1. Introduction of Maxi-Cash Financial Services Corporation Ltd 2. Marketing Research
3. Development of Marketing
3.1 Formulation of an Appropriate Strategy
3.2 SWOT Analysis
3.3 Ansoff Matrix Model
4. Usage of 7P in Marketing Strategy and Marketing Tactics
1. Introduction of Maxi-Cash Financial Services Corporation Ltd Maxi-Cash Financial Services Corporation Ltd is a first public listed company of pawnbroking and the retail and trading of pre-owned jewellery and watches in Singapore. Initially, the company started their services in 2008 as a private company under the name of “World Class Financial Services Pte Ltd”. In 2011, the company was separated as a specific branded private company from “World Class Financial Services Pte Ltd”, and continuously it was converted into a public company by changing as “Maxi-Cash Financial Services Corporation Ltd”. It can be recognized that the company is successful in its operations because it can expand many branches within these 4 years. Pawnbroking is making the receipt of pledging valuable goods from borrowers as security of a short term loan, and consequently making the reasonable cash payments based on the values of pledging goods with redemption of the goods by the borrower possible at specific future date(s) in exchange for payment of an agreed amount (Caskey, 1991). Mainly, pawnbroking is the alternative crediting solution used by all the social categories when they need to lend specific amounts of money on short periods of time and the financial institutions cannot provide giving the cost of the needed documents to obtain the credit due to their banking system’s rules (Luliana, 2009). Together with providing a collateralized micro-loan, most pawnbrokers perform as second-hand valuable goods dealers by holding both Pawnbrokers and Second-hand Dealers Licenses (Davis & Bienkowski, June 1997). Like that, Maxi-Cash Groups have also operated the retail and trading of pre-owned jewellery and watches by complementing their pawning business (Maxi-Cash Financial Services Corporation Ltd, 2012). Specifically, the company’s two businesses (pawnbroking and the retail and trading of pre-owned jewellery and watches) are operated by three groups; (1) Maxi-Cash Group
(2) Maxi-Cash Jewellery Group, and
(3) Maxi-Cash Jewellery.
Each group has the separated functions and processes. First, Maxi-Cash Group operates pawnshops with 12 subsidiaries. The second group, Maxi-Cash Jewellery Group, manages the inventory of pre-owned goods and carries out the trading of these goods to traders or dealers; not walk-in customers. The last “Maxi-Cash Jewellery” performs the retails and trading of pre-owned goods, which are selected for the sales at their retail outlets and separated from the trading to dealers. The major marketing objective of Maxi-Cash Company is to develop strategies to enhance the public image of their operations and improve awareness of customers on their services (Maxi-Cash Financial Services Corporation Ltd, 2012). To fulfill the above marketing objective, the company sets long term strategies and future plans for their business as follow; To develop and expand their business operations in Singapore by increasing the number of pawnshops and retail outlets in locations where they are not well represented, To strengthen their brand recognition and brand leadership by distinguishing from their competitors and creating consumer loyalty, To expand the range of pre-owned jewellery and watches in order to keep up with the rapid changes in market trends and consumer preferences, To expand their business through acquisitions, joint ventures, or strategic alliances with parties who create synergistic values with their existing business in order to strengthen their market position, expand their network and expand into new businesses complementary to their current business (Maxi-Cash Financial Services Corporation Ltd, 2012). According to their...
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