I need this by Saturday morning; Instructor feedback from wk 2
Team week 3 assignment: and week 4 that has to be completed
Week two feedback
Feedback for student
Good job completing the Industry Overview assignment. APA writing standards were followed concerning including the cover page and references page. However, be sure to properly format references, use credible sources, and include headings. Also, missing end quotation mark in 5th paragraph. You shared your thoughts in the 575 words (the count range was 525-700 – cover page and reference page are not included in word count).
Requirements for this assignment included explaining distribution and the sales chain, customer experience, inventory, cash flow system, pricing, etc. Understanding these areas of business can contribute to increase profitability, low costs, and reduced inventories, all of which can lead to customer satisfaction. Your thoughts were organized and paragraphs detailed with good sentence structure. Grammar and mechanics were effectively demonstrated. Content on distribution, sales chain, and inventory were informative and explained business plans. However, no discussion on manufacturing, may or may not apply but not mentioned. Good illustration on pricing and sales strategies, which are essential to any organization and can lead to sustainability. Overall great job!
Team week Four
Evaluate your instructor’s feedback on the outline for the mock presentation from Week 2.
Determine what was missing, or what needs to be changed in your presentation.
Develop support for your Week 3 outline in a 10- to 15-slide presentation with speaker notes, or narration, including:
· Include your elevator pitch.
· Explain your executive summary.
· Describe your company and management overview.
· Explain your products and services, target market, and strategy implementation.
· Explain your financial plan.
· Include use of funds, team development and utilization, growth forecasts for 3 years, and projected revenues.
· Explain your exit strategy for yourself and any investors.
Submit your assignment.
Team week Three
An elevator speech is a brief description of a company, idea, or product. It explains a concept to enable any listener to understand it within the shortest duration (Burns, 2016). The following is an elevated speech regarding the beauty industry.
“Did you know that almost 15% of the American citizens are not comfortable with their facial scarring and natural looks? It results in a loss of confidence among them. We have established a viable beauty industry that provides services of high quality in facial scarring and natural looks treatment to the affected clients (Burns, 2016). As a result, the clients can regain confidence from their facial scarring and become happy of their natural looks. We have so far established contracts with over 400 celebrities in the United States.
We are now looking forward to raising extra capital to expand the industry’s operations and replicate the entities worldwide. Our team has over 20 years of experience in the beauty industry and is well established to develop the business effectively.
Describe Product/ Business
The beauty industry of make-up consists of bringing out the beauty that is already thereby enhancing beauty. There are so many companies that sell make- up and beauty products, however, this company stands out because of their lipstick product. The lipstick product consists of a lipstick that only has to be applied once every 8 hours and the color doesn’t change. This product is popular for special occasions such as weddings, anniversaries, dinners, etc.
The beauty industry includes businesses that help to make people look their best. The cosmetic industry is rather large because there are so many types of services that can be offered. Another service can include facials and skincare which is important under the makeup to keep the skin refined. Also, there is a make-up artist that provide the service of getting a professional make-up section or even offering skills that will help to teach women how to apply their beauty products correctly. The cosmetic industry grosses billions of dollars each year and defiantly won’t be slowing down anytime soon.
According to Accounting Tools (2018), financial statements are a collection of summary-level reports that shows a company’s financial results, position, and cash flow. These reports are beneficial in showing if the company can generate cash and the sources that were used to do so. Whether the company can pay their debts and track financial results on a trend line to detect any profitability issues. It’s also instrumental in deriving financial ratios that indicate the condition of the business and investigating business transactions to make sure they line up with the amounts on the financial statements. There are three types of financial statements. A balance sheet shows the company’s assets, liabilities, and stockholder’s equity as of report date. The income statement reflects the company’s operations and financial activities through revenues, expenses, losses, and gains. The statement of cash flows displays the changes in the company’s cash flow during a given period.
Exit Strategy. An exit strategy is a strategic plan, which provides reliable means for an entrepreneur to minimize business losses. It involves the selling of the entrepreneur’s ownership to another company or Angel investors. Various factors are considered when deciding on which exit strategy to choose (Hawkey, 2017). For instance, the elements may include; the level of involvement or control an entrepreneur wants to hold in the business, whether he expects the industry to operate sustainably in a similar manner as before.
We have therefore chosen the initial public offerings as the best exit strategy for the beauty industry. An initial public offering is a process which involves offering the public a private corporation’s shares through stock issuance (Hawkey, 2017). The open share issuance enables the beauty industry to generate capital through investors. The beauty industry is interested in the initial public offerings has ideally chosen underwriters. The sector has also selected an exchange through which shares will be offered consequently traded in public (Hawkey, 2017). Besides, business valuation is the primary aspect regarding an exit strategy. Based on this, the industry has therefore selected the specialists who will assist in investigating its financials to establish a fair value. An initial public offering is the best strategy because it enables the company to generate enough capital, which promotes its growth and expansion. The beauty industry will, therefore, expand and grow effectively while employing this exit strategy.
In looking for funding for your business you may want to look into angel investors for funding of your product/business. Have your elevator speech on hand so you can explain your product/business in two minutes to gain the investor’s interest. Have your financial statements together and be able to explain how your product/business will generate revenue through your financial statements. If your business isn’t doing well, you could minimize the loss by selling the entrepreneur’s ownership to another company or get sold to an angel investor who, if the potential is still there, can help you get a better perspective and help your product/business to succeed.
Burns, R. E. (2016). The Vital Importance of the Elevator Speech. Bridgewater Review, 35(2), 33-34.
Hawkey, J. (2017). Exit Strategy Planning: Grooming your business for sale or succession. Routledge.
Financial Statements. (2018). Retrieved from https://www.accountingtools.com/articles/2017/5/10/financial-statements
THE COSMETIC INDUSTRY 4
The Cosmetic Industry
The cosmetic, beauty and personal care industries are growing at a high rate, with the cosmetic market expected to gain up to $429.8 billion by 2022 (Allied Market Research). According to research, the beauty industry in the United States generates close to $70 billion in revenue annually (Duncan, 2008). This shows beauty, personal care, and cosmetic businesses are among the most lucrative around, with women as the primary consumers. The most significant advantage is that chances of operating a successful cosmetic and beauty business are high due to the large customer base. At one point, everyone consumes cosmetic products starting from hair, skin and sun care products to deodorants and fragrances. The major challenge, however, is the existing or possible competition, change in consumer preferences as well as potential regulatory changes (Allied Market Research). This paper presents a business design outline for a medium-sized beauty shop operating on both wholesale and retail basis.
Starting a cosmetics store is not as hard because the business is not such labor or capital intensive. The trick is getting the correct brands preferable by the target market, proper recordkeeping, and marketing. To capture a bigger market, the business will deal with a broad category of cosmetics including skin and haircare products, deodorants, makeup and fragrances for both genders. The company will operate under the name ”Perida cosmetic store, ” based in Nevada U.S.A but to expand the operations to other cities through opening other franchise stores. The business will first operate on personal savings and an acquired loan.
Ensuring excellent inventory and cash flow systems is essential to achieve accountability as well as make sure what customers need is available through timely restocking. The initial step is to understand that profits and cash are two separate things and the time lag between cash receipt and sales (Accounting Coach). The management will come up with a well-structured cash flow and inventory management plan detailing the most proper cash flow and inventory management system and strategies. Besides, we will invest in a model that will ensure appropriate forecasting of sales, cash inflows and outflows, and the latest technology to conduct an inventory check.
Pricing is an essential factor that provides leverage to wholesale and retail businesses. Usually, consumers will shop around for the most affordable options. To maintain our position in the market, we will ensure prices charged are competitive with those of other stores. Additionally, customers prefer different payment options, and we will make sure we provide a variety of payment options to suit all clients. All the account details will be available on business websites and marketing platforms.
Supply and distribution: The required stock will be sourced from wholesale beauty product distributors in Dubai and Korea. More specifically from ”Chinabrands’ a wholesale cosmetic distributor based in Dubai and other wholesale stores offering competitive purchase terms around the U.S. Our business will offer a variety of purchase options including on-premises and online purchases. We will invest in business vans to provide transportation in case of wholesale purchases and avail customer care desks to take care of client concerns as part of the after-sale services. Besides, to ensure excellent performance, employees will be offered incentives and competitive compensation.
Cosmetics businesses are very profitable, but just like every other business, it requires well-designed strategies of operation before commencing business. A proper market analysis should be carried out to assess any potential market risks so that proper measures are taken in advance.
Duncan, E. (2008). Topic: Cosmetics Industry in the U.S. Retrieved from https://www.statista.com/topics/1008/cosmetics-industry/
Cosmetics Market by Category (Skin & Sun Care Products, Hair Care Products, Deodorants, Makeup & Color Cosmetics, Fragrances) and by Distribution Channel (General departmental store, Supermarkets, Drug stores, Brand outlets) – Global Opportunity Analysis and Industry Forecast, 2014 – 2022 Update Available On-Demand. Retrieved from https://www.alliedmarketresearch.com/cosmetics-market.
Inventory Systems and Cost Flows Accounting Coach. (n.d.). Retrieved from https://www.accountingcoach.com/inventory-and-cost-of-goods-sold/explanation/2
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