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Growth Drivers in Selected Death Care Businesses in the Philippines
European Business & Management
Volume 6, Issue 5, September 2020, Pages: 116-127
Received: Aug. 20, 2020; Accepted: Sep. 5, 2020; Published: Sep. 19, 2020
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Author
Isaias Lagsa Borres, Graduate School, Department of Management, Our Lady of Fatima University, Valenzuela City, Philippines
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Abstract
Death Care business refers to organization or company which provides act of assistance in cognizant to demise, burials, crematory, interment and mausoleum. The growth in the death care industry is fueled by various factors such as internal and external factors. External factors, are aging population, robust economy, increase in disposable income, population growth, and death rate increment.. Internal factors: strategic vision, marketing strategy and branding product/ service, financial performance, human capital, and customer base. This research paper aimed to determine the growth drivers of death care businesses in the Philippines and to formulate alternative strategic management plans. This study employed descriptive-evaluative method and utilized the SWOT, PESTEL, Five Forces Porter’s model and the balanced scorecard. The paper concludes that word of mouth as the most convincing factor. Death care business is stable, profitable and still growing in the Philippines. Death rate went high due to the growth drivers. All items under the aspect of strategies implemented were rated ‘great extent’, emphasizing that any available strategic formulation which can be applied and utilized by a certain death care company would definitely be adopted so as to address competition. The respondent death care companies have a ‘strong’ leverage on market positioning. This was indicated by the grand mean of 2.91 (strong). It is recommended that death care businesses shall enable themselves to assert current business situations in order to develop appropriate strategic actions, novel strategies, ability to foresee the future trends in the funeral industry, and appropriate measures must be implemented in Advertising, technology and price standardization.
Keywords
Death Care Business, PESTEL Analysis, Balanced Score Card, and SWOT
To cite this article
Isaias Lagsa Borres, Growth Drivers in Selected Death Care Businesses in the Philippines, European Business & Management. Vol. 6, No. 5, 2020, pp. 116-127. doi: 10.11648/j.ebm.20200605.12
Copyright
Copyright © 2020 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/) which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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