BERJAYA GROUP BERHAD - Berjaya Corporation Berhad

42
CEO’s Review Of Operations
In May 1998, we commenced operations in
Mexico. We have to date 4,000 members and 20
stockist centres in Mexico.
In line with the government’s call to use Made-
In-Malaysia products, the group is already
selling a big proportion of Made-In-Malaysia
products locally and also expanding them to our
Cosway companies all over the world. Despite
the economic downturn, Cosway believes that
with our affordable pricing strategy we will
continue to take market share from our
competitors. In view of the depreciating ringgit,
we are working to replace our imported products
especially those from Europe and the USA with
local ones or import them from other countries
like Australia, Japan and Korea where their
currencies have depreciated as well. We are also
negotiating with foreign suppliers to allow us to
manufacture or pack their products locally.
We are confident that the prospect for the group
will remain good as we continue with our
winning marketing strategies to continuously
introduce new products, focus on pricing strategy
and conduct regular and aggressive promotions.
Our future international expansion programme
will include the rest of Latin America, selected
countries in Asia and the Eastern European
block. The speed with which we expand to these
areas will depend on the economic, political and
business situation in each region.
For over 93 years, Singer (Malaysia) Sdn Bhd
(“Singer Malaysia”), a pioneer and market leader
has been providing Malaysians with a wide range
of quality household durables and continuously
improving its products, facilities and services to
fulfill the various consumer needs.
In line with our philosophy, “Singer Is Your
Friend For Life And Makes Your House A
Home”, we continue to retain our leadership
position in providing easy credit to about 15%
of Malaysian household to own a broad range of
essential home appliances and furniture with
minimal cash outlay.
Recognising that Singer’s business is akin to
the financial institution, the currency turmoil
which persisted during the large part of the year
under review had resulted in the company
deliberately adopting a more stringent and
selective credit policy to ensure better quality
receivables at the expense of sales revenue.
This strategic measures adopted during this
trying time was in line with our Government’s
call to all citizens to be prudent in their
spending and to prepare themselves to face an
impending contraction in the economy.
Notwithstanding our credit control measures, in
order to maintain our presence and in support
of our selling activities, “Sendaloka Bersama
Singer”, the long running RTM’s Channel 1
game show, was aired for the eighth season
from November 1997 to February 1998. The
13-episode game show managed to maintain its
popularity and rated as one of the top 5
performers under the entertainment category of
TV ratings.
At the annual Sales Convention held in
Genting Highlands on 17 November 1997, 160
high sales achievers won their trip to Paris. The
objectives of these Sales Conventions are to
honour high sales achievers, to review the
years’ results, introduce new products and to
foster good relationship among the sales team.
In support of the Graduate Entrepreneur
Scheme initiated by the Ministry of
MEXICO’S
LAUNCH IN
MAY 1998 -
ONE OF
COSWAY’S
LATEST
OVERSEAS
VENTURE IN
LATIN
AMERICA.