Joyous Group Holdings and Its Industrys Analysis
Joyous Group Holdings and Its Industrys Analysis Essay
Exclusively available on IvyPanda
Updated: Jun 24th, 2022
A Comprehensive PESTLE Analysis of the External Environment
PESTLE is a technique through which businesses can measure their exposure and preparations for external factors that directly affect the enterprises health. The factors affecting health can be in terms of revenue growth and disruption of internal corporate governance systems, among others. It stands for the following factors: political, economic, sociological, technological, legal, and environmental factors. Each of the above factors has a specific bearing on the relevance and strategic performance of any firm. The report will seek to analyze how each subsection affects Works and Joyous Asias performance, which are Joyous Group Holdings two arms (JGH).
We will write a custom Essay on Joyous Group Holdings and Its Industrys Analysis specifically for you
for only $16.05 $11/page
809 certified writers online
Factors Analytical context
Singapores political stability will ensure that learning institutions continue to operate and hence will hold ceremonies in the regular seasons. There will be minimal disruptions to the strategic plan of JGH in this regard.
Moreover, the costs involved due to cancelations brought about by a political upheaval cannot be foreseen, putting the business on a politically safe trajectory.
Singapore enjoys a good political environment that will be key in the development of the photography industry.
From the economic data, the household income is projected to increase in the medium term. For revenue optimization, the firm can raise prices without an adjustment in customer numbers.
The household size in Singapore has shrunk, according to the latest data, standing at 1.2 for 2019. Therefore, there are more resources available to cater to a smaller pool of graduands. The firm can capitalize as parents are more likely to spend when they have fewer children compared to when the kids are more than three.
The number of international students has increased, and this translates to more customers. The mobile studio is something the firm should delve into as it will be a success. There will be a growth segment because international students are more likely to patronize this as compared to local ones due to the convenience it affords them.
Due to high competition in the industry, photography services have become affordable. Clients can afford to take professional pictures, and a high rate of customers leads to a bigger turnover.
Graduands have a trend of preferring an all in one deal due to the price variance with stand-alone offerings. It means that the firm should zero down on this sociological trend by offering discounts to cement a place in the industry and compete effectively.
There is also a behavioral pattern of graduates wanting to take fun photos in places that have sentimental value, such as the residence halls. In this regard, a special package can be introduced to cater to this segment, creating a new sustainable revenue stream.
Taking graduation pictures has become a social norm globally as people want to preserve these memories. It is one of the key moments in life that people document.
The use of electronic tagging in photography makes it easier for graduands to easily identify their portraits. On such special occasions, the number of photos taken is significantly high, and electronic tagging helps identify the owners of the portraits. The resultant savings on time and efficiency constitute a cost reduction and a revenue boost for the firm. Consumer satisfaction is also primarily improved due to the elimination of cases of misplaced photos.
The use of Mobile Applications has made it easier for clients to communicate and receive digital photos from the companies. Creating an App would make a one-stop on which clients can interact with their portraits and even effect payments through an embedded channel. Apart from improving efficiency, it can increase referrals and hence is an excellent strategy to beat the competition and improve the companys earnings.
The development of technology has allowed the industry players to send and receive digital photos to their clients even when the latter are not close to them. Photos can also be edited, making them better to meet the clients demands.
The laws governing the entertainment and showbiz industry are relatively unchanging. It makes it easier for the company to strategize in the medium term without expecting significant shifts. This stability allows the company to concentrate on other growth segments, such as technology usage.
The photography industry is not heavily regulated, and this allows many entries into the market. Businesses have to meet local regulations making it easier to enter.
A future-oriented firm should engage in environmentally sustainable behavior to guarantee a conducive work environment. A responsible firm in this regard will also generate much-needed positive publicity, which is a boon for increased revenue growth.
The industry is environmentally safe due to the advancement in technology. Photos can be digitally saved, while the graduation gowns are often reused for several years.
The 5-Force Analysis of the Industry JGL Operates In
JGH operates in the photography industry, which has significantly changed over the past few decades because of technology growth. The company has focused on the industrys specific sectors, such as graduation regalia rental and portraiture services. The industry has faced challenges over the past decade as people have become more reliant on their phones or cameras to take such pictures. Mobile phones have significantly improved, and they have high-quality cameras which can take great pictures. The photography industry has also transitioned and adapted to these changes, increasing its demands. A significant percentage of the worlds population usually wants professional pictures, especially during some specific moments or events in life. Some of these moments include graduation pictures which Werkz, the subsidiary of JGH, has focused on primarily. Editing of pictures has been one of the photography industry revolutionaries as people love these edited photos. Porters five-force model describes the significantly influential factors that determine a companys success in a market segment. Therefore, the report will use the porters five forces model to assess the photography industry and how it has transitioned.
Five-forces Model Description
Number and influence of competitors The number and types of competitors in an industry might highly affect the business of JGH. Some of the challenges JGH face include stiff price wars, which further drives down revenues for each firm. For JGH, there are at least five other companies which mean it has to operate strategically to avoid being outshined. These companies include Ashley Low Photography, EO Digital Studio, RS Photography, and The White Space.
It is difficult to operate in an industry with strong competitors that have highly successful brands. Smaller companies struggle to set a foothold in the industry because of the wide reach of some of the competitors. It means that smaller photography companies have to contend with a low market share which commands unattractive revenue levels.
Potential number of new entrants to the segment If a market has high turns and low barriers, it will be easy for several players to enter. For JGH, there are staggering barriers, such as the high costs of setting up a fully functional studio. There are other common barriers to entry, including special tax benefits to existing firms, patent protections, strong brand identity, customer loyalty, and high customer switchingcosts. Other barriers include the need for new companies to obtain licenses or regulatory clearance before operation. It is advantageous because the firm can compete through price and innovative customer services such as picnic photography to effectively compete in the market. It also frees up time to venture into novel ideas such as app-based customer interaction because they do not have to worry about disruptions brought about by new market entrants.
Suppliers These are the providers of raw materials such as quality printing papers and tools such as printers which are critical to JGH in attaining the company goals.
A good relationship with the suppliers ensures a reliable stream of the needed materials, especially during the peak season in which they are necessary for large and consistent quantities. It ensures that value is delivered to the client on time which boosts satisfaction and increases the possibility of a repeat service or a referral. When this strategy is applied consistently, it leads to overall revenue and hence profitability growth.
Customers Customer satisfaction can therefore not be gainsaid as they are among the most important stakeholders.
An outreach program is instituted to make the firms services known to customers and how the company delivers and exceeds the expected quality. An effective customer liaison and outreach program will make the products both popular and competitive, leading to overall revenue growth and profitability.
Availability of substitutes There are several substitutes for services offered by Joyous Group Holdings (JGH). These are, for instance, on-site offerings of gowns by schools. Therefore, the company should concentrate on its differentiated products with a competitive edge, such as portraits. It means that they will maintain their profitability while seeking to grow it further. It will help to expand the companys market base and profits.
The PESTLE analysis shows how each of the external forces represented can affect the firms success in terms of profitability in the given market segment. Some of the factors that can affect the firms operations and profitability include the number and influence of competitors, the potential entrants of new players in the market, suppliers, customers, and substitutes.
Number and influence of competitors the political soundness and stability of a country mean that it is unlikely to see unsupervised monopoly dominance in any segment. It is important because it underwrites the survival of other competitors for the benefit of the consumer. The economic prospects such as those in Singapore mean a market for the industry players to compete. Market players can compete on other fundamentals such as quality rather than price. Changing consumer behavior is also critical to determine the companies posturing to counter competition in their core segment by incorporating technology into their interaction with their clientele.
The potential number of entrants to the market A liberalized market ensures freedom of entry and exit of different players in an industry. However, the rigidity occasioned by clients unwillingness to engage new and inexperienced players means that existing companies are cushioned from the potential competition, which would reduce the prices. This situation maintains a status quo that guarantees the continued profitability of the business enterprise.
Suppliers Established legal tenets ensure that the law guides the relationship between the firm and suppliers. These legal tenets will reduce the time wasted solving disputes and improves the overall efficiency and reliability of the market segment. With order and peace established, this gives room for the firm to deliver real value to its clients to reap handsome profits.
Customers Consumer behavioral trends are essential for the success of the business as they inform new product lines for the company. It ranges from incorporating technology in service delivery or ingenious marketing techniques such as online influencers.
Availability of substitutes Modern consumers have access to information through digital forms, and they can access cheaper and better substitutes. It means that the company should always be knowledgeable about offering their potential customer better offers and adjust their catalog accordingly to optimize sales and maximize gains.
Use of technology to have new interaction channels for clients. The avenue could be through the use of modern studio technology, social media, and mobile application interface.
Venturing into emerging markets such as Malaysia to expand the footprint of the brand.
Diversify into other important segments to clients, such as picnic photos or photos with sentimental value like those taken within a hostel.
New trends where institutions prefer to offer the gowns internally. It could signal a similar future shift in the other offering in portraits, for example.
Price rigidities are foreseen in the future and hence require other strategies to ensure revenue growth.
It is the ineffectiveness of technology in delivering the promised returns for the organization. For example, the social media influencers did not deliver what they promised, which threatens the business brand.
The Strategy That Would Best Suit JGH
The best strategy that is in unity with the needs of the company is the analyzer strategy. Prospector is for infant market segments that do not apply to any particular analytical posturing. Low-cost defenders and differentiated defenders are mainly for market segments that are in decline. These markets are characterized by diminished growth and return customers primarily drive revenue. JGH is in a market segment that is slightly well developed with potential for growth in yet to be explored sub-segments. It translates to the studys logical needs, which are best captured in the analyzer strategy, which espouses all these tenets. The model will focus on four broad analytical categories, namely: business strength, competition, technology, and industry and market.
In this strategy, the parent company can invest in research and development. The company possesses the capability to create new ideas and products on top of its current catalog. Further to this, the firm has a relatively comprehensive understanding of the market which means that it can proactively respond to changing consumer behavior, tastes and preferences. In taking this posturing, the firm can make investment decisions based on credible data. It ensures that they dont shoot in the dark and hence guarantees returns on investment. In this strategy, the business concentrates on accumulating valuable data relevant to investment decision-making.
There are many market players, with some holding more significant stakes than others in critical market segments. However, a possible future shakeup means with the right strategy, JGH can better its fortunes by leapfrogging the competition by investing more in targeted advertising. Targeted advertising will help JGH reach broader audiences and carve a niche in a highly competitive market. Competition is expected in all industries; however, the best companies need to implement strategies that help them become the best in their sectors.
Technology has evolved from a basic to a slightly complicated nature. It leaves more room for investment in more sophisticated types, which will deliver even more value for the company and guarantee more profitability in the segment. It is possible to carry out product modifications to mirror the changing consumer behavior, tastes, and preferences. It allows the company to be agile and avoid revenue loss due to structural rigidities. There is the emergence of technological alternatives which provide the firm with cost-efficient substitutes to deliver the same or more value than before. It provides headroom for cost reduction, which in return leads to increased earnings for the firm. The resultant efficiency boost is also critical in reinforcing confidence in the financial fundamentals of the firm.
Get your 100% original paper on any topic done
in as little as 3 hours
Industry and Market
The industry is either moderately developed or almost maturing. It means that there is room for developing new ideas, making it possible to tap into new market frontiers to boost Joyous Group Holdings (JGH) earnings. These new segments include online marketplaces from where exceptional portraits can be auctioned or sold, as the case may be. This potential for growth in this industry or market is suitable for JGH because it is currently not a dominant player. It allows it to strategize and compete robustly and aggressively with dominant players such as Sarangoon.
This essay on Joyous Group Holdings and Its Industrys Analysis was written and submitted by your fellow student. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly.
If you are the copyright owner of this paper and no longer wish to have your work published on IvyPanda.
Urgent Care Centre: ConvenientMD
Hewlett Packard Company: Integrating Culture and Diversity in Decision Making
Find free essays, topics
Need a custom Essay sample written from scratch by
professional specifically for you?
811 certified writers online
CITE THIS PAPER
Select a referencing style:
COPY TO CLIPBOARD
IvyPanda. (2022, June 24). Joyous Group Holdings and Its Industry’s Analysis. https://ivypanda.com/essays/joyous-group-holdings-and-its-industrys-analysis/
Powered by CiteTotal, essay reference generator
MORE RELATED PAPERS
Drew Hayden Taylor’s Aboriginal Humor: Just Joking?
Intercultural Encounters: Fostering Intercultural Integrity and Peace
Preparing for College Life
Fitness First Company Analysis
Analysis of Aspects of Uber Company
The UAE Telecommunication Sector: Policy Analysis
Naflos Investments: A World Number One Construction Company
Walmart: External and Internal Assessment
We’ll deliver a 100% original paper this fast
Reading time 9 min
Subjects Business Company Analysis
Whirlpool Corporations Employee Wellness Program
The Day of the Dead
Wordsworths Romanticism in Tintern Abbey Poem
The Significance of Celebrations for Black People
Motor Skills Development of Young Children
The Death of Ivan Ilyich by Leo Tolstoy
A Personal Experience of Discrimination
Open support chat
Your privacy is extremely important to us. We utilize security vendors that protect and ensure the integrity of our platform while keeping your private information safe.
+1 (866) 236-7979
+1 (800) 303-8389
, . , , , , , .
Donate a Paper
Terms and Conditions
This is IvyPanda’s free database of academic paper samples. It contains thousands of paper examples on a wide variety of topics, all donated by helpful students. You can use them for inspiration, an insight into a particular topic, a handy source of reference, or even just as a template of a certain type of paper. The database is updated daily, so anyone can easily find a relevant essay example.
Copyright 2022 – IvyPanda is operated by , , a company registered in the .
Registered office: , . , , , , .
Get Professional Assignment Help Cheaply
Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?
Whichever your reason is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.
Why Choose Our Academic Writing Service?
- Plagiarism free papers
- Timely delivery
- Any deadline
- Skilled, Experienced Native English Writers
- Subject-relevant academic writer
- Adherence to paper instructions
- Ability to tackle bulk assignments
- Reasonable prices
- 24/7 Customer Support
- Get superb grades consistently
Online Academic Help With Different Subjects
Students barely have time to read. We got you! Have your literature essay or book review written without having the hassle of reading the book. You can get your literature paper custom-written for you by our literature specialists.
Do you struggle with finance? No need to torture yourself if finance is not your cup of tea. You can order your finance paper from our academic writing service and get 100% original work from competent finance experts.
While psychology may be an interesting subject, you may lack sufficient time to handle your assignments. Don’t despair; by using our academic writing service, you can be assured of perfect grades. Moreover, your grades will be consistent.
Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.
In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.
Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.
We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!
We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.
Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.
What discipline/subjects do you deal in?
We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.
Are your writers competent enough to handle my paper?
Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.
What if I don’t like the paper?
There is a very low likelihood that you won’t like the paper.
- When assigning your order, we match the paper’s discipline with the writer’s field/specialization. Since all our writers are graduates, we match the paper’s subject with the field the writer studied. For instance, if it’s a nursing paper, only a nursing graduate and writer will handle it. Furthermore, all our writers have academic writing experience and top-notch research skills.
- We have a quality assurance that reviews the paper before it gets to you. As such, we ensure that you get a paper that meets the required standard and will most definitely make the grade.
In the event that you don’t like your paper:
- The writer will revise the paper up to your pleasing. You have unlimited revisions. You simply need to highlight what specifically you don’t like about the paper, and the writer will make the amendments. The paper will be revised until you are satisfied. Revisions are free of charge
- We will have a different writer write the paper from scratch.
- Last resort, if the above does not work, we will refund your money.
Will the professor find out I didn’t write the paper myself?
Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.
What if the paper is plagiarized?
We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.
When will I get my paper?
You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.
Will anyone find out that I used your services?
We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.
How our Assignment Help Service Works
1. Place an order
You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.
2. Pay for the order
Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.
3. Track the progress
You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.
4. Download the paper
The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.
PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET A PERFECT SCORE!!!