BPMG3133 WAREHOUSE MANAGEMENT (GROUP B)
ACADEMIC SESSION FIRST SEMESTER 2021/2022 (A211)
INDIVIDUAL ASSIGNMENT 2 (KMC COLDSTORAGE & WAREHOUSING SDN.BHD.)
PREPARED FOR: DR. HERMAN SHAH BIN ANUAR
PREPARED BY: NUR AIN SHAHIRAH BINTI RUSLE
NO. MATRIC: 270314
The point at which recognised consumer demand meets the practicality of delivering the requested product or service is known as the entrepreneurial opportunity. It's also defined as situations in which products and services can be sold for more than they cost to produce. An intentional search for opportunities can be identified, especially while developing new technology. In other cases, opportunities present themselves via chance. In most cases, an entrepreneurial opportunity arises from seeing a problem and making a concerted effort to resolve it. To turn an idea into an opportunity, specific requirements must be fulfilled. It all starts with cultivating the correct mind set—one in which the aspiring entrepreneur sharpens their senses to consumer requirements and wants, and does research to see if the idea has the potential to become a profitable new venture.
From the observation, entrepreneurial opportunity of KMC Coldstorage & Warehousing Sdn. Bhd. are KMC benefits from its location on the Malaysian-Thai border. This company is located between Bukit Kayu Hitam and Sadao. It's around 3 kilometres away from the border. This opens up a range of storage and delivery possibilities for Malaysian, Thai, and even Singaporean businesses. Due to their strategic location, many shippers can save money by avoiding unnecessary loading and unloading at the border exchange. Not only that, they also have their own transportation trucks that they can use to distribute their goods. It's easier for them to transport their products and save costs since they don't have to rely on a third-party logistics company to deliver goods to customers all around Malaysia.
Understanding your customer's needs, creating items that customers want, and validating company viability are all part of the entrepreneurship experience. It will give you all the skills and approaches you need to better understand your customers, validate assumptions, and create products that customers want. An expertise of the business will not only help to lead your company properly, but it will also keep you informed about current trends and help you strategize your business effectively.
KMC has dealt with numerous frozen fish/seafood goods throughout Malaysia. They have expertise to handle fish/seafood frozen for a long period. KMC's founding partners also have over 20 years of experience in the fish trading and logistics industry. They also have a partnership with China for obtaining seafood raw resources from all around the world. As a result, KMC was established to take on the task of providing temperature-controlled services to consumers from all across Malaysia and the world.
On top of that, KMC Coldstorage and Warehousing Sdn. Bhd also has been a global fish/seafood trading business since its establishment, and it is now expanding its operations to neighbouring nations such as Singapore, Thailand and other Asian countries. As a result, KMC Coldstorage and Warehousing Sdn. Bhd is an experienced entrepreneur with entrepreneur professionals in the industry to help them expand their company and business. KMC Coldstorage and Warehousing Sdn. Bhd is a business with an entrepreneurial orientation that focuses on offering temperature-controlled services to consumers all over the world.
HOW DOES KMC COLDSTORAGE & WAREHOUSING SDN.BHD. RESPOND
TO RISK TOLERANT IN THEIR DAILY OPERATION.
Risk tolerance is a statistic that expresses how much risk a firm is willing to take and is used as a guideline for risk-based decisions. It can be stated qualitatively or quantitatively. Different risk tolerance levels are frequently ascribed to different categories of risk in companies, but when companies utilise consistent risk rating or evaluation scales, all types of risk are assigned the same risk tolerance level.
For KMC Coldstorage and Warehousing Sdn. Bhd have risk tolerance when they are able to manage their cross border issues. As we all know, there are numerous factors that need to be consider while doing business over the border. Cultural and communication barriers, for example.
Cross-border transactions, whether inbound or outbound, involve a unique set of challenges that are exacerbated by the deal's size and geographic extent. Even in this age of immediate communication, parties to a transaction frequently originate from various cultural backgrounds, require multiple languages, have different business practises, and are located in separate locations. A poor deal or a failed corporate merger can arise from ignoring these factors.
The majority of cultural and communication barriers to a deal can be overcome by early and consistent collaboration and partnership with local stakeholders whose interests are aligned with the transaction's success. It's critical to recognise the scope of these challenges early on in the deal process. The keys to success are constant communication and collaboration.
KMC Coldstorage and Warehousing Sdn Bhd provides their employees a few essential phrases to help them overcome this hurdle. Because good functioning depends on clear communication, each of their staff must grasp what their clients and consumers require. It may not be practical for them to learn all of the languages, depending on the number of clients or customers with whom they work and the level of diversity, but learning a few greetings and important phrases can go a long way.
KMC COLDSTORAGE & WAREHOUSING SDN.BHD. DIRECTION ON
INTERNAL LOCUS OF CONTROL
Internal locus of control refers to the concept that one's decisions and consequences are under one's control. An internal locus of control relates to outcomes that arise from internal circumstances, whereas an external locus of control refers to outcomes that arise from external factors.
People who have internal locus of control feel that the results of their acts are the consequence of their own abilities. Internals feel that their hard work will lead to positive results. They also believe that every action has a consequence, which leads them to accept that things happen and that it is up to them whether or not they seek to control them. Externals attribute events' consequences to external factors.
People who have an external locus of control believe that incidents in their lives are beyond their control, and that even their own actions are the result of external factors such as fate, luck, the influence of powerful others (such as doctors, cops, or government officials), and/or a belief that the world is too complex to predict or successfully control its outcomes.
KMC Coldstorage and Warehousing Sdn Bhd has a clear internal locus of control that allows them to attract and encourage clients to do business with them while also allowing their workers to work with trust. KMC Coldstorage and Warehousing Sdn Bhd is one of Malaysia's leading fish trading companies, with a large customer base. This is due to their ability to instil trust in their customers and provide straightforward services that ensure satisfaction of customers.
KMC Coldstorage and Warehousing Sdn Bhd has implemented an internal locus of control among their employees, where they are expected to accept any risk and any work without difficulty, and where they are able to take directive actions to solve problems or risks that arise in the company's daily operations.
ACHIEVEMENT AND PERSEVERANCE
KMC Coldstorage and Warehousing Sdn Bhd sets goals for their company's success and perseverance. They aspire to establish a global fish trading corporation capable of supplying frozen fish not only in Asia but also around the world. They've been creating annual goals for themselves, with the goal of expanding their business to new nations and bringing in more customers without losing existing ones.
They also set a goal to build great client relationships by doing their best to meet consumers' needs and wants, particularly in the frozen fish and seafood industry. A company's success will be determined by how well it treats its customers. KMC will design a customer experience plan that enhances client retention and promotes customer acquisition if they manage to grow their customer interactions properly.
Furthermore, good customer relations can assist KMC in increasing client loyalty. It makes it more difficult for their competitors to entice customers away from them. Building positive customer relationships encourages customers to return to the same business since it provides an intangible motivation for them to do so. While investing in great customer relations may be more expensive, the payback in customer loyalty can be critical for delivering consistent revenue over time.
Aside from that, KMC focuses on maintaining a stable market share and good product quality, which allows them to maximise profit while providing the finest service to their clients.
https://corporatefinanceinstitute.com/resources/knowledge/trading-investing/risk tolerance/ Dickey, J, C. (2013, April 5). Top 10 Issues for Cross-Border M&A and Strategic Investments in 2013.
The Global Entrepreneurship and Development Institute. (2015, August 10). Entrepreneurial opportunity:
Whitmore, J. (2016, June 8). 5 Ways to Overcome Cultural Barriers at Works. Retrieved from https://www.entrepreneur.com/article/276998