Received 1st place with this presentation for an internal competition hosted by the Ivey Case Competition club based on a Tiger Balm case published by Ivey. Presented to the club executives.
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Competition Deck - Internal ICCC
1. “Works where it hurts.”
Team AEO2: Serene Chen Rosie Fan Katie Chen
2. Tiger Balm needs to focus on targeting greater market penetration and a wellness
niche to move forward
Issue Identification Customer Segmentation ImplementationRecommendations
Acquisition of related
companies
Target greater market
penetration to increase
revenue
Enter the wellness
industry with new
products
● Strong brands
under large
corporations are
too expensive
● Acquiring brands
active in one
country are
too limited
● Very broad
sphere
● Many paths of
product mix
expansions are
not correlated
enough with our
core brand
● Entering new
markets means
unfamiliar and
difficult regulation
procedures
● Customers in
penetrated markets
already have brand
awareness
3. North America
High revenue growth
28.3% growth in 2014
Existing plants for
manufacturing
High adoption rate of
Tiger Balm products
Issue Identification Customer Segmentation ImplementationRecommendations
Asia & Middle East
Medium revenue growth
18.2% growth in 2014
Existing plants for
manufacturing
Very high adoption rate
of Tiger Balm products
Europe
Low growth
5.2% growth in 2014
Low adoption rate of Tiger Balm products
Very strict regulation requirements
OPPORTUNITY
Introduce new product
line to penetrate Asian
and Middle Eastern
markets
OPPORTUNITY
Capitalize on high
growth through
penetration in the US
market
4. Increase market penetration with a focus on the
US and Asia/Middle East
1 2
Expand the Tiger Balm
Active line to the US
market
Develop and launch a new
Tiger Balm Pink Patch
product in Asia/Middle East
Issue Identification Customer Segmentation ImplementationRecommendations
Increased penetration of new consumer segments in
developed marketsOUTCOME:
5. The US provides the greatest opportunity for further market penetration, specifically
within the active lifestyle consumer trend
Region % Growth % of 2014
Revenue
Americas 28.3 11.9
Europe 5.2 9.9
Middle East 17.7 14.2
Asia 18.6 64.1
Total 18.2 100
1
31
20142008
2
Growing participation rates in sports among US
high-schoolers exemplifies the trend of health and fitness
Rapid growth in Tiger Balm’s US market and previous
dominance of US revenue in 2008 set precedent for a
second wave of growth in the US
Issue Identification Customer Segmentation ImplementationRecommendations
6. Existing distribution channels, push marketing tactics, and sponsorship avenues can
facilitate an easier transition of the Active products
Leverage our many existing outlets
for Active product distribution
● 60,000 outlets
● Chain superstores - Walmart
and Target
● Pharmacy chains - Walgreens,
CVS
Utilize push tactics to heighten B2B
sales efforts towards sports clinics
● Success in previous sales
efforts
● Target end consumers of low
to high-intensity,
non-professional athletes
Leverage existing advertising and
sponsorship avenues
● Sponsorship of marathons,
local competitions, and other
sporting events
● High-profile athlete
endorsements
Customer Acquisition
Customer Activation
Issue Identification Customer Segmentation ImplementationRecommendations
Barriers to Entry LOW
LOW DIFFICULTY
MEDIUM DIFFICULTY
Increasingly pharmaceutical companies are
using both a traditional push marketing
strategy alongside a direct-to-consumer
strategy
7. Develop a new Tiger Balm product targeted towards the niche feminine pain market in
order to increase growth in the high-performing Asian region
Issue Identification Customer Segmentation ImplementationRecommendations
TIGER BALM
PINK PATCH
Greater customer retention through product packaging
Niche product vs. another all-around panacea product
Potential to better activate and retain more female customers
8 in 10 people who use Tiger Balm continue to use it and
majority of users are female
Greater need for product in Asian culture and customs
Asia provides the least
stringent regulations and
offers the second highest
revenue growth at 18.6%
8. MEET KIM
● 25 years old
● Lives in Korea
● Works in an office
● Prefers not to take pain relievers
or other drugs for feminine pain
Kim faces a different medical need
than women in Western countries,
that can be addressed by the
specialized Tiger Balm Pink Patch
Issue Identification Customer Segmentation ImplementationRecommendations
9. TARGET:
230 Million
People
Engaged in
Sports
Financial Projections for expanding Tiger Balm ACTIVE into the United States
Expected costs
$250,000
1,500,000
Expected units sold in Year One
Issue Identification Customer Segmentation ImplementationRecommendations
10. TARGET:
230 Million
People
Engaged in
Sports
Financial Projections for expanding Tiger Balm ACTIVE into the United States
Expected costs
$250,000
1,500,000
Expected units sold in Year One
Issue Identification Customer Segmentation ImplementationRecommendations
1,000,000
Breakeven point (units)
0.4%
Of total market space
11. 5,300,000Breakeven point (units)
Revenue in 2022
$15.6M
Tiger Balm PINK PATCH adds a significant new revenue stream in a low competition market
Issue Identification Customer Segmentation ImplementationRecommendations
13. The launch of Tiger Active in America and Tiger Balm Pink Patch could be completed
in as soon as 1.5 years
Issue Identification Customer Segmentation ImplementationRecommendations
Long-term strategy:
Saturate American, Middle East, and Asian markets and work on increasing user adoption in European
markets, becoming the world’s premier leader in topical pain relief,
14. Mitigating regulatory and competitive risks associated with targeting new
customer segments
Issue Identification Customer Segmentation ImplementationRecommendations
Problem: Stringent Regulatory Demands and Increasing Product Imitations
Repurposing an existing product - Tiger Balm Thin
Patch - reduces the risk that the Pink Patch will find it
difficult to be approved
Lengthening the implementation timeline to allow for
room in the event of a longer approval process
Mitigations
Outcome
Ability to expand both the
Pink Patch and Active
products to new countries
Implement a seal and expiration date to further validate
and distinguish our product from fake competitors