations of clients
- The ability to benefit from Economies of scale if it forms strategic alliances with other companies
Threats
- Increasing competition from 24K Design Studios and Mercury Design
- Reserved consumer behavior due to the existence of different cultures
- The increased online fraud and cyber security might affect business activities
Organizations marketing strategy
Worldwide Web Functions Limited’s marketing strategy is composed of the product, place, promotion, and pricing strategy.
The Product Strategy
As earlier mentioned, Worldwide Web Functions Limited delivers supply and portfolio of services range from website design, website development and hosting, digital information sharing, advanced information sharing and analytics, online marketing strategies, and online graph analysis. This gives the company a competitive edge over the competitors.
The Place Strategy
Industry analysis and increasing trends shows that the online market is growing at an increasing rate and Worldwide Web Functions Limited aims to provide all its product offerings through the online platform.
The Promotion Strategy
Worldwide Web Functions Limited promote its products and services through a number of distribution channels such as online adverts, social media, and interactive websites. Other channels of communication include TV and radio commercials (Kotler, & Keller, 2009).
Pricing Strategy
The prices for products and services delivered by the company will be dependent upon the type of service. Besides, the pricing will be done in a competitive manner such that it does not scare clients in addition to compromising the quality of the product.
Organizational overview
J. Cohen heads the organization and B. Collymore will act as the CEO. Below them will be the director of operations and head of marketing services. Other staff members include Website developers, marketing consultants, and live customer support. The Human resource manager who will be responsible for overseeing all operations in the company will head all these staff members.
Human Resource and Production Strategies
Employee welfare is a key factor for strengthening the output of the organization. For this reason, the HRM department intends to employ certain HRM strategies to improve the company’s performance. These include:
- Promotion of increased motivation and positive attitudes among employees
- Encouraging employees to learn new skills to enhance their abilities
- Ensuring employees have expanded responsibilities to ensure extensive utilization of their skills and abilities
The above incentives are certain to increase high performance among employees.
Financial Overview
Currently, majority of funding for the organization will be generated from revenues and profits obtained from offering services to clients and customers. The company’s accounts are also in stable condition given that no acquisitions have been made over the past. However, the company intends to solicit funds from the public by offloading 40% of the shares through an Initial Public Offering (IPO). This will enable the company to access more funds from the company
Future prospects for the organization
Worldwide Web Functions Limited will set up a revenue estimate objectives, which will govern the increment in utilization of the company’s products and services. Worldwide Web Functions Limited also aims to expand its services to other parts of the globe. The executives of the company have set the annual target at 10%. Continuous monitoring and evaluation will offer an avenue for Worldwide Web Functions Limited to restructure its product portfolio and service delivery options to suit the stipulated sales forecast objectives.
Work Cited
"Industry Report: Telecoms And Technology: Singapore." Telecoms Industry Report: Singapore 1 (2013): 1-10. Business Source Premier. Web. 15 May 2013.
"Telecoms And Technology Industry Report: Singapore." Telecoms Industry Report: Singapore 2 (2012): 1-10. Business Source Premier. Web. 15 May 2013.
CIA. Singapore. 5 February 2013. 13 March 2013.
Country Report: Singapore." Singapore Country Monitor (2013): 1-26. Business Source Premier. Web. 15 May 2013.
Kotler, P., & Keller, K., A Framework for Marketing Management (4th ed.). Pearson Prentice Hall. 2009. Print
