Revlon – SWOT analysis
The creation of the electronic store requires taking some serious steps, including the development of its policy, involving designers into the process and finally establishing the shop.
The major goals of the electronic store B2C establishment for Revlon’s production are the following: Publicity and projection in more likely customers. Through the website the company will be advertised 24 hours a day. Improvement of provided service via most efficient service of customer. All of the orders will be delivered in the shortest period of time.
There will be close monitoring of all the orders done through the website. Enlargement of Network of sales. Many more customers are going to find out about the production which Revlon offers, including those who live in the parts of the country where there is no Revlon network. In order to inform the customers about available products, about the increase of their variety and quality; In order to be informed about customers needs and interests and their differences according to the group to which they belong;
Reduction of the cost of publicity and of printing the list of products; Profits increase due to the increase of the number of customers. The project of the electronic store establishment is going
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Consumers will also get advantages because they will be able to order their favorite products online. Consumers will get a chance to say what changes in the products they would prefer for them to be more appealing to their tastes. Through the electronic store, the company can start maintaining close relations with its customers. Partners who own Revlon will benefit greatly because the value of their shares will increase rapidly. Suppliers of the company are also going to obtain many advantages because they will distribute their production through Revlon much faster than in the past.
Two of the major opportunities of external environment include constant increasing in the number of Internet users and popularity of purchasing online. Revlon’s electronic store can take advantage of these tendencies and obtain large profits. The company’s largest strength is recognition in the world market. Even though there are some threats for Revlon’s e-business and the company has some weaknesses, they can be diminished.
The success of the electronic store will be measured by the increase of sales of the company. Besides, it will also be possible to determine the groups of customers which consume the production offered by Revlon. According to the plan of the project, the structure of consumers needs to change as the result of the electronic store establishment. A large number of young people have to become consumers of the company due to efficient advertising and distribution system. Another way how efficiency can be measured is through the changes in profitability of the company.
According to the plan, costs of advertising are going to decrease as the result of online advertising instead of advertising in print editions. Due to the increase of sales and decrease of costs, Revlon’s profits are supposed to increase greatly. As long as this goal is achieved, the project will be very efficient.
Critical success factors of Revlon’s electronic store are the following:
1. Vision/top management commitment;
2. Individualized/personalized service offering.
3. Strategic use of IT.
All of these success factors are very important for the development of Revlon’s e-business.
Vision/top management commitment lays the foundation for the development of the e-business of the company. Personalized service offering is going to place the electronic store on the top of the industry because electronic stores of competitors are currently not personalized enough. Personalization is a key to success in e-business. Strategic use of IT is going to make the Revlon’s electronic store one of the easiest websites to access, which will contribute to the company’s increase in the number of customers.