The health division of Haw Par Corporation manufactures Tiger Balm, the topical pain reliever that has gained popularity around the world. Despite the good results, the business remains dependent on Asian markets, posing challenges of low affordability, poor intellectual property protection, and aggressive competition. To achieve sustainable growth, the company’s managing director is considering several alternatives: geographic expansion into additional markets; Product expansion through a deeper penetration of existing markets with new products; and expand the brand in the highly competitive wellness area. He also has to decide whether the division should grow organically or inorganically.
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