Let us get back to work!

So after an exciting weekend, we all ready start working. In the morning, we worked in groups to find out the benchmark and competitors in each of the four targeted countries, which are China, South Korea, Japan and Thailand. After a nice lunch provided by the Economic Faculty of Kasetsart University, we started preparing the interview for a successful skin care company: NAMU Life. Its star product--Snail White has become the most popular whitening skin product in Thailand. How did they become successful? How did they enter the markets in other Asian countries? Who are their competitors? A variety of questions are ready there to be thrown out. In the afternoon, the finished products team started off to have the interview and tour at NAMU. The raw product team stayed to work on the regulations for cosmetics in each country. Both of the teams were really productive, which were celebrated by a hotpot party afterwards.

First Weekend in Thailand

Finally, we got to explore Bangkok! This weekend, the four of us visited a variety of locations from Chatuchak market, the largest market in Thailand, to Ayutthaya, the country’s formal capital. Chatuchak was a very interesting experience. Anything you can imagine was sold there. First, we walked past stalls selling the traditional souvenirs and items you’d expect from a market. But, once we got to the back of the market, everything from foxes to falcons could be purchased, all for less than $1,500USD. In order to escape the mid-day heat and humidity, we decided to travel downtown to Dusit Palace – a former home turned museum of King Bhumibol Adulyadej. We got to explore the incredible artwork made in his honor. Many of the items were decorated with beetlewings, which provide an emerald hue to the standard gold pieces.

On Sunday, we visited Ayutthaya with our Thai student counterparts from Kasetsart University. They showed us around the old temples and took us to some amazing places. For lunch, we went to a traditional noodle restaurant. We each eat three bowls of the soup, even in the 90° heat! For dinner, we went to a seafood restaurant. We had around 30 dishes for the 10 of us. By the end, we were all very full from the delicious food. Now, we need to get our rest for an exciting day of work ahead of us.

 

Hands On

With a full agenda for the day, we started to understand the possible markets where JSP's products are likely to have a positive impact. While working with our Thai partners from Kasetsart University, we analyzed the several potential markets in Asia that would help JSP expand its crocodile oil internationally. We discussed the pros and cons of entering each of the top markets with respect to their share in spending in the skin-care industry.  We concluded that JSP's products are likely to be profitable in Thailand, South Korea, China, and Japan. We also distributed research responsibilities for studying these 4 markets, taking into account the different types of products JSP is willing to introduce. By noon, we all sat together to eat Thai food and get to know our Thai partners at a more personal level. After lunch, we discussed upcoming meetings we have scheduled with the CEO. After a long day of work, we went to downtown to explore the amazing city of Bangkok.

Sawasdee!

Sawasdee!

Hello from Thailand. We are: Martiza, Xue, Charley and Gabe. The four of us are in Thailand for the next two weeks, working with JSP Pharmaceuticals and students from Kasetsart University. We are working on a consulting project to help them introduce their crocodile oil products to Thailand and other Asian markets. After days--literally--of traveling, we are all finally here! We hit the ground running after a warm welcome from our Thai partners. We introduced ourselves, met the Managing Director of JSP, Sittichai Daengpresert, and toured his company, where we were introduced to his products. We are very excited to collaborate with them for the next two weeks and see what Thailand has in store for us.

See you soon!
Cornell SMART 2016