Orchid Farming As A Potential Business Venture
This business field project is intended to study the feasibility of the orchid farming industry as a business venture. The objectives covers various aspects such as the status of the industry, the potential of domestic and export markets, the key success factors, challenges facing the industry and...
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| Format: | Thesis |
| Language: | eng eng |
| Published: |
2000
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| Subjects: | |
| Online Access: | https://etd.uum.edu.my/229/1/ZAINAL_ABIDIN_BIN_YAHYA_-_Orchid_farming_as_a_potential_business_venture.pdf https://etd.uum.edu.my/229/2/1.ZAINAL_ABIDIN_BIN_YAHYA_-_Orchid_farming_as_a_potential_business_venture.pdf |
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| Summary: | This business field project is intended to study the feasibility of the orchid farming industry as a business venture. The objectives covers various aspects such as the
status of the industry, the potential of domestic and export markets, the key success factors, challenges facing the industry and a financial analysis of the project. The
methodology of the study includes collecting information through interviews with selected respondents and secondary data obtained from researches by MARDI, FAMA, Agricultural Department and Statistic Department. The orchid industry had initially begun since 1960, but only started to create an impression during the 1980’s. Although various incentives have been introduced, the industry’s growth rate is still considered sluggish. The domestic market has great potential with a year round demand and there is also a very wide export market. For the success of the project, the entrepreneur has to tackle the key success factors.
Among these are to develop a good networking channel, the selection of the variety has to be suited to the target market, a product with high quality, technical expertise
and experience, effective farm management, the ability to maintain production costs at manageable levels and finally the need to plan with a fair degree of accuracy the
supply and demand of the market. While the challenges facing the industry include the high costs of input materials, competition from Thailand and Singapore, the
necessity for substantial capital investment, lack of up to date information regarding the international market, the country’s export practices which is more individualist,
an efficient air transport system, slow development of new orchid varieties, foreign labor problems and a lack of promotional activities. The financial analysis based on a
3 acres orchid farm, shows that the project is considered to be very much viable. The recommendations put forward to further develop the industry are along the lines of a reduction in the costs of production. Assistance could be provided to businesses for production of seedlings, a slackening of the import duties and restrictions on
imported goods, an increase in efficiency and productivity, increase technological
knowledge and effective management. Other measures that should be looked at are to increase competitiveness and efficiency in marketing of the products and to further streamline incentives and supporting activities. As conclusion, the orchid cultivation industry has the potential to become another export product that would
further contribute to Malaysia’s economy. |
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