Axellus: entering the Singaporean health supplement market with high quality and innovative products

Abstract

This research project is conducted for Axellus AS with the aim of evaluating the market potential for the company’s Möllers and Gerimax brands in Singapore. Axellus has not yet launched their products in this market, but plan to do so in the near future. An external analysis was conducted to identify opportunities and threats of the health supplement market in Singapore. Furthermore, an internal analysis helped identify if Axellus have the resources needed to enter the market. The external and internal analyses have been summarized in a SWOT to evaluate Axellus’ strengths, weaknesses, opportunities and threats. E-mail interviews with distributors, short interviews with pharmacists and a consumer survey have been conducted for the collection of primary data. From our analysis we have revealed that the market is fragmented and that the consumers embrace quality. We have recommended Axellus to follow a differentiation strategy when entering the Singaporean market, where quality should be their point of difference. Furthermore we recommend launching a few products in the entry phase with a premium price to emphasize the quality. The products should be distributed to pharmacies and promoted through different marketing channels, mainly newspapers and magazines. In addition, promotional campaigns would be effective.