Introduction
A balance score board is mainly focus on gathering and reporting info to the company’s management system. Thus includes the company’s financial view, method of internal and external operations, learning and growth and the customer’s perspective. In this paper I am going to focus on this four areas to achieve the extreme accomplishment in our products.
Financial Views
Sally’s Beauty Supply is a company that have been in business for a while that has gone internationally, by not having a strategy and shortage of economic funding could lead to an unsuccessful industry. The three financial strategic goals I have established to the growth and accomplishment of Sally’s Beauty Supply includes: Growth in revenues, profitability and cash flow.
For our company on google play Allied with 3rd party companies. Create a foundation that will motivate investors to invest I our products
Increase productivities of our beauty supplies. Minimize customer service complaints Minimize at least 5 percent of customer complaints per ¼ on a five year strategic plan Focus on customer service and train our representative to be the up most caring, respectful, friendly representative.
Process or Internal Operation
Objective Metric Target initiative,
Reduce advertising and publicizing costs Minimize marketing expenses by at least half of net sales Minimizing marketing expenses per quarter Reject the least performance from our web ads
Upsurge productivity of resource series Upsurge productivity of resource by 10% Increase productivity rates by 5% per quarter Shut down low performing locations in the supply
The Balanced Scorecard is a business strategic planning system used by management to make decisions based on information provided about the business from four different perspectives. The first of the four perspectives is the financial perspective. Which means that we evaluate our business and conduct research from the shareholders perspective. Next is the internal business perspective, which is an internal evaluation of what the business must be good at to excel. Next is the innovation and learning perspective which is an evaluation of the firm’s ability to continue to improve and create value. The final perspective is the customer perspective, which is looking at the business activities from the customers
Ulta Beauty's macro-environment consists of being demographically open to targeting a wide variety of age groups as well as income. Ulta's focus right now is to expand father by targeting Millennials. They are doing this by creating an app called 'Glamlab', where customers can test out products digitally and generate more online sales. This is Ulta's way to keep up with the cultural changes in the macro-environment. (Jul 2017) Natural issues that may arise with the go green movement may be some of the products Ulta carries that test on animals. There brands include some of their more profitable brands like Benefit and Estée Lauder. (PETA 2017)
... fashion industry. I believe through all of their marketing tactics and great leadership they will continue to thrive. Although I am not a customer of the brand, I have found great interest in completing this product to explore and expand and broaden my fashion in the brand. The company has had consistent sales increase and if it continues to utilize its business plans wisely, I believe it will continue to increase.
The company that I chose to research for my company profile paper is on the clothing store Francesca’s. Francesca’s is a boutique like store that contains different women’s fashion trends that range from clothing, jewelry, and shoes. Francesca’s also offers specialty items and gifts that include candles, wall art, and gag gifts (Coltrin, 2010). The reason I chose Francesca’s for this project is because this store interests me. I first started shopping at this store when I was about sixteen years old. The store quickly became very popular for my friends and I as the store offered something that we had never seen before; boutique items for reasonable prices. Francesca’s is becoming increasingly popular among women of all ages that are looking for fashionable one-of-a-kind items without breaking the bank.
Ulta Beauty is the largest beauty retail store in the United States. They specialize in cosmetics, fragrances, skin, hair care products, and salon services. Ulta Beauty has been in business for 25 years and has grown to be top in their industry. With a wide selection of beauty products their slogan is “all in one place”. The contents within this paper will be providing a SWOT Analysis for Ulta Beauty. It is important to evaluate the ins and outs of a company to provide valuable information on the standings and future standings of the company. It also provides insight to develop strategies for long-term growths and shows potential threats that may hinder the bottom line.
Offering special products is marked under strengths and opportunity; however, long term sustainability must ease the weaknesses and threats posed by competitors and external markets forces. However, they are several other strengths of this company that outweigh the weaknesses but can easily be threatened. Lululemon has a great brand equity and knowledge in the market which has helped them development a customer loyalty. While Lululemon’s strengths is challenging, limiting their products to a special market, with higher than normal prices opens the markets for competitors. Lululemon has several weaknesses, they only offer a specialty product and it mostly aimed to attract woman. The company’s profitability has decreased over the recent years, showing the necessity for Lululemon to sustain its economic growth through product diversification and geographical expansion. Many of their competitors have grown, mostly likely due to their global growth and divarication. If Lululemon would expand their market growth this would open up so much more opportunity for this company to grow. One of their weaknesses is there is the dependence on suppliers. This opens a great opportunity for Lululemon, right now they are heavily relying on suppliers around the world and they do not have their own manufacturing facilities. This is causing the company to spend more money of vendors to
Part four relates to the financial side of the company and if parts one, two and three align them, part four will have higher financial performance (Crawford, 2005). Part C2a: Including financial and non-financial performance factors in the balance scorecard is an important measure for Paradigm Toys. For the following reasons, Paradigm Toys will have a better understanding of their performance factors. Decision making will be more effective and proficient since both financial and non-financial are being evaluated together.
Focus on the needs of the customer and put the needs of the employee second, follow by the need of the leader as the last so to develop and grow the relationship of the customers while strengthening the
Complementing this situation, is a substantial demand of beauty services by a low-income college campus in a densely-populated market segment. In addition, there is evidence that even residential properties possess capital to enter the market as exemplified by the independent manicurist. There will be a compulsion for Kelly’s salon to increase its expenditure to erect higher entry barriers to that respective market segment considering that a greater rate of market share depletion is associated with a high risk in new market entrants (Arlene, 2015). Again, Kelly’s strategy of cost leadership will prove unsuitable based on the threat of new entrants. Consequently, a competitive disadvantage would
The beauty industry has great opportunities for companies wanting to profit from the growth and resiliency of the sector. Finding the right niche is important for becoming visible in the industry. Communicating the unique selling point to the target group will distinguish the company from the competition so it can survive. Also, product sales are needed to earn revenue beyond the service income. The success of Sugar Wax Salon will rely on its ability to offer a beneficial service, create the right products, and promote them to the right people at the right price.
What resources and capabilities do you think it would take to become the top direct seller of cosmetics and beauty-related items? Does Avon Products seem to have any of those? What would it take to make its capabilities distinctive?
One area to be addressed by HR in order to achieve this is there need to be a HR strategy to build and retain an engaged and committed workforce. Employees would have to exhibit great skills and behaviors in how they treat customers. Firstly they will have to formulate
It is time, at last, to speak the truth about toxic chemicals behind personal care and beauty products. The daily products of an average person consists of face wash, hand soap, shampoo, conditioner, floss, toothpaste, and deodorant. Surprisingly, all of these products listed contain toxic chemicals that are harmful to our body. If we use these products to maintain our hygiene, does that mean we are not clean without these products? For example, a common shampoo many people use is Head and Shoulders. However, do we know if the shampoo is cleaning our hair from beginning to end or is it damaging our hair? How often do you read the ingredients labeled on your personal care products and wonder if they are safe to use? More importantly, if you
At the same time a balance score card intergraded with Accounting Information System allows the companies to collect rightfull information, analyse the data and make evidence based decisions. (Marr, 2010).