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TABLE OF CONTENTS
EXECUTIVE
SUMMARY ........................................................................................... 4
1.
INTRODUCTION .........................................................................................
........... 6
2.

MACRO

ENVIRONMENTAL

ANALYSIS ............................................................. 9
2.1 Economic Forces ................................................................................................. 9
2.2 Political, Government, and Legal Forces .......................................................... 13
2.3 Technological Forces......................................................................................... 15
2.4 Socio-Cultural Demographic Forces................................................................. 17
2.5 Climate and Environmental Forces ................................................................... 18
3.

INDUSTRY

AND

COMPETITOR

ANALYSIS .....................................................19
3.1 Porters 5 Forces of Competitive Analysis ......................................................... 24
3.2 Competitive Profile Matrix (CPM) ...................................................................... 28
4.

MARKET

ANALYSIS ............................................................................................45
4.1 Market and Competitors Trends....................................................................... 45
4.2 Market Segments .............................................................................................. 47
4.3 External Factor Evaluation (EFE) Matrix ........................................................... 60
4.4 Strategic Issues Based on External Factors ..................................................... 67
5.

COMPANY

ANALYSIS ........................................................................................68
5.1 Vision and Mission of the Company .................................................................. 68
5.2 Internal Audit .................................................................................................... 70
5.3 Key Financial Ratio Analysis ............................................................................ 88
5.4 Internal Factor Evaluation (IFE) Matrix ............................................................ 94
5.5 Strategic Issues Based on Internal Factors...................................................... 99
6.

STRATEGY

FORMULATION .......................................................................... 100


6.1 Strengths, Weaknesses, Opportunities, Threats (SWOT) Matrix ..................... 100

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6.2 Strategic Position and Action Evaluation (SPACE) Matrix ............................. 113
6.3 Internal-External Matrix .................................................................................. 114
6.4 BCG Matrix
6.5 Grand Strategy Matrix...................................................................................... 114
6.6 Summary of Strategies .................................................................................... 119
6.7 Quantitative Strategic Planning Matrix (QSPM) ............................................. 119
7. STRATEGIC OBJECTIVES AND RECOMMENDED STRATEGIES ............. 121
7.1 Recommended Revised Vision and Mission ................................................... 121
7.2 Recommended Strategic Objectives ............................................................... 123
7.3 Recommended Business Strategies .............................................................. 125
7.4 Recommended Organizational Strategies ...................................................... 128
7.5 Financial Projections ....................................................................................... 130
7.6 Recommended Departmental Programs and Actions ..................................... 135
8. STRATEGY EVALUATION, MONITORING, AND CONTROL .......................
147
8.1 Strategy Map ................................................................................................... 147
8.2 Balanced Scorecard ........................................................................................ 149
8.3 Contingency Planning...................................................................................... 151
X.
REFERENCES .............................................................................................
.... 153
XI.
APPENDIX .................................................................................................
..... 155

1. INTRODUCTION

Splash Corporation is a publicly listed Filipino company with business interests


in personal care and food manufacturing, marketing, and distribution in the
Philippines and in the international market. Founded in 1985, Splash was able to
grow from a Php12, 000 backyard business into a Php3.5 billion enterprise through
the vision, innovation and commitment of its founders Dr. Rolando B. Hortaleza and
Dr. Rosalinda A. Hortaleza.Being consistently among the top corporations in the
Philippines since 1998, the Company has established its reputation as one of the
formidable players in the Philippine personal care industry.As of December 2013,
Splash Corporation, ranks fifth in the personal care industry, outranked only by giant
multinationals, making Splash Corporation the number 1 Philippine-based personal
care company.Splash is a market leader in three personal care categories
exfoliants, skin whitening lotion and hair coloring based on December 2013 report of
AC Nielsen. SkinWhite is the number 1 whitening lotion with 24 percent share by
value and 20 percent by volume. Maxi-peel Exfoliant Solution has 79 percent share

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by volume and Kolours is the number 1 hair dye product with 31 percent share by
volume and 25 percent by value.
In 2011, the Splash Group acquired Barrio Fiesta Manufacturing Corporation to
gain a foothold in the food industry through the Barrio Fiesta branded shrimp paste,
recipe mixes and flavored vinegar. In 2012, it acquired Moondish Corporation with its
canned line of ready to eat canned products. Having established a commanding
presence in the Philippines, Splash has set its sight on international operations. Its
personal care products have successfully gained a presence in North America, the
Middle East, ASEAN and Africa. Its food products are strengthening its penetration in
North America and the Middle East. To date, Splash has established market presence
in over 30 countries through its distributors and local exporters. These countries
include Australia, Bahrain, Brunei, Cambodia, Canada, Egypt, Hong Kong, India,
Indonesia, Japan, Jordan, Kuwait, Lebanon, Malaysia, Myanmar, Nigeria, Oman,
Pakistan, Qatar, Saudi Arabia, Singapore, Taiwan, United Arab Emirates and the
United States..

Chapter 2
Macro Environmental Analysis

Economic Forces
Market shares
Splash corporation
Unilever
Procter and Gamble
AVON

64,281,832.24= 0.15%
19,630,184,623=47.01%
19,500,000,000=46.70%
2,558,500,000 = 6.13%

4.175297e10 = 100%
Real men don't crybut they are exfoliating.
Macho men beware, a grave threat to your way of life has risen across the land.
Men have begun adopting the same grooming habits as women. Many are still
reluctant to use products traditionally targeted to females, but the beauty industry is
betting that's going to changethat today's modern man will be willing to trade up

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from traditional unisex brands and pay a higher premium for products specifically
tailored to fit their lifestyle.
"The unisex products are becoming more obsolete," said Gabriela Elani, home
and personal care analyst for market research firm Mintel.
Since 2012, beauty and personal care launches specifically targeted at men
have increased globally by more than 70 percent, according to Mintel. In 2014, total
U.S. sales for the men's personal care market hit $4.1 billion, up 6.7 percent from
2012 and 19 percent from 2009, making it one of the fastest-growing segments of
the beauty industry. Mintel predicts sales will grow to $4.6 billion by 2019.
"Men want an upgraded experience," said Matthew McCarthy, senior
marketing director of antiperspirants and deodorants at Unilever, who has also been
instrumental in the company's skin and hair care brands. "Guys are more
discriminating today than ever. They want quality and personalization that meets
what they are looking for," he said.
One hundred million dollars a year in sales growth to 2019, and the slower
growth over the next five years may not seem like a sales juggernaut, but the trend
comes at a time when many traditional personal care categories for both men and
women are showing flat sales. And the slowing growth overall in the personal care
market makes new, targeted products critical to the industry.
Antiperspirant and deodorant have traditionally been major drivers of growth, but
Mintel states that the men's skin care segmentwhich consists of body care and
facial care productshas experienced the most significant increase, with sales gains
of 57 percent from 2009 to 2014. The smallest segment? Hair care.
Increasing personal care products demand
Driving Indian surfactants market: Frost & Sullivan
Growing consumerismis spurring demand for personalcareproducts, which in turn is
driving related surfactantsmarket in India, according to Frost & Sullivans new report,
Trends and opportunities in surfactants for personal care. The Indian surfactants
market for personal care hinges largely on the expanding middle-class consumer
population in the country. Specialty surfactants used in the personal, home care and
industrial segments has made a foray into the Indian market and will continue to
drive sales in these segments, where product innovation is the cornerstone of
growth.
Frost & Sullivans new study finds that the Indian surfactants market earned
revenues of $ 2,278 million in 2013 and estimates this to grow at 13% annually to
reach $3,748 million in 2017, approximately. Meanwhile, the personal care
surfactants market is estimated to grow at 23% from 2013 till 2017 and attain $547

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million in revenue. This study covers the Indian surfactants market in general and
the personal care surfactants segment in particular
Splash did not develop products geared towards the upper crust. Instead, it
targeted the remaining four groups, known as the masa, which were underserved
and constituted 90 percent of the market. By targeting the masa, Splash is
essentially tapping into and capitalizing on an unsaturated market by providing the
lower classes more affordable substitute products. MNCs were likely uninterested in
this market because of the slim margins available and the need to maintain a
reputation of luxury for their brands. Given the MNCs disinterest, strategically
targeting the masa would provide Splash with more time to build its brand identity
and gain consumer loyalty (large first movers advantage) before powerful
competitors came into the market segment. Social: despite its relatively low per
capita GDP, the Philippines was ranked number five on the vanity index, which was
determined by measuring the consumption of beauty products. While money is a
constant concern for most Filipino women, outward appearance and the need to feel
beautiful is also extremely important. Beauty products are one of the last luxury
items to be given up during an economic downturn

Philippine Economic Update - January, 2015 Edition


Highlights

The World Bank expects the Philippine economy to grow at 6.5 percent in
2015 and 2016 despite a weak global economy.

Growth forecast was revised for 2014 to 6.0 percent from 6.4 percent, owing
to slower government spending and lower farm production.

The economy can grow beyond 6.5 percent if the government can fully utilize
its budget as planned and accelerate reforms.

Report Highlights
Economic growth slowed down to 5.3 percent in the third quarter of 2014, due
to weak government spending on the demand side and agricultural production on
the supply side.
Government consumption contracted by 2.6 percent while infrastructure
spending fell by 6.2 percent. Contributing to weak government spending are the
Supreme Court decision which found some provisions of the Disbursement
Acceleration Program unconstitutional, budget execution bottlenecks, and slow
disbursement for Typhoon Yolanda reconstruction.

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Despite the slowdown, more than a million jobs were created in October 2014,
although the quality of jobs remains a challenge. The 2013 Annual Poverty
Indicator Survey (APIS) finds that real income of the bottom 20 percent grew
much faster than the rest of the population. The survey also confirms that the
governments conditional cash transfer program is reaching the poor, as reflected
in the substantial growth of domestic cash transfers to the bottom 20 percent.
Lower government spending, investment delays and slowdown, and weaker
exports are likely to limit economic growth to 6 percent in 2014 and 6.5 percent
in 2015. Provided that government can fully commit to utilizing the budget as
planned, as well as accelerating reforms, achieving growth of above 6.5 percent
can be achieved.
Translating higher growth into inclusive growth can help the government
achieve its poverty target of 18 to 20 percent by 2016.
Eradicating poverty requires a commitment to implement key reforms in the
areas of infrastructure, health and education; enhancing competition to level the
playing field; simplifying regulations to promote job creation; and protecting
property rights.
Higher investments need to be supported by tax policy reforms as tax
administration reforms are inadequate to fully fund the investment gap.
Worsening port and road congestion and possible power shortages in 2015
underscore the need to urgently raise investments.
Tax policy reform should aim for a more equitable, efficient and simpler tax
system.
Reforms to strengthen tax administration and improve the transparency and
accountability of government are essential to make it a success. Key reforms
include the passage of the Freedom of Information bill, which institutionalizes
open data, enhancing budget reporting, and simplifying tax procedures and
processes.
Higher investments in infrastructure, health, and education need to be
complemented by reforms to enhance competition. Essential reforms include
crafting and implementing a clear competition policy, liberalizing key sectors of
the economy to directly benefit poor Filipinos, and opening up the economy to
more foreign competition.
Currency depreciation
Philippines most susceptible to currency depreciation with US Fed taper-Moody's

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MANILA - The Philippines is one of the two Asian countries that would be most
susceptible to currency depreciation--a result of foreign funds exiting the financial
markets--as the US Federal Reserve starts winding down its economic stimulus,
Moody's Investors Service said.In its latest outlook for Asia Pacific, the ratings
agency said that Manila and Jakarta are both susceptible to having their currencies
depreciating because of their "sizeable" shares of government debt denominated in
foreign exchange.The Philippines, however, is in a better position given the ample
liquidity it has, which can serve as a buffer in case the inflow of foreign money stops
to a trickle."But whereas the Philippines has strong capacity to fund itself onshore in
the event of an interruption to international flows, a large amount of Indonesia's
debts are held by non-residents and it is therefore very reliant on external funding,"
Moody's said.Earlier, the Bureau of Treasury said the country's debt stock
(http://www.interaksyon.com/business/84968/your-share-of-the-national-debt-infebruary-p60559) went up five percent to P5.592 trillion in February from P5.325
trillion in the same month last year.Nearly seven out of every P10 in the national
governments debt is owed to local lenders, with the remaining one-third due foreign
creditors.The local component of the debt inched up by 0.7 percent month-onmonth, while the foreign component fell by 1.3 percent.In a recent interview with
BangkoSentralngPilipinas (BSP) Deputy Governor DiwaGuinigundo said he is
confident that the country has enough "pull factors", mainly its sound
macroeconomic fundamentals, that would keep foreign funds flowing into the
country."I think nothing has changed in the last few months and it [economy]
continues to grow. We have low and stable inflation. We have some temporary
setback in terms of the external position but we do expect that this is going to
change in the course of the year," Guinigundo told reporters during the Asian
Development Bank seminar on Asian Integration."The fiscal sector remains robust
and the banks continue to be strong. So that is the good reading by the market of
the macroeconomic fundamental, as seen by the reflow of that we're seeing so far,"
the BSP official said.That said, the central bank expects that the Philippines will see a
surplus in its balance of payments (BOP) this year on the back of the growth in its
major dollar-earners: exports, remittances, tourism and business process oustourcing
industries. The continued surpluses in the BOP have kept the country's dollar
reserves ample, which props up the peso and keep domestic inflation at bay."I think
the market sentiment that drove capital outflows during that period [second
semester of 2013] would likely be moderated and hopefully reversed for the rest of
2014. What as lost in terms of peso depreciation in 2013 has so far been moderated
in the recent movement of the peso," Guinigundosaid.On Friday, the peso opened
three centavos weaker at 44.500 against the US dollar from its closing at 44.470 on
Wednesday.In the past few months, Moody's said emerging markets like the
Philippines experienced turbulence after the US Fed in June announced that it would
start winding down its bond-buying program as its economy showed signs that it is
already on the mend.The ratings agency said India and Indonesia were worst hit in
Asia as investors focused on their current account deficits and relatively weak fiscal
positions. The two countries saw a degree of recovery of investor interest in their
assets later on after they hiked interest rates and other measures to stem the
bleeding of investors."Going forward, most economies in the region will be resilient
to the reduced influx of capital, in large part, thanks to their low share of foreign

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currency debt and ample fiscal buffers that give them scope to apply stimulus
measures if necessary," Moody's said.
Effect on Exports
Currency depreciation may have a positive effect on sales that a small business
makes to foreign parties, regardless of the currency used. If your small business
requires payment in U.S. dollars for your exports, your customers may buy more of
your products because their currency converts to more U.S. dollars. You also may
benefit if you accept payment in a foreign currency. When you convert the currency
into U.S. dollars, you will have more U.S. dollars because of the increased exchange
rate.
Effect on Imports
Currency depreciations effect on your imports depends on the currency you use to
conduct transactions with your foreign suppliers. If you pay your foreign suppliers in
U.S. dollars, your small business will not be affected because you are not converting
any currency for the transactions. On the other hand, your costs will increase if your
foreign suppliers require you to pay them in their currency because you must spend
more U.S. dollars to convert to the foreign currency.
Effect on Interest Payments
Interest you receive from a foreign investment, such as a foreign bond, may be paid
in the foreign currency. The amount of the stronger foreign currency converts to
more U.S. dollars when the U.S. dollar has depreciated, which benefits your small
business. Interest payments you make on a loan to a foreign party are typically
denominated in the partys currency. These payments affect your small business
negatively because it costs you more U.S. dollars to convert to the foreign currency.
Tax Rate

Gross margin

0.55

Operating margin

0.01

EBT margin

0.01

Tax rate

0.55

Net margin

0.00

Sales per employee


EBIT margin

7,532,023.27
0.03

EBITDA margin

0.06

Normalized net profit margin

0.00

Interest coverage
Inc per employee tot ops

32,223.67

Political, Governmental, Legal Forces


Government Laws That Affect Businesses
Businesses in the United States can choose from many different models, styles and
types of growth, but they are still structured and directed by government regulation.
A large number of laws affect businesses, defining illegality and misconduct or
setting financial and operational codes for a business to follow. The many business
laws can be divided into several primary groups, depending on what aspect of the
business they affect.
Regulatory Laws
Regulatory laws are standards that affect how businesses operate in specific
situations. While most business laws are regulatory in some way, there are several
categories of legislation that apply more to certain industries than others. These
include environmental laws and building code laws set forth by both the federal
government and state governments. There are also regulatory laws for international
trade and most types of business licensing.
Labor Laws
Labor laws are regulations that pertain directly to how businesses treat employees.
These laws include minimum wage regulations, wage garnishment rules and worker
protection rules, such as the Migrant and Seasonal Agricultural Worker Protection
Act. Labor laws also include older laws, such as Child Labor Protection acts and
Occupational Safety and Health rules. States also have laws for employee insurance
and benefit programs.
Related Reading: Small Business Health Insurance Laws
Tax Laws

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Tax laws control how a business must report its financial status to the government.
The IRS, for example, specifies many different methods that businesses must use
when reporting income and expenses. The accrual method of accounting is required
for businesses over a certain size and depreciation schedules must be chosen from a
limited number of options, and additional methods have their own regulations. Many
of these laws are in accordance with generally accepted accounting principles, but
some are notable deviations, such as government-allowed depreciation schedules.
Reporting Laws
Reporting laws control how businesses must report their finances to investors and
the government. These laws set standards that incorporated businesses must meet
and are necessary for transparency purposes. Reporting laws are similar to tax laws
but are more concerned with preventing fraud and misconduct. They are affected by
legislation such as the Sarbanes Oxley Act.
What are the customs restrictions in the importation? BOC Corporate/Personal Tax
rates what are the tax rates for corporations and foreign
Import and Export Restrictions
1. WHAT ARE PROHIBITED/REGULATED IMPORTATIONS?
Prohibited importations are generally those not allowed to be brought into the
country except when given permission under high controlled conditions as provided
for in the laws prohibiting them. Some of these prohibited items are the following:
1. Dynamite gunpowder, ammunitions and other explosives, firearms and
weapons of war, and parts thereof;
2. Written or printed articles in any form containing any matter advocating or
inciting treason, or rebellion, insurrection, sedition or subversion against the
government of the Philippines, or containing any threat to take the life of, or
inflict bodily harm upon any person in the Philippines.
3. Written or printed articles, negatives or cinematographic film, photographs,
engravings, lithographs, objects, paintings, drawing or other representations
of an obscene or immoral character.
4. Articles, instruments, drugs and substances designed, intended or adapted for
producing unlawful abortion, or any printed matter which advertises or
describes or gives directly or indirectly information where, how and by whom
unlawful abortion is produced.
Minimum Wage Laws

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NonWage Order
Wag
Agricultu
Date
Regi e
Wage
re
Covera
Date of Date of Implementi
of
on Ord Increase/COLA Minimum ge
Publicati Effectivi ng Rules
Issuan
er
Wage
on
ty
ce
Rate
NCR NCRMinimu March
April 04,
19
m
Wage
16,
P15.00 P481.00
March 20, 2015 Issued
2015
April 8, 2015
per day (P466.00 Earners 2015
basic
Approved
increas
wage +
April 28,
e in
Philippine
P15.00
2015
basic
Star
COLA)
Published
wage
May 6, 2015
"The Manila
Times"
Deadline for
Filing July
20, 2015

CAR

RBCAR16

Minimu Dec.
P2, P6, P12 P280.00 m Wage 20,
Earners 2013
&
&
P17/day P263.00
COLA
(P260
integrat basic
ion P1,
pay +
P8, P6 P20) and
basic
(P243
wage
basic
increas
pay +
e
P20)

Jan. 19,
2014
Baguio
Midland
Courier

Feb. 3,
2014 Issued Jan.
7, 2014
Approved
Mar. 14,
2014
Published
-Mar. 23,
2014
Baguio
Midland
Courier

Corporate/Personal Tax rates


Corporate Income Tax Rates--2005-2016
Taxable income over
$0
50,000
75,000

Not over

Tax rate

$ 50,000
75,000
100,000

15%
25%
34%

;
100,000
335,000
10,000,000
15,000,000
18,333,333

335,000
10,000,000
15,000,000
18,333,333
38%
..........
35%

39%
34%
35%

Personal Service Corporations


Personal service corporations are subject to a flat tax of 35% regardless of their
income.
Personal Holding Company
Personal holding companies are subject to an additional tax at 20% (15% in 2012,
2011 and 2010) on any undistributed personal holding company income. (Code Sec.
541)
Accumulated Earnings Tax
In addition to the regular tax, a corporation may be liable for an additional tax
at 20% (15% in 2012, 2011, and 2010) on accumulated taxable income in
excess of $250,000 ($150,000 for personal service corporations). (Code Sec.
531)

Technology Forces
Procter & Gamble's tooling technology could save it $1 billion annually
Procter & Gamble Co. is plotting a revolution in packaged goods, but not with a new
product. Rather, the Cincinnati-based marketer has developed a process to mold
plastic that's thinner, cheaper and greener than the current industry standard.
Not only is P&G planning to use the material for its own products, its patent
applications also indicate the company may have a business-to-business goldmine if
it can sell it to other marketers from non-competitive package-goods players to
automotive giants.
According to a person familiar with the matter, former P&G Chairman-CEO Bob
McDonald said the company's new plastics technology could save P&G alone $1
billion a year by using less plastic and different raw materials.
McDonald likened the technology to some of the company's most transformative,
this person said, including disposable diapers and two-in-one shampoos. While
McDonald stepped down in May, activity around the plastics technology has stepped
up in recent weeks under his predecessor-turned-successor A.G. Lafley. (McDonald
was not available for comment.)P&G declined to comment, citing a quiet period in
advance of its Oct. 25 earnings release.The technology, which is being developed by
P&G's wholly-owned Imflux subsidiary, would be welcome news for a company that

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spawned such brands as Tide, Pampers and Swiffer but has been under growing
scrutiny from investors over the lack of big hits or major new brands in more than a
decade.

Socio-cultural and Demographic Forces


The total population of Female is 51,231,900 in the Philippines.
Summary of Projected Population, by Five-Year Interval, Philippines: 20002040 (Medium Assumption)
Year

Both Sexes

Male

Female

2000

76,946,500

38,748,500

38,198,000

2005

85,261,000

42,887,300

42,373,700

2010

94,013,200

47,263,600

46,749,600

2015

102,965,300

51,733,400

51,231,900

2020

111,784,600

56,123,600

55,661,000

2025

120,224,500

60,311,700

59,912,800

2030

128,110,000

64,203,600

63,906,400

2035

135,301,100

67,741,300

67,559,800

2040

141,669,900

70,871,100

70,798,800

Socio-cultural
The total population of Female is 51,231,900 in the Philippines.
Summary of Projected Population, by Five-Year Interval, Philippines: 20002040 (Medium Assumption)
Year

Both Sexes

Male

Female

2000

76,946,500

38,748,500

38,198,000

2005

85,261,000

42,887,300

42,373,700

2010

94,013,200

47,263,600

46,749,600

2015

102,965,300

51,733,400

51,231,900

2020

111,784,600

56,123,600

55,661,000

;
2025

120,224,500

60,311,700

59,912,800

2030

128,110,000

64,203,600

63,906,400

2035

135,301,100

67,741,300

67,559,800

2040

141,669,900

70,871,100

70,798,800

Climate and Environmental Forces


Environmental Issues
As the 1980s drew to a close, environmental matters began to occupy a growing
portion of the CTFA staff's time on legislative, regulatory and scientific fronts.CTFA
faced various attempts to restrict the volatile organic compound (VOC) content of
personal care products in an effort to reduce emissions from consumer and
commercial products.California became the pioneer regulator in this area. The state
placed restrictions on certain categories of products and set future VOC limits that
placed certain products t serious risk in coming years. With many other states
considering adopting regulations similar to California's, CTFA worked to persuade
these states to defer legislating VOC limits until after the U.S. Environmental
Protection Agency adopted standards for these products.
CTFA negotiated intensely with a number of states to ensure that their VOC
regulations did not unreasonably limit the formulation of personal care products and
did not subject manufacturers to inconsistent limits in different states.CTFA also
began to focus on environmental packaging and claims issues before state
legislatures. Several states enacted regulations or statutes designed to reduce
packaging, encourage reuse or incorporate recycled content into packaging.CTFA
generally opposed legislative proposals mandating certain percentages of recycled
content in packaging by certain dates. Rather, CTFA endorsed an integrated waste
management approach.In addition, the industry made a significant investment in
testing the safety of packaging with recycled material; changing to different types of
plastics; and reducing the amount of packaging for finished.
What are Microbeads?
Microbeads are tiny particles of plastic less than 1mm in size that can be
spherical or irregular in shape and produced in a multitude of colours. Microbeads
are manufactured for use in consumer products such as body and face scrubs to
produce a feel good factor. The types of plastic most commonly used as
microbeadsare.polyethylene (PE), polymethyl methacrylate (PMMA), nylon
polyethylene terephthalate (PET) and polypropylene (PP).
How long have Microbeads been used?
Microbeads were patented in the 1970s, but have only been used as a
disposable entity in consumer products recently. Currently there are many hundreds
of brand lines worldwide that use plastic for body care cleansing and each year more
and more products have plastic microbeads as their main exfoliation ingredient.Size,

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shape and colour variations of microbeads. A standard paperclip is shown for size
comparison. (Microscope 65x magnification Photo: Plastic Free Seas)
What problems do Microbeads pose?
Plastic micro beads are contributing to the increasing flow of plastic into our
oceans. These preventable microscopic pieces of plastic are contributing to the
fragments of broken down larger pieces of plastic and fibres contaminating our seas,
turning them into an unhealthy plastic soup. When used as directed, microbeads
are washed down drains and into waste water systems where they are known to pass
through these treatment facilities and are consequently flushed out to sea. A major
concern with microbeads is that because of their small size, they have a large
surface area by volume, so as a consequence of their use, huge numbers of
readymade, highly efficient toxic accumulators are being intentionally released into
the environment. Micro-plastics in the marine environment are known to accumulate
toxic contaminants - persistent organic pollutants (pesticides, flame retardants,
PCBs).
Microbead Legislation
Petition: Ban plastic microbeads in personal care products in Hong Kong
The Hong Kong petition against microbeads was launched to encourage Hong
Kong government to follow the lead of many governments around the world who are
taking a stance against microbeads.
2. INDUSTRY AND COMPETITOR ANALYSIS

3.3 Porters 5 Forces of Competitive Analysis

PORTERS FIVE FORCES

B arg ain in g
p o w er o f
su p p lie rs

R iva lry
a m on g
co m p e tin g
fi rm

P o ten tial
e n try of n e w
co m p e titors
B arg ain in g
p o w er o f
co n su m e rs

P o ten tia l
d e ve lo p m e n t o f
su b stitu te
p ro d u cts

BARGAINING POWER OF SUPPLIERS: MEDIUM


The bargaining power of supplier is Medium. In order to keep pace in
todays highly competitive environment; more and more companies

are becoming collaborative with their suppliers, and developing close and
long-term relationships. Splash corporation .Splash is gearing toward even
closer partnership with its major raw and packaging materials suppliers.
About 32 key partner-suppliers have been enlisted in the Vendor Managed
Inventory (VMI) program. These partner-suppliers and Splash share more
information openly, and jointly define efforts to improve cost, quality,
delivery, time-to-market, and technology. Splash practices transparency in its
supplier relationship management. It has put up a vendor portal, a web-based
technology that allows supplier-partners to see its material requirements.
These systems are automatically generated and issued to supplier-partners.
Because of the program made by splash corporation through their suppliers it
create deep relationship together. Therefore Splash provides pioneering and
high quality products and services that cater to the universal desire of the
people to look good and live well. From a leadership position in the
Philippines, it is successfully venturing into high growth markets
BARGAINING POWER OF CONSUMER: HIGH
The bargaining power of consumer is high. Splash Corporation,
Johnsons and Johnsons, Avon among others, are highly competitive with their
product quality. And also there are many unknown high quality personal care
product in the market which also affect in decision buying.
THREAT OF SUBSTITUTION: HIGH
The threat of substitute product is high. Availability of substitute
products hurts Splash Corporations ability to raise prices, because customers
can easily switch to another product or service. Substitute Products has a
significant impact, so an analyst should put more weight into it. Substitute
Products will have a long-term negative impact on this entity, which subtracts
from the entity's value. These statements will have a short-term negative
impact on this entity, which subtracts from its value. This qualitative factor
will lead to an increase in costs. This statement will lead to a decrease in
profits. Substitute Products is a difficult qualitative factor to overcome, so the
investment will have to spend a lot of time trying to overcome this issue.
THREAT OF NEW ENTRY: MEDIUM
The threat of new entrant is Medium. It is very expensive when you
establish and to start up a business that selling personal care. It is also
difficult to compete with other company those leaders in the industry such as
Procter and Gamble, Avon, Unilever and Colgate-Palmolive. Their product
innovations are specializing especially in personal care product that why it is
very hard to compete to their product.

Due to the extreme range of Splash Corporation products, it is very


hard for a new company to come and participate. However, the company
holds considerable shares of market and also has established reputations
because of these, no new entrant can compete with the company without
heavy amount of capital and complete marketing strategy based on
comprehensive research. However small companies with specialization in
particular products can offer competition to Splash Corporation in specific
areas.
RIVALRY AMONG EXISTING COMPETITORS: HIGH
The intensity of rivalry among competitors in the personal care industry
is at a high level. The various companies active in personal care take different
routes in terms of developing new products. While the use of natural
ingredients continues to be actively employed, other companies are
developing proprietary ingredients to improve product efficacy. Some
companies are introducing new product and packaging formats. The intense
of competition of the companies increase in every product innovation launch
in the market.
Splash Corporation continuous introduced their product in the market
to compete other huge companies. They also empower their brand name to
ensure stability of their product in the market.

Splash Corporation
Critical
Success
Factor
1.
Advertising
2. Product
Quality
3. In demand
of personal
care for men
and women
4. Market
Share
5. Price
Competitiven
ess in the
Market
6.Financial
Position
TOTAL:

Proctol and
Gamble

Unilever

AVON

WEIG
HT

RATIN
GS

SCO
RE

RATIN
GS

SCO
RE

RATIN
GS

SCO
RE

RATIN
GS

SCO
RE

0.07

0.28

0.21

0.21

0.07

0.27

0.81

0.81

1.08

0.81

0.07

0.28

0.28

0.28

0.14

0.13

0.13

0.39

0.52

0.26

0.13

0.52

0.39

0.39

0.39

0.33
1.00

2
14

0.66
2.68

4
20

1.32
3.4

4
22

1.32
3.8

2
13

0.66
2.33

;
3.4 Competitive Profile Matrix (CPM)
F1
F1
F2

F2

F3

F4

F5

F6

TOTAL

WEIGHTE
D

F2

F3

F4

F1

F6

0.07

F2

F2

F2

F6

0.27

F4

F5

F6

0.07

F5

F6

0.13

F6

0.13

0.33

15

1.00

F3
F4
F5
F6

Conclusion:
As shown above, the total weighted score of 2. 68. The splash corporation is
above average. So, Splash has a potential to compete with their competitors that
are not to high but still

Chapter 4
Market Analysis
4.1 Market and competitors trend
Market shares
Splash corporation
Unilever
Procter and Gamble
AVON

64,281,832.24= 0.15%
19,630,184,623=47.01%
19,500,000,000=46.70%
2,558,500,000 = 6.13%
4.175297e10 = 100%

Competitors
Unilever
AVON
Procter and gamble
Level of promotion
Avon Representatives Ready to Deliver the Season's Best Holiday Gifts
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;
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with gifts for everyone on your list. Forget long lines and busy shopping malls;
instead buy your gifts from a trusted friend your Avon Representative. Avon
Representatives have gifts for everyone on your list with everything from must-have
color and fragrance gifts to chic fashion finds. Avon's offerings make the perfect
present for a friend, loved one or even yourself.
Certification /accreditation
Unilever
Awards & recognition
Specialist agencies and organisations, including environmental groups, responsible
investment analysts, academics and institutes, publish a variety of ratings and
rankings of our global performance. Sometimes this is a result of our engagement
with them through questionnaires and in-depth discussions, sometimes it is the
agencies' own research, in part analysing the data and information we disclose on
our website.
AVON
As the company for women, Avon has the unique ability and commitment to
educate and mobilize people worldwide on issues that are of vital importance to
women. Thats why global philanthropy is at our core as a company.
Procter and gamblers
Global CSR Awards 2012

Gold Award for Community Programs Philippines Disaster Relief Operations

Silver Award for Product Excellence P&G Purifier of Water for the
Childrendrens Safe Drinking Water (CSDW) Program

5. University of Asia & the Pacific (UA&P) Tambuli Awards

Bronze Award for Best Media-Initiated Brand Initiative - P&G e.Studyante

6. 4th Annual Philippine Association of National Advertisers Truth in Advertising


(PANATA) Awards)

Bronze Award for Publicity / PR P&G e.Studyante

Silver Award for Special Events Safeguards 5th Global Handwashing Day

;
7. Global CSR Awards 2013

Silver Product Excellence Award Safeguard

PRICING
P&G Puts Up Its Dukes Over Pricing
Consumer-Products Makers Risk Margins to Grab Market Share From Rivals and
Cheap Store Brands.Procter& Gamble Co. is waging one of the most aggressive
market-share wars in years, cutting prices, accelerating product launches and
spending more on advertisingin an effort to win over shoppers slowly reawakening
from their recession-induced coma.The moves are aimed at winning back market
share lost during the recession to lower-priced rivals, including private-label brands.
They also are a sign that consumers aren't yet healthy enough to fully absorb the
wave of product upgrades coming at them without some help.The price cuts paid off
last quarter for P&G, which on Thursday reported a 7% surge in year-over-year sales
volumes, its best showing in 18 quarters.P&G's major competitors also reported
earnings Thursday, saying they too cut prices and saw better sales. ColgatePalmolive Co. said its North American prices were 3.5% lower last quarter than a
year earlier. Unilever PLC, whose CEO Paul Polman, a former P&G executive, began
cutting prices to boost volumes a year ago, said its overall prices were 3.3% lower in
the period.
Substitute Products (Splash Corporation)
Substitute Product
The availability of substitute products hurts Splash Corporations ability to
raise prices, because customers can easily switch to another product or service
"Substitute Products (Splash Corporation)" has a significant impact, so an analyst
should put more weight into it. "Substitute Products (Splash Corporation)" will have a
long-term negative impact on this entity, which subtracts from the entity's value.
This statement will have a short-term negative impact on this entity, which subtracts
from its value. This qualitative factor will lead to an increase in costs. This statement
will lead to a decrease in profits. "Substitute Products (Splash Corporation)" is a
difficult qualitative factor to overcome, so the investment will have to spend a lot of
time trying to overcome this issue.

High growth rate


Splash 1H profit rise 133% on strong sales

;
Splash Corporation said its net income surged 133 percent to P93 million in
the first half of 2015 on the back of stronger sales in personal care and food
businesses.
In a disclosure to the Philippine Stock Exchange, Splash said its revenues from
personal care Philippines grew by 17 percent while personal care International grew
by 19 percent compared to first semester sales last year. Total food sales grew by 8
percent for the same period.
Gross profit improved 20 percent to P1.1 billion while operating profit of P110
million is 64 percent higher than last year.
Stronger cash flows were made possible by higher sales and profits and
improvement in working capital utilization. Cash generated from operations
amounting P416 million for the first semester is only P74 million short of total cash
generated for the whole of 2014.Splashs personal care flagship products Maxi peel
and Skin White continued to sell strongly and maintained their dominance of the
Philippine market. Splashs flagship personal care brands also continued their strong
showing in international markets including in investment markets including Africa,
Middle East, and Indo-China. In food, the newly introduced Barrio Fiesta product lines
to the US market like canned meals, specialty vinegars and recipe mixes, performed
strongly. In the Middle East, the growth of the distribution network for Splash foods
contributed to higher sales. In the Philippines, Splash personal care and food
products are distributed by Prime Global distribution business alongside products
from other principals. Prime Global also had a strong year with revenues growing by
61 percent in the first semester versus the same period last year. It is on track to
rollout the Enhanced Splash Direct Sales On-Line System in the second semester of
2015 to enable closer monitoring of all aspects of the operations and transactions of
the direct sales network. Also expected to further improve the financial picture of
direct sales is the strategic shift in the Splash distribution model which will result in
improvements in cost efficiency and working capital utilization, and an enhanced
income scheme for dealers to motivate them to sell more and earn more.
MANILA, Philippines - Personal care products manufacturer Splash Corp. has
started the year strong as it grew its earnings nearly half in the first quarter, coming
off a net income plunge in 2014.Splash said net income in the first three months of
the year rose 46 percent to P49 million from P38 million in the same period last year.
Thus net income for the first quarter of 2015 had already exceeded the net income
for the whole year of 2014 by more than four times, the homegrown beauty and
personal care products maker said. For full year 2014, the companys net profit sank
84 percent to P12 million from P73 million in 2013 due to the absence of a P70
million extraordinary gain from the sale of a non-core asset. Without the
extraordinary gain in 2013, net income would have increased four-fold, Splash said.
Sales last year amounted to P3.5 billion, up four percent from P3.4 billion in 2013
while sales for the first quarter of 2015 grew 15 percent to P957 million compared to
P832 million in the same period a year ago. Business (Article MRec), page match: 1,
section match: 1 Splash said sales in 2014 from its Philippine operations increased
11 percent year-on-year while that from international operations went up three
percent. Food sales, however, were flat as the business segment remained in its
investment phase, the company said. For the first quarter of the year, Splash said

;
total sales of its personal care segment grew 18 percent, with Philippine operations
contributing 21 percent growth, international operations four percent and direct
sales five percent. The growth in sales of personal care products more than made
up for the decline by 10 percent of the sales of the foods segment, the firm said.
Splash is the company behind flagship brands Skin White and Maxi-Peel. The
personal care manufacturer is also expanding its product portfolio with the
introduction of new variants for Extract and Extra derm. The firm has also forayed
into the food business through its acquisition of Barrio Fiesta Manufacturing Corp. in
August 2011 and Moon dish Foods Corp. in 2012.Splash said its flagship personal
care brands continued their strong showing in international markets as sales in
investment markets such as Africa and Middle East increased 92 percent and 13
percent year-on-year, respectively. In the food segment, several Barrio Fiesta product
lines were commercially introduced to the US market including canned meals,
specialty vinegars and recipe mixes. From a leadership position in the Philippines,
the listed firm is venturing into high-growth markets in Southeast Asia, Africa, the
Middle East and North America.

DISTRIBUTION

MANILA The distribution unit of Splash Corp secured a contract to provide


nationwide logistics services to two manufacturers. In a statement, the homegrown
personal care manufacturer said unit Prime Global Corp will assist Arvin International
Inc and Royal Brands in expanding their product availability and market reach. The
contract covers providing logistics services for Arvin Internationals Master Chef Sea
Salt and Royal Brands fish sauce product. Arvin International is the market leader in
salt, cornering a 75 percent share of the market, according to its website. Royal
Brands, on the other hand, is owned by James Lorenzana, whose family is behind the
LorinsPatis brand. Prime Global is a full service sales, marketing and logistics
company in the fast moving consumer goods (FMCG) industry. The company
capitalizes on cutting-edge distribution channel management systems and
technology, and practical distribution systems and techniques to offer best value
solutions to its principals and trade partners. Originally created to strengthen the
distribution of Splashs wide portfolio of products, Prime Global has attracted other
companies because of its speed-to-market capability and strong relationships with
trade customers. "Companies like Arvin International and Royal Brands now take
advantage of Prime Globals extensive distribution coverage while being assured of
confidentiality through Prime Globals careful implementation of firewall systems,
pursuant to the growing demands of an open market trend," Splash said. Splash is
the company behind the brands Kolours, Vitres se, Extraderm, Maxi-Peel, Skin White,
Biolink, and Theraherb VCO. In 2011, Splash marked its foray into the food business
with the acquisition of an 80-percent stake in Barrio Fiesta Manufacturing Corp, as
well as 100 percent of Moondish Foods Corp. Despite stronger revenues, Splash's net
income dropped 77 percent to P15.12 million in the nine months through September
from P66.63 million the previous year on higher costs and operating expenses.

;
Splash continues to invest in R&D
MANILA, Philippines - Filipino-owned beauty and wellness firm Splash Corp. is
continuously investing in research and development to stay alive in the highly
competitive personal care industry currently dominated by large multinational firms.
We are the only Filipino company thriving in an industry dominated by
multinationals, said RhodetteGamba, head of the Innovations and Corporate
Marketing Group at Splash. Gamba cited the establishment of the Splash Research
Institute in 1997, which served as an R&D hub for its new lines of products. Splash
made headway in the international market through its best-selling skin whiteners
and exfoliants. Its products are sold in supermarkets and shops abroad, like in the
Middle East, North America (US and Canada), Indonesia and other Asean countries,
even in Nigeria, the largest economy in Africa. Gamba said a good amount of
resources, or around 10 percent of the companys capital expenditures every year,
are invested for the Splash Research Institute. She said new products are
continuously being developed for the companys direct sales operations. Business
(Article MRec ), page match: 1, section match: 1 The Splash Research Institute, she
said, has between 15 to 20 scientists - chemists, chemical engineers, biochemists,
and pharmacists. Among its market-leading products are Skin White for whitening,
Maxi Peel for exfolient, and Kolours in the premium hair dye segment. Through
continuous product innovation, coupled with focused marketing, these products
have successfully maintained or even increased their market share, despite the
onslaught of their competitors whose marketing budget is many times that of
Splash. Apart from beauty products, Splash has also ventured into food
manufacturing and marketing with the acquisition of the Barrio Fiesta brand but not
including the chain of restaurants; in August 2011.The Company followed this up
the next year when it bought Moondish Corp., a manufacturer and distributor of
canned vegetables, canned fish, and ready-to- eat meals.

2. MARKET ANALYSIS
2.1
Market and Competitors Trends

2.2

Market Segments

4.3 External Factor Evaluation (EFE) Matrix

OPPORTUNITY
1. Increasing demand for personal care products for men
2. Acquisition or diversification of mens products
3. Newly improved technology like computers, machineries

;
4. Local expansion in urban and rural areas
5. Growth population in women and men
6. Endorsement of timely famous celebrities like Alden Richard and Maine
Mendoza
7. Global brand recognition
8. Increasing the number of investors in the Philippines
THREATS
1.
2.
3.
4.
5.
6.
7.
8.

New product offer in the market which in demand for men


Substitute products like fake facial wash, unbranded colouring hair dress
Changes of customer preferences
Overall increase of price of raw materials and chemicals
Ban of products that contains micro plastic in the Philippines
Scarcity of raw materials for personal care products
New company entry in the market that offers personal care products
Withdraw of funds of investors

EXTERNAL FACTOR MATRIX


O
1
O1
O2
O3
O4
O5
O6
O7
O8
T1
T2
T3
T4
T5
T6

O
2
O
2

O
3
O
3
O
3

O
4
O
4
O
2
O
3

O
5
O
5
O
5
O
5
O
4

O
6
O
6
O
6
O
3
O
4
O
5

O
7
O
1
O
2
O
3
O
4
O
5
O
6

O
8
O
8
O
2
O
3
O
4
O
5
O
6
O
8

T
1
O
1
O
2
O
3
O
4
O
5
O
6

T
2
O
1
O
2
O
3
O
4
O
5
O
6

T
3

T
4

T3

T4

O
2

T4

T3

T4

T3

T4

T3

T4

T3

O
6

T1 T2

T3

T4

O
8

O
8

T3

T4

T1

T3

T4

T3

T2
T3

T
5
T
5
O
2
O
3
T
5
T
5
O
6
T
5
T
5
T
1
T
5
T
3
T
4

T
6
T6
T6
T6
T6
T6
T6
T6
T6

T
7
O
1
O
2
O
3
O
4
O
5
O
6
O
7
O
8

T8

Total

Weight
ed

T8

0.03

T8

0.08

T8

10

0.08

T8

0.07

T8

0.08

T8

0.08

O7

0.02

T8

0.04

T6

T1

T1

0.04

T6

T2

T8

0.03

T6

T3

T8

12

0.1

T6

T4

T4

11

0.09

T6

T5
T7

T8
T6

7
14

0.06
0.12

;
T7
T8

T8

PAIRED COMPARISON

O1
O2

O3
O4
O5

O6

O7
O8

T1

T2
T3
T4
T5

Opportunity and
threats
Increasing demand for
personal care products
for men
Acquisition or
diversification of
mens products
Newly improved
technology like
computers,
machineries
Local expansion in
urban and rural areas
Growth population in
demand for personal
care for men
Endorsement of timely
famous celebrities like
Alden Richard and
Maine Mendoza
Global brand
recognition
Increasing the number
of investors in the
Philippines
Subtotal
New product offer in
the market which are
demand for men
Substitute products
like fake facial wash,
unbranded colouring
hair dress
Changes of customer
preferences
Overall increase of
price of raw materials
and chemicals
Ban of products that
contains micro plastic
in the Philippines

weighted

Rating

Weighted
average

0.03

0.06

0.08

0.24

0.08

0.24

0.07

0.14

0.08

0.24

0.08

0.24

0.02

0.04

0.04

0.12

0.48

19

1.32

0.04

0.12

0.03

0.12

0.1

0.3

0.09

0.18

0.06

0.18

1
11
120

0.008
0.09
1.02

;
T6
T7
T8

Scarcity of raw
materials for personal
care products
New company entry in
the market that offers
personal care products
Withdraw of funds of
investors
Subtotal

0.12

0.24

0.008

0.024

0.09

0.18

0.54

22

1.34

Total

1.02

41

2.66

EVALUATION:
The total weighted score of 2.66 is above average, so the splash corporation is
doing well. Taking the advantage of opportunity and not avoiding external threat.
They continue improving to consider all factors that will affect to their company.
Opportunity is important to make the company success. We also consider threat to
avoid problem in the future of your business.

The Opportunities of Splash Corporation


1. Increasing demand for personal care products for men has a rate of 2; male
consumers have become increasingly concerned about their physical
appearance and more of them started to use men's product to enhance their
looks. The modern man is trading up and willing to pay a higher premium for
skin care products for men and other grooming products tailored particularly
for his needs and his lifestyle. This trend is expected to continue with sales
predicted to grow to $4.6 billion by 2019 corporation, since they do not have
men's personal care so this is the opportunity to develop a product for men
that leads to increase their profits.

2. Acquisition / diversification of men's product have a rate of 3 and it is very


important. Greater innovation or diversify of men's product can help splash
corporation to produce unique products that will meet customers needs since
they only have women's personal care . And it will also lead to increase profits.
3. Newly improved technology like computers and machineries weigh a 0.27
with a rating of 3 and it is important. It will help the splash corporation to
produce better and to innovate more products. The more product produced
the more the distribution will be.
4. Local expansion in urban and rural areas has a weight of 2 since splash
corporation do not have their own outlets store of their product. It will help for
the consumer to recognize their product.

;
5. Growth population of women and men has a rate of 2; men have begun
adopting the same grooming habits as women. Therefore there is a possibility
that the personal care of Splash Corporation will buy of the consumer since
some of women and men are body concious.
6. Endorsement of timely famous celebrities like Alden Richard and Maine
Mendoza weighs as 0.12 with a rating of 3. It has a big impact to the
consumer because they are looking to the celebrity endorser especially when
they idolize that person. Since it is Alden Richard and Maine Mendoza they are
idolize by many teens so the products that they will endorse will by the
consumers and because of the celebrity endorser will lead to recognize all
over the world.
7. Global brand recognition weighs a 0.14 because of this it may lead to have
a successful expansion. Since, they have a strong brand image in the eyes of
the consumer so that they have s good reputation across the globe.
8. Increasing the number of investors n the Philippines has a rating of 2. The
more investors invest in the splash there is an opportunity to have a high
budget for research and development that will help to innovate or acquire of
personal care products.

The Threats of Splash Corporation


1. New product offer in the market which are demand for men
Personal care product for men is demand in industry, and Splash Corporation
has not already offer personal care product for men. It became threat because the
intensive competition in industry. Competitors that offer personal care product for
men will increase profit margin and the effect of the company will be decrease in
market share.
2. Substitute products like fake facial wash, unbranded colouring hair dress
Substitute product hurt splash corporation ability to raise prices because the
customer can easily switch other product. Substitute product has a significant impact
for the company profit. Tendency the profit will decrease
3. Changes of customer preferences
Everything is changes. It became threat because customer can easily switch
to other product.
4. Overall increase of price of raw materials and chemicals
Increasing the price of materials and chemicals is lead the company to
increase their cost. In some cases, they cannot afford to buy the primary materials
so the production will be affected.
5. Ban of product contain Micro plastic in the Philippines
One of the major problems of Splash Corporation is the possibility of ban of
their product in the market. Some other country like US they already ban personal
care product that contain microbeads. Microbeads is main component in developing

;
soap and cream for skin. Based in study microbeads has a bad effect in the human
skin and also can damage environment. As we research some other product of
Splash Corporation also contain microbeads, if the Philippines government required
to remove all product that contain microbeads it will lead Splash Corporation on big
trouble.
6. Scarcity of raw materials for personal care product
Lack of materials also one of the problem because it will affect the production
processes in making personal care product. It is not easy to look for another
alternative material to use in developing personal care product because it necessary
more research to approve it.
7. New company entry in the market that offer personal care product
Having competitors will lead the company to be more effective and efficient to
their product or services offer in the market but if there are many competitors in
industry will create problem because there are many offering product, tendency your
product will be not seen or not given attention. Entry of new competitors might be
steal sales, the company profit margin will lead to decrease.
8. Withdrawal of funds of investor
We cannot control investor to back out their investment in the company. The
problem is, if the investors withdraw their funds it will cause decrease in budget that
could be affect for the production processes.

4.4 Strategic Issues Based on External Factors

5. COMPANY ANALYSIS
5.1 Vision and Mission of the Company

Vision Statement
We

are

the

leading

provider

of

pioneering,

innovative and

globally

competitive consumer goods and services.


Mission Statement
We are a fast moving consumer goods marketing company that shall be
known for strong brand management and making accessible pioneering,
quality, innovative products derived from extensive research, to improve the
well-being of our consumers. We shall do this through:
1. Leading edge trade and consumer marketing systems.

2. Pursuit of excellence in all other business systems.


We shall be generous in sharing the rewards with our employees, business
partners, stockholders and our community for the realization of our corporate
cause.
We shall uplift the pride and well-being of the individuals and societies we
serve.

5.2 Internal Audit


5.3 Mckinseys 7S Framework
5.4 Key Financial Ratio Analysis
5.5 Internal Factor Evaluation (IFE) Matrix

STRENGTH
1. High growth rate in every quarter of the year
2. Distribution channel in major supermarkets, drugstores, large convenient store
and regional distributors
3. Strong brand images of the product of maxi-peel and skin white
4. High quality in all products of the company
5. Strong supplier relationship management
6. Affordable prices of personal care products
7. Well-trained workers in production and research and development
8. Exhausted clinical testing and strict manufacturing standards to prevent the
production of defective products
WEAKNESSES
1.
2.
3.
4.
5.
6.
7.

Absence of customer feedback data of social media


Lack of innovation which demand of personal care for men
Low budget investment in research and development
Weak sale promotion and public relation
Target female segment only
Lack of marketing strategy in online market
Low income segment like in class c and d

;
8. Strong worldwide presence and expansion of outlets should increase growth
and profits.
S1

S2
S3
S4
S5
S6
S7
S8
W1
W2
W3
W4
W5
W6
W7
W8
Total
Weighted
S1
S2
S3
S4
S5
S6
S7
S8
W1
S1
W3
W4
W5
W6
W7
S1
2
0.02
S2
S3
S4
S2
S2
S7
S8
S2

;
S2
W3
S2
W5
W6
S2
S2
8
0.07
S3

S4
S3
S3
S7
S8
S3
S3
W3
W4
S3
S3
S3
S3
10
0.08
S4

S4
S4
S7
S8
S4
W2
W3
S4
S4
W6
S4
S4
10
0.08
S5

S5
S7
S8
S5
S5
W3
S5
S5
S5
S5
S5
9
0.08
S6

S7
S8
S6
S6
W3
W4
W5
W6
S6
S6
5
0.04
S7

S7
S7
S7
W3
W4
W5
W6

;
W7
W8
9
0.08
S8

S8
S8
W3
S8
S8
W6
S8
S8
12
0.1
W1

W1
W3
W4
W1
W6
W7
W1
4
0.03
W2

W3
W4
W5
W6
W7
W8
1
0.008
W3

W3
W3
W6
W3
W3
14
0.12
W4

W4
W6
W4
W4
9
0.08
W5

W6
W7
W5
6
0.05
W6

W6
W6
13
0.11
W7

W7
6
0.05
W8

2
0.02

120
1.02

INTERNAL FACTOR MATRIX


PAIRED COMPARISON
Strength and weakness
S1

high growth rate in every quarter of the year

S2

S4

Distribution channel in major supermarkets,


drugstores, large convenient store and regional
distributors
Strong brand images of the product of maxi-peel and
skin white
High quality in all products of the company

S5

Strong supplier relationship management

S3

S6
S7

Weighted

rating

Weighted
average

0.02

0.08

0.28

0.08

0.24

0.08

0.24

0.08

0.24

0.04

0.16

0.24

0.4

0.07

Affordable prices of personal care products


Well-trained workers in production and research and
development
0.08

S8

Exhausted clinical testing and strict manufacturing


standards to prevent the production of defective
products
Subtotal

W1

Absence of customer feedback data of social media

W2

Lack of innovation which demand of personal care


for men
Low budget investment in research and
development

W3

W4

Weak sales promotion and public relation

0.1
0.55

1.88

0.03

0.03

0.008

2
1

0.016
0.12

0.12
0.08

;
1

0.08

0.05

0.1

0.11

0.11

0.05

0.1

0.02
0.47

Subtotal

0.04
0.6

Total

1.02

W5

Target female segment only

W6

Lack of marketing strategy in online market

W7

Low income segment like in class c and d

W8

Strong worldwide presence and expansion of outlets


should increase growth and profits.

EVALUATION:
The total weighted score of 2.48 is below average, so the splash corporation
has a weak internal position. The company needs development to make the
company work well. They need to have an improvement in organization because the
highest total average is 4.0.

The Strength of Splash Corporation


1. high growth rate in every quarter of the year .
- Splash Corporation said its net income surged 133 percent to P93 million in
the first half of 2015 on the back of stronger sales in personal care and food
businesses.
- thus net income for the first quarter of 2015 had already exceed the net
income for the whole year of 2014 by more than 4 times the home ground beauty
and personal care products maker said.
2. Distribution channel in major super market drugstores, large convenient store and
regional distributors.
- The distribution unit of Splash Corp secured a contract to provide nationwide
logistics services to two manufacturers.
In a statement, the homegrown personal care manufacturer said unit Prime Global
Corp will assist Arvin International Inc and Royal Brands in expanding their product
availability and market reach.

2.48

;
3. Strong brand image of the product of maxi- peel and skin white
- splash personal care flagship products maxi-peel and skin white continued
to sell strongly maintained their dominance of the Philippines market.
4. High quality in all product s of the company
- Splash corporation ensure their consistent adherence to the companys
established quality standards through periodic performance evaluation.
5. Strong suppliers relationship management
- Treating suppliers as partners with mutual objectives and shared benefits
secures the best possible commercial advantage. Both parties must work together
and both must win, said Cora C. Jacinto, corporate procurement vice president of
Splash Corp.
6. Affordable Price of personal care products
- Even if in class C and D can buy our personal care products affordable price
with a good quality.
7. Well trained workers in production and research and development
- Splash established the Splash Research Institute (SRI); a modern R&D facility
devoted to finding new sources of value to satisfy the rapidly growing needs of its
customers.
8. Exhausted clinical testing and strict manufacturing standards to prevent the
production of defective products.
-SRI also backs up its innovations through rigid clinical tests to guarantee
superior efficacy, safety and stability
The Weaknesses of Splash Corporation
1. Absence of customer feedback data of social media as weighed of 0.03 and with
the rate of 1. This is splash corporations weaknesses that rather will help them to
know the feedback of the customers through online but unfortunately it has no
website.
2. Lack of innovation which demand of personal care for men as weighed of 0.008
and with the rating of 2. The company produced more products for women and they
did not see the opportunity to take advantage of growing population of men to make
a product for them.
3. Low budget investment of research and development as weighed of 0.12 and
the rate of 1. They established the Splash research Institute but have not enough
budget to pursue the innovative products.

;
4. Weak sales promotion and public relation as weighted of 0.08 and the rate 1,
5. Target female segment only
5.6 Strategic Issues Based on Internal Factor

6. STRATEGY FORMULATION
6.1 Strengths, Weaknesses, Opportunities, Threats (SWOT) Matrix

Recalling the previous explanation about Splash Corporations External


and Internal Analysis, we can now develop the four types of strategies: SO
(strengths-opportunities)

strategies,

WO

(weaknesses-opportunities)

strategies, ST (strengths-threats) strategies, and WT (weaknesses-threats). It


is the recommended SWOT matrix by the researchers.
STRENGTH

WEAKNESSES

1. High growth rate in every quarter


of the year
2. Distribution channel in major
supermarkets, drugstores, large
convenient store and regional
distributors
3. Strong brand images of the

1. Absence of customer feedback


data
2. Lack of innovation which demand
of personal care for men
3. Low budget investment in
research and development
4. Weak promotion

product of maxi-peel and skin white

OPPORTUNITIES
1. Increasing demand for personal
care products for men
2. Acquisition or diversification of
mens products
3. Newly improved technology like
computers, machineries
4. Local expansion in urban and
rural areas
5. Growth population in women
and men
6. Endorsement of timely famous
celebrities like Alden Richard and
Maine Mendoza
7. Global brand recognition
8. Increasing the number of
investors in the Philippines

THREATS
1. New product offers in the
market which in demand for men
2. Substitute products like fake
facial wash, unbranded colouring
hair dress
3. Changes of customer
preferences
4. Overall increase of price of raw
materials and chemicals
5. Ban of products that contains
micro plastic in the Philippines
6. Scarcity of raw materials for
personal care products
7. New company entry in the
market that offers personal care
products
8. Withdraw of funds of investors

4. High quality in all products of the


company
5. Strong supplier relationship
management
6. Affordable prices of personal
care products

SO STRATEGY
(SO1) Innovate high quality
product for men with affordable
price. PD(S4, S6, S8, O1, O2,
and O6)
(SO2) Expand local coverage by
adding distribution channel in
rural and urban areas. FI (S2,
O4, O5)
(SO3) Minimize expense to buy
newly improve technology.
Retrenchment (S1, S5, O3)
(SO4) Maintain good financial
position to attract investor in
the Philippines. MP (S1, S3,
O7,O8)

ST STRATEGY
(ST1) Introduce new product for
men with high quality and
affordable price. PD (S2, S4, S8,
T1, T2, T8)
(ST2) Collaborate some other
supplier outside the country of
Philippines.BI(S4, T4, and T6)
(ST3) Offer new product without
contain microplastic with high
quality and affordable price. PD
(S4, S6, S7, S8, T5)
(ST4) Maintain strong brand
image and financial position of
the company. MP (S1, S3, T8)

5. Target female segment only


6. Lack of marketing strategy in
online market
7. Low income segment like in class
c and d
8. Strong worldwide presence and
expansion of outlets should increase
growth and profits.

WO STRATEGY
(WO1) Use direct marketing
strategy to promote the product
for men and women. MP (W1,
W4, W6, O1, O3)
(WO2) Add investment in
Research and Development to
develop new product for men.
Retrenchment (W3, W5, O1,
O2, O3)
(WO3) Increase strong worldwide
presence using timely famous
celebrities. MP (W4, W6, W8, O6,
O7)
(WO4) Set competitive prices in
high income segment to get the
demand of men and women. MP
(W7, O1, O5)
WT STRATEGY
(WT1) Hire financial and
marketing expert. MP (W1, W3,
W4, W5, W6, W7, W8, T3, T4, T5,
T6, T7, T8)
(WT2) Develop new product that
cannot imitate by adding security
features. PD (W2, T1, T2)

;
6.2 Strategic Position and Action Evaluation (SPACE) Matrix
FINANCIAL POSITION

1.
2.
3.
4.
5.
6.
7.
8.

Return on Investment
Leverage
Liquidity
Working Capital
Cash Flow
Inventory Turnover
Earnings per Share
Price Earnings Ratio

3
4
3
3
3
3
3
4

0.12
0.15
0.12
0.12
0.12
0.12
0.12
0.15

TOTAL:

26

1.02

RATINGS

AVERAGE

-3
-2
-3
-3
-3
-4
-4

-0.14
-0.09
-0.14
-0.14
-0.14
-0.18
-0.18

TOTAL:
STABILITY POSITION

Technological Changes
Rate of Inflation
Demand Variability
Price range of competing product
Barriers to entry into market
Competitive pressure
Ease of exit from market
Price electricity of demand
Risk involved in barriers
TOTAL:
INDUSTRY POSITION

1.
2.
3.
4.
5.
6.
7.

AVERAGE

COMPETITIVE POSITION

1. Market Share
2. Product quality
3. Product life cycle
4. Customer Loyalty
5. Capacity utilization
6. Technological know-how
7. Control over suppliers and
distributors

1.
2.
3.
4.
5.
6.
7.
8.
9.

RATINGS

Growth potential
Profit potential
Financial Stability
Extent leveraged
Resource utilization
Ease of entry into market
Productivity capacity utilization
TOTAL:

-22

-1.01

RATINGS

AVERAGE

-3
-3
-3
-3
-4
-2
-3
-2
-3
-26

-0.12
-0.12
-0.12
-0.12
-0.15
-0.08
-0.12
-0.08
-0.12
-0.91

RATINGS

AVERAGE

4
4
4
3
5
4
3
27

0.15
0.15
0.15
0.11
0.19
0.15
0.11
0.9

For Financial Position and Industry Position: +1 (worst), +6 (best)


For Stability Position and Competitive Position: -1 (best), -6 (worst)
Average:
SP : -0.91
IP : 0.9
CP : -1.01
FP : 1.02
Therefore, we get the x-axis = -1.01 + 0.9
= -0.11
The y-axis = 1.02+ (-0.91) = 0.11

CONSERVATIVE
STRATEGY:

Market penetration
Market development
Product development
Related diversification

CONCLUSION:

Since the curve is upward sloping placed at upper-left of the quadrant, we


can conclude that Splash Corporation can pursue the Conservative
strategies. Therefore, Splash Corporation pursues the strategy of market
penetration,
diversification

market

development,

product

development,

related

;
6.3 Internal-External Matrix

The IE Matrix positions an organizations various divisions in a nine-cell display, in which


both EFE and IFE is again used to determine the organizations position. The strategic
implications from this matrix will differ with those from the BCG Matrix.

DIVISION
1. SPLASH
CORPORATION

2. Splash
Food
Corporation
TOTAL:

REVENUES
2,929,354,488
.48
557,972,283.5
2
3,487,326,77
2

%
REVENUE
S

PROFIT

%
PROFI
T

IFE
SCOR
E

EFE
SCOR
E

84%

22,054,821

85%

2.25

2.66

16%

4,011,224
26,066,04
5

15%

100%

STRONG

AVERAGE

4.0

3.0

100%
WEAK

2.0

1.0

HIGH
I

II

III

3.0

MEDIUM
IV

2.0

VI
LOW

1.0
VII

VIII

IX

CONCLUSION:
the result of IE matrix show that splash corporation is positioned as the
category V because the result of EFE score was 2.51 while its IFE score was 2.25.
Therefore, the strategy of splash corporation pursue is the Hold and Maintain
strategies and commonly strategies employed for these type of divisions are
market penetration and product development.

6.4 The Boston Consulting Group (BCG) Matrix

DIVISION

REVENUES

%
REVENUE
S

1. SPLASH
CORPORATIO
N

2,929,354,488.
48

84%

2. Splash
Food
Corporatio
n

557,972,283.5
2

16%

TOTAL:

3,487,326,772

100%

PROFIT

%
PROFI
T

22,054,82
1

85%

4,011,22
4
26,066,0
45

RELATIVE
MARKET
SHARE

0.15%

INDUSTRY
GROWTH
RATE

4%

15%
100%

The BCG Matrix portrays differences among divisions in terms of relative


market share position and industry growth rate. The following is the position
of Splash Corporation in terms of BCG Matrix:

HIGH
1.0

MEDUIM
0.0

+ 20

II

III

IV

-20

CONCLUSION:

LOW
0.5

;
The BCG Matrix portrays differences among divisions in terms of relative
market share position and industry growth rate. The industry growth of splash is 4%
while the relative market share is 0.15%. As the result, Splash Corporation is placed
as Question Marks because has low relative market share position, yet they
compete in a high-growth industry. Based on the theory, company is position at
Question Mark should be considered Market penetration, market development,
product development and Divestiture Strategies.
6.5 Grand Strategy Matrix

This matrix will determine the companys position based on two evaluative dimensions:
competitive position and market growth.
CPM
INDUSTRY GROWTH
RATE

2.66
4%

RAPID GROWTH RATE

QUADRANT I

QUADRANT II

WEAK COMPETITIVE
COMPETITIVE POSITION POSITION
QUADRANT III

STRONG

QUADRANT IV
1.
2.

RELATED DIVERSIFICATION
UNRELATED
DIVERSIFICATION

3.

JOINT VENTURES

SLOW MARKET GROWTH RATE


CONCLUSION:
Therefore, splash corporation should used the strategies that indicated
in grand strategy matix which are; Related diversification, Unrelated
diversification, and Joint ventures.
6.6 Summary of Strategies

;
These are the summary of strategies that shown above in different matrices.
SUMMARY
1. Backward
Integration
2. Forward
Integration
3. Horizontal
Integration
4. Market
Development

TOWS

SPACE

IE

BCG

GSM

TOTAL

5. Market penetration
6. Product
development

7. Liquidation

8. Diversification
9. Conglomerate
diversification
10. Concentric
Diversification
11. Unrelated
diversification
12. Related
Diversification

13. Divestiture

14. Retrenchment

15. Joint venture

Conclusion:
The summary of matrix revealed that market penetration and product
development appeared in all matrices used.

6.7 Quantitative Strategic Planning Matrix (QSPM)

Product Development

QSPM
Key Factors

KEY EXTERNAL FACTORS


Opportunities
Increasing demand for personal
care products for men
Acquisition or diversification of
mens products
Newly improved technology like
computers, machineries
Local expansion in urban and
rural areas
Growth population in women and
men
Endorsement of timely famous
celebrities like Alden Richard and
Maine Mendoza
Global brand recognition
Increasing the number of
investors in the Philippines
Threats
New product offer in the market
which in demand for men
Substitute products like fake
facial wash, unbranded colouring
hair dress
Changes of customer preferences
Overall increase of price of raw

Weigh
t
0.03
0.08
0.08
0.07
0.08
0.08
0.02
0.04
0.03
0.08

0.04
0.03
0.1
0.09

AS

TAS

AS

TAS

;
materials and chemicals
Ban of products that contains
micro plastic in the Philippines
Scarcity of raw materials for
personal care products
New company entry in the market
that offers personal care products
Withdraw of funds of investors

0.06
0.12
0.008
0.09

Total

KEY INTERNAL FACTORS


Strengths
High growth rate in every quarter
of the year
Distribution channel in major
supermarkets, drugstores, large
convenient store and regional
distributors
Strong brand images of the
product of maxi-peel and skin white
High quality in all products of the
company
Strong supplier relationship
management
Affordable prices of personal care
products
Well-trained workers in
production and research and
development
Exhausted clinical testing and
strict manufacturing standards to
prevent the production of defective
products
Weaknesses
Absence of customer feedback
data of social media
Lack of innovation which demand
of personal care for men
Low budget investment in
research and development

Weigh
t
0.02

0.07
0.08
0.08
0.08
0.04
0.08

0.1

0.03
0.008
0.12

Weak promotion

0.08

Target female segment only

0.05

Lack of marketing strategy in


online market
Low income segment like in class
c and d

0.11
0.05

AS

TAS

AS

TAS

;
Strong worldwide presence and
expansion of outlets should
increase growth and profits.

0.02

Total

Market Penetration

QSPM
Key Factors

KEY EXTERNAL FACTORS


Opportunities
Increasing demand for personal
care products for men
Acquisition or diversification of
mens products
Newly improved technology like
computers, machineries
Local expansion in urban and
rural areas
Growth population in women and
men
Endorsement of timely famous
celebrities like Alden Richard and
Maine Mendoza
Global brand recognition
Increasing the number of
investors in the Philippines
Threats
New product offer in the market
which in demand for men

Weigh
t
0.03
0.08
0.08
0.07
0.08
0.08
0.02
0.04
0.03
0.08

0.04

AS

TAS

AS

TAS

;
Substitute products like fake
facial wash, unbranded colouring
hair dress
Changes of customer preferences
Overall increase of price of raw
materials and chemicals
Ban of products that contains
micro plastic in the Philippines
Scarcity of raw materials for
personal care products
New company entry in the market
that offers personal care products
Withdraw of funds of investors

0.03
0.1
0.09
0.06
0.12
0.008
0.09

Total

KEY INTERNAL FACTORS


Strengths
High growth rate in every quarter
of the year
Distribution channel in major
supermarkets, drugstores, large
convenient store and regional
distributors
Strong brand images of the
product of maxi-peel and skin white
High quality in all products of the
company
Strong supplier relationship
management
Affordable prices of personal care
products
Well-trained workers in
production and research and
development
Exhausted clinical testing and
strict manufacturing standards to
prevent the production of defective
products
Weaknesses
Absence of customer feedback
data of social media
Lack of innovation which demand
of personal care for men
Low budget investment in
research and development
Weak promotion

Weigh
t
0.02

0.07
0.08
0.08
0.08
0.04
0.08

0.1

0.03
0.008
0.12
0.08

AS

TAS

AS

TAS

;
Target female segment only

0.05

Lack of marketing strategy in


online market
Low income segment like in class
c and d
Strong worldwide presence and
expansion of outlets should
increase growth and profits.

0.11
0.05
0.02

Total

7. STRATEGIC OBJECTIVES AND RECOMMENDED STRATEGIES


7.1 Recommended Revised Vision and Mission

Revision of Vision Statement


We

are

the

leading

provider

of

pioneering,

innovative and

globally

competitive consumer goods and services.


Revision of Mission Statement
We are a fast moving consumer goods marketing company that shall be
known for strong brand management in local, international and nationwide
and making accessible to our customer like students, professors, workers, and
communities, pioneering, quality, innovative products derived from extensive
research, to improve the well-being of our consumers. We shall do this
through:
1. Leading edge trade and consumer marketing systems.
2. Pursuit of excellence in all other business systems.
We shall be generous in sharing the rewards with our employees, business
partners, stockholders and our community for the realization of our corporate
cause.

We shall uplift the pride and well-being of the individuals and societies we
serve.
Mission Statements components
It indicated the suggested components that will comply in mission of the
company.
Components
1. Customer
Who are the
firms
Customer?

YES/NO
NO

Statement
It has no
statement
about
customer

Remarks
They should
include their
customer.

2. Employees
Are Employees
a Valuable
asset of the
firm?
3. Public Image
Concern for
Public Image

Suggestion
We suggest to
include this ff:
Students
Professors
Workers
Community
It has no
suggestion and
already indicated
on mission
statement
It has no
suggestion and
already indicated
on mission
statement
It has no
suggestion and
already indicated
on mission
statement

YES

It has
statement
about their
employees

It has no
remarks for
this.

YES

They concern
to their public
image

It has no
remarks for
this.

4. Self-Concept
What is the
firm distinctive
competence or
major
competitive
advantage?
5. Philosophy

YES

It clearly
stated the
major
competitive
advantage of
the firm.

It has no
remarks for
this.

YES

It has no
remarks for
this.

It has no
suggestion and
already indicated
on mission
statement

6. Survival
growth

YES

They want to
share rewards
to the
employees,
business
partners,
stockholders
and their
community
They state the
survival growth

It has no
remarks for

It has no
suggestion and

Concern for
survival growth
and profitability

7. Technology
Is the firm
technologically
current?

YES

8. Markets
Geographicall
y, where does
the firm
compete?

NONE

9. Product or
services
What are the
firm major
products or
services?

YES

of the firm that


they want to
be known for
strong brand
management
It stated the
technology
current that
their product
were derived
from extensive
research
No statement
about market
which they
want a target
market

this.

already indicated
on mission
statement

It has no
remarks for
this.

It has no
suggestion and
already indicated
on mission
statement

Define and
clearly state
the target
market.

It clearly
stated the
product which
are pioneering,
quality,
innovative
products

It has no
remarks for
this.

We suggest to
specifying their
markets.
Nationwide
Local
International
It has no
suggestion and
already indicated
on mission
statement.

7.2 Recommended Strategic Objectives


LONG-TERM OBJECTIVES

To acquire new products for women and men segment by the end of the year
2016.
To increase market share to 2% before the end of the year 2016.

To adapt new technologies that help to increase the productivity of the company
by the end of 2016.
To enhance the popularity of personal products locally, internationally, and
worldwide by the end of the year 2016.
To achieve lower overall cost than competitors by end of the year 2016
To increase earnings per share to 2% by the end of the year 2016.
To increase return on equity from 0.45% to 2% by the end of the year 2016.
To achieve wider geographic coverage in the Philippines within 2 years.
To increase profit margin from 1.96% to 3% by the end of the year 2016
To achieve better and faster innovation in industry of personal care product
before the end of the year 2016
To

7.3 Recommended Business Strategies


7.4 Recommended Organizational Strategies
7.5 Financial Projections
7.6 Recommended Departmental Programs and Actions
8. STRATEGY EVALUATION, MONITORING, AND CONTROL
8.1 Strategy Map
8.2 Balanced Scorecard
8.3 Contingency Planning
X. REFERENCES
XI. APPENDIX

References
http://www.philstar.com/business-usual/2013/11/25/1260413/building-deep-supplierrelationships
http://www.mb.com.ph/splash-1h-profit-rise-133-on-strong-sales/
http://www.interaksyon.com/business/58332/splash-unit-bags-distribution-deals-for2-manufacturers
http://www.philstar.com/business/2015/04/18/1444973/splash-profits-rebound-46-q1
http://www.philstar.com/business/2015/08/29/1493343/splash-continues-invest-rd

;
http://www.philstar.com/search/google/splash%20corporation?query=splash
%20corporation&cx=017717946998805404809%3Az2og4mesldc&cof=FORID
%3A9&sitesearch=

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