The extent to which Malaysia will be affected by the slowing world economy is still uncertain. However, familiar signs such as the decline in orders from oversea customers and a drop in retail sales are already there.
Many companies are starting restructure their market strategies by changing their business forecast and making adjustments to their businesses.
Retailers are seeing sales are down by about 10% compared to previous year. To continue boosting consumer spending and drawing customers, mega sales are likely to take place and expect more discounts value-added services.
For the exporters, they expected imports by countries such the US, Singapore and China to reduce. Nevertheless, the weakening of the ringgit against the US dollars should make Malaysia more competitive. The current economic slum represents an opportunity for companies wanting to capitalize on new growth areas, intensifying mechanization and automation-- to do at a much reduced cost and weakened competition-- and increasing employees' productivity through either training or retraining.
Malaysian businesses should take advantage of the current global economic crisis, weakening ringgit and declining pump prices of petrol and diesel by realigning to cost structure to strengthen competitiveness and refocusing on market segments that have good growth prospects. It is actually a time to invest and to capture market share by reducing product prices, to merge and acquisition. The current economic condition also opens up opportunities to innovate with new technology by increasing their level of spending on innovating products and services. What businesses have to do now is to look back what they have been doing, readjust and fine-tune their business strategy.
Many companies are starting restructure their market strategies by changing their business forecast and making adjustments to their businesses.
Retailers are seeing sales are down by about 10% compared to previous year. To continue boosting consumer spending and drawing customers, mega sales are likely to take place and expect more discounts value-added services.
For the exporters, they expected imports by countries such the US, Singapore and China to reduce. Nevertheless, the weakening of the ringgit against the US dollars should make Malaysia more competitive. The current economic slum represents an opportunity for companies wanting to capitalize on new growth areas, intensifying mechanization and automation-- to do at a much reduced cost and weakened competition-- and increasing employees' productivity through either training or retraining.
Malaysian businesses should take advantage of the current global economic crisis, weakening ringgit and declining pump prices of petrol and diesel by realigning to cost structure to strengthen competitiveness and refocusing on market segments that have good growth prospects. It is actually a time to invest and to capture market share by reducing product prices, to merge and acquisition. The current economic condition also opens up opportunities to innovate with new technology by increasing their level of spending on innovating products and services. What businesses have to do now is to look back what they have been doing, readjust and fine-tune their business strategy.
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Logistic is part of the supply chain process that plans, implements and controls the efficient and smooth flow and storage of goods, services and related information to meet the customers' requirements, from the point of origin to the point of consumption. palletline logistics
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