Exploring new waters in Singapore

Snorre Food Pte Ltd (SF) is an importer of cold-water seafood to Singapore and was founded in 1987 by Mr. Frank Næsheim. At present time SF has a FiSK outlet located at their office premises in Jurong East, Singapore. However, because the outlet is at their production premises, Singaporean regulations prohibit SF from marketing the outlet as a regular store. In addition, they find the location inconvenient for their customers. Due to the location and strict regulations, SF wishes to open a new FiSK store in down town Singapore. This diploma project will discuss what strategy SF should adopt in order for the new FiSK store to be successful. Appropriate analyse tools have been applied to provide an internal analysis of the company as well as an external analysis of the microenvironment FiSK will operate in. These analyses, along with information gathered through research by the writers, will form the basis of our recommended strategy for FiSK. The external analyses revealed that Singapore holds a favourable environment for doing business. Increased focus on a healthy lifestyle provides an opportunity for FiSK as seafood is generally perceived as a healthy, nutritious meal. Norwegian seafood in particular is perceived as clean, fresh and healthy. !"#$%&'()*+,-''.,()/%"0,"#.1+/(2,"+,3%/1(),%#.,4"$402,5'3&)/"/"6)7,()+10/"#$,"#, sophisticated customers. These three factors put great pressure on profit margins for new companies wishing to enter this industry. Our recommendation is that FiSK will have the greatest chance to succeed if SF is able to establish a niche and differentiate it self from competitors. A centrally located shopping mall will provide the best location for FiSK. Due to a busy lifestyle, Singaporeans value convenience and one-stop-shopping. Great Word City and Tanglin Mall is proposed as good alternatives. People living in Singapore are active users of social media, which present SF with a creative, low cost and possibly effective way to promote FiSK. How to exploit on this opportunity will be discussed for the top sites Facebook, Twitter and Foursquare.