theceomagazine.com | 133ups and downs of many economic cycles.” As an example
of a patient approach, PwC describes the product marketing
to pilgrims of the Hajj. “The company spotted an
opportunity to market its products to Asian Muslims
travelling by passenger liner to undertake the Hajj to Saudi
Arabia, many of whom suffered seasickness on the long
voyage. Free samples were handed out for an entire decade,
but this patient approach paid off, and Axe Brand is now
a firm favourite among pilgrims. Similar long-term
approaches have been undertaken to break into other new
markets, such as China and Myanmar.”
It’s the only way the company has taken
a slow-burn approach. As Mun Sum explained
in the report, the company keeps prices low and
relies on “economies of scale through sales in
50 countries to make a return”. The PwC report
also says its “strong family values dictate the
company’s behaviour, with a major focus on
giving back to society. The brothers are open to
the idea of bringing in external talent to manage
the firm, but stress that it is their long-term
approach that has sustained the business for more
than 90 years, and that whoever takes over the
reins will need to continue this tradition.”AT HOME AND ABROAD
The company wants Axe Brand oil to be
a fully globalised product. Even the colours of the packaging
signify this vision; the green and blue are symbols for the
sky, water and land. Mun Sum’s vision is that wherever
these three elements exist, consumers will be able to find
Axe Brand oil. The company has around 600 employees
worldwide, with approximately 200 in Singapore and five
manufacturing factories.
“We have factories in Singapore, China, Vietnam, Malaysia
and Indonesia,” he says. “Five countries, because now our
operation is automatic, not manual. Automatic machines
do a lot of manufacturing, so people are not involved.Axe Brand oil is considered an Asian herbal
preparation. According to Market Reporter,
alternative medicines include treatments other
than allopathic, which is science-based, modern
medicine. “Alternative medicine treatments
include systems with healing ability such as
acupuncture, naturopathy, herbal remedies and
homeopathy. Herbal medicines include drugs
that are derived from plants. Herbal medicines
are either used for therapeutic purpose, or as
supplements to improve wellbeing or health.
Herbal products are available as teas, extracts,
powders, capsules, tablets, and others. These
products are natural, and considered to be safe.”Interview | INNOVATE