SINGAPORE - Three teams – ACE Cool, ComfyPalms and Te Amo, impressed the judges with their keen understanding of market entry strategies, business acumen and entrepreneurship skills in entering new markets to emerge as winners in the FedEx Express/Junior Achievement International Trade Challenge (ITC) on July 31.
Students Wang Qianhua and William from Republic Polytechnic (Team ACE Cool), Stacy Goh and Genevieve Leng from Temasek Polytechnic (Team ComfyPalms), and Cheng Yuen Xun and Loh Joo Meng from Ngee Ann Polytechnic (Team Te Amo), will represent Singapore at the regional competition on August 23-25, competing against 21 other teams from Hong Kong, Japan, Korea, Malaysia, New Zealand, Philippines and Thailand.
Sponsored by FedEx Express and organized by Junior Achievement (JA) Singapore, the FedEx/JA International Trade Challenge is designed to help students in eight Asia Pacific markets learn about international trade and provide them with an opportunity to set up a mock business and develop a plan to export a product to an overseas market.
“FedEx strongly believes in nurturing the next generation of entrepreneurs in Singapore and the FedEx/JA International Trade Challenge provides an excellent platform to develop the youths’ understanding of business and trade in a globalised world so that they are equipped to contribute to Singapore’s, and the region’s, continued economic growth,” said Clifton Chua, managing director, FedEx Express Singapore.
Now in its third year, the 2010 local ITC has attracted more than 400 16 – 19- year-old students to its workshops on international trade and received a total of 101 market-entry strategy submissions. Ten teams were then shortlisted to present their market-entry strategies detailing marketing, promotion, pricing, inventory and product distribution plans at the FedEx/JA ITC local final held on July 31 at the Singapore Management University (SMU).
Commenting on this year’s finalists, Chua said, “The quality of this year’s submissions were very high with detailed marketing, promotion, pricing, inventory and product distribution plans. The winning teams were passionate about their products and able to communicate the value proposition of their business well while showing good grasp of the markets they were exporting to.”
As part of FedEx commitment to enable students to gain first-hand experience about the role of world trade, product distribution and sales in different market environments, FedEx employees from operations, finance, marketing and training departments volunteered as workshop facilitators to share their expertise and experience.
About FedEx Express
FedEx Express is the world’s largest express transportation company, providing fast and reliable delivery to more than 220 countries and territories. FedEx Express uses a global air-and-ground network to speed delivery of time-sensitive shipments, by a definite time and date with a money-back guarantee.
About FedEx
FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $35 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world’s most admired and trusted employers, FedEx inspires its more than 280,000 team members to remain “absolutely, positively” focused on safety, the highest ethical and professional standards and the needs of their customers and communities. For more information, visit news.fedex.com.
About JA Worldwide® (Junior Achievement)
Junior Achievement is the world’s largest organization dedicated to inspiring and preparing young people to succeed in a global economy. Through a dedicated volunteer network, Junior Achievement provides in-school and after-school programs for students which focus on three key content areas: work readiness, entrepreneurship, and financial literacy. Today, 139 individual area operations reach more than four million students in the United States, with an additional 4.3 million students served by operations in 118 other countries worldwide. For more information, visit www.ja.org