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Posted: June 23rd, 2022
Table of Contents
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Current Mission, Objectives, Strategies
Internal Factor Evaluation (IFE) Matrix
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External Factor Evaluation Matrix
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The Quantitative Strategic Planning Matrix (QSPM)
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Short-Term Strategies and Objectives
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The Management Information System (MIS)…………………………………………………………..23
Production and Operations ……………………………………………………………………………..23
REFERENCES………………………………………………………………………………………….24
Revlon was founded in 1932 by Joseph and Charles Revson. The organization began with launching a new product that comprised of nail polish, which came in many colors other than the common red. The term Revlon is derived from combining the name Revson and Lochman. During its time, Revlon was the only company that had nail polish of different colors. Therefore, it has an enormous advantage over other competitors, which led to its development as a multi-million dollar organization within six years since it was founded. In the early 1940s, Revlon had managed to improve its product line resulting to the innovation of more beauty products like lipstick that made the company popular (Forest, 2016). Revlon decided to go public in 1955, which was evidently a positive move. It resulted in an increase of the stock price with over 200% within the initial two months of trading. The next two decades saw Revlon establish many cosmetic related companies including expansion of its products portfolio. However, the 1980s was not good for Revlon since it has started to be threatened by competitors like Proctor and Gamble, Cover Girl, and Estee Lauder. The situation led to a strategy by Revlon to sell to Pantry Pride. Hence, it stopped being sold in department stores and started being a mass market beauty brand. High profile models, Christy Turlington, Cindy Crawford, and Claudia Schiffer, were hired by the company to boost exposure and sales for the firm in the 1980s. At the beginning of the 1990s, Revlon introduced the Color Stay line and hired the model Halle Berry to promote the products. It has been Revlon’s strategy to use models for promoting and boosting the sale of its products. For instance, when Mirage Cosmetics and Colomer Group were acquired in 2011 and 2013 respectively by Revlon, the company hired both Olivia Wilde and Emma Stone to promote their products.
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The headquarters of Revlon is in New York City, and it boasts a huge line of beauty and personal products. Revlon now offers many products including make-up, blush, deodorant, skin care products, lipsticks, hair and nail products. It includes more marketed brands like Mitchum, Jeannate, Charlie, Revlon ColorSilk, Pure Ice, Sinful Colors, Almay, Gatineau, and Ultima II. Revlon conducts its business around the globe with the help of its sale representatives, sales force, independent distributors, and the licenses that allow its selection of manufacturers that provide complementary beauty accessories and products.
Revlon’s mission statement claims that it intends to emerge the leader in personal care and cosmetics around the world. It indicates taking pride in manufacturing the best skin care products and strives to please young and older women alike. The mission statement is positive but could have added more vigor by emphasizing how it intends to serve its customers and its mission in shaping the look of its customers. A good mission statement must include an element showing concern for prosperity, the products, and services, the markets that are the target, an improved self-concept of the firm, and commitment to the customers and demonstrating the integration of technology.
Revlon’s vision statement begins with its definition concentrating on the main products that the company deals. It defines the company as a global hair color, color cosmetics, beauty tools, antiperspirant/deodorants, skin care, fragrances, and beauty care products entity. Its vision is rather brief presented as Excitement, Glamour, and Innovation through top quality products at affordable prices.
Revlon’s vision is to establish the entity as the quintessential and the most innovative enterprise with regards to beauty. The entity intends to offer products that improve the general feeling of the consumer making them feel beautiful and attractive. The company is motivated to inspire their customers to express themselves and their bodies with confidence. The strategic goal of the entity is optimizing the financial and market performance of its brands’ portfolios and assets. The business strategies employed by Revlon to ensure it hits its targets include managing financial drivers for value creation. The objective involves expansion of the profit margin through optimization of the price, allocating allowances to the sale for maximization of the return on trade spending, and minimization of the costs across the global supply chain (Forest, 2016). The entity is also focused on removing the non-value added administrative and general cost for funding reinvestment that would enable growth. Another significant goal includes growing profitability through intensive geographical and innovation expansion. The entity intends to establish brands that are unique, relevant, impactful, own-able, and distinctive. Revlon also focuses on following organic growth opportunities within the existing brand portfolio and among the existing retailers. The mission includes following opportunities to advance the geographical presence of the company. Revlon also intends to improve its cash flow through activities like progressive management of the working capital and also concentrating on the best return on capital spending. Another strategy of Revlon is directed to people where it intends to attract, develop, and support employees that align with the entity’s innovative culture while at the same time inspiring a creative drive which demonstrates the roots of the company’s vision and implementation of the entity’s strategy.
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INTERNAL AUDIT
An internal audit allows the comprehensive assessment of the strengths and weaknesses of a company. Furthermore, the undertaking presents critical information regarding the functional parts of business. Some of the functional parts to be evaluated by the internal audit include the management, management of information systems, finance, marketing, accounting, operations, and research and development. The areas are evaluated and then reviewed by the company executives to create a clear view of the company’s strengths and weaknesses.
Strengths
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The strengths noted include any area of the business with the reputation of strong performance. The company’s strengths provide it with an opportunity to create a competitive advantage and lead over its competitors.
Any field of the businesses, which is not performing as expected or that which is dragging down the company is viewed as the weakness. A company should assess its weaknesses to allow it to gain ground against its competitors. Also, addressing the shortcomings allows organizations to improve the stability of the business.
The Internal Factor Evaluation (IFE) matrix is a tool employed to analyze the weaknesses and strengths of the functional parts of the business. The following matrix intends to assess the strengths and weaknesses analyzed above. The IFE is developed using the five-step process detailed below.
Internal Factor Evaluation Matrix | |||
Key Internal Factors | Weight | Rating | Weighted Score |
Strengths | |||
1) Established U.S. market | 0.25 | 4 | 1.0 |
2) Most products are made by their very own company. Therefore, they don’t have to outsource | 0.15 | 3 | 0.45 |
3) Celebrity supports as spokesperson | 0.10 | 2 | 0.20 |
4) Brand longevity | 0.10 | 2 | 0.20 |
Weaknesses | |||
1) Globalization | 0.15 | 3 | 0.45 |
2) Minimum diversified products compared with competitors | 0.10 | 2 | 0.20 |
3) Advertising budgets | 0.10 | 2 | 0.20 |
4) Insecure employees | 0.05 | 1 | 0.05 |
Total | 1.0 | 2.75 |
The Internal Factor Evaluation Matrix is created considering how the factors are significant for the company. The highest rating was given to Revlon having an established market in the United States. The factor is highly significant because it represents the goals of most companies, which are gaining a market share. Therefore, having a huge market share in the US is a significant factor given 25% of the total weight given to a variable. The factor plays a 25% chance in the successfulness of the company on its own and hence its recognition as a key internal strength. The strength is based on Revlon beginning its business early with a high pace that allowed it to grab a huge market share before the competitor grew. The rating of 4 is also given to the factor which is the highest rating of importance. Market share is critical with regards to any business, and it serves to push the organization to its desired height. Therefore, the factor is highly rated and also shows the amount of weight it carries for the future and success of the company.
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The rating of three was given to the factor of Revlon having the capability to manufacture most of its products. The same rating is given to a weakness of globalization where Revlon is observed to slug behind with regards to integrating the advancement of technology and globalized operations. Besides, it slugs in opening different channels around the globe to dominate its competitors appropriately. These factors are also given equal weight to the company (Forest, 2016). The ability of a company to manufacture its products provides control over many factors especially the cost of production and the prices of the products. Besides, it corresponds to the company’s capability to globalize and open different channels that maximize its revenue and profitability. These are existing opportunities to improve the profitability and income of the company. Therefore, they are given the same rating because they represent actions that the company must take to influence growth, development, and profitability. For instance, a company is encouraged to manufacture its products to control the costs and set the desired product prices that may create a foundation for a competitive edge with the competitors. The strategy influences the growth of revenue while globalization also increases the opportunities for revenue generation. Therefore, they deserve the same weight and rating based on their contribution to the growth of the company.
The rating of 2 is given to four factors where two are strengths, and two are weaknesses. The initial factor is using celebrities as product’s spokesmen to improve the sales of the products. The factor is given the same rating with the longevity of the brand which improves it’s trustworthy to increase its sales over the new competitors. With regards to the weaknesses, the rating of 2 is given to the low level of diversification of the products and the advertising budget. The level of diversification is viewed to limit the company as compared to other players in the field. It is viewed as if the entity is being crashed slowly by its competitors. All these factors are also given the same weight of 0.10 indicating that they represent 10% of the impact based on the successfulness of the company. The lowest rating was given to insecure employees since it doesn’t mean it is the entire group of employees. Although the weakness has a significant impact on the company, it is not as weighty as other factors, and it can be dealt with within the company without costing substantially. Therefore, it only has a 5% impact on the overall performance of the company while it is rated 1 as the least important for Revlon.
EXTERNAL AUDIT
An external audit is viewed as a significant tool for the company that allows it to evaluate the factors beyond the control of the entity and determines whether they are opportunities or threats. Some of these external forces can be grouped as social, economic, demographic, cultural, environmental, political and technological. Therefore, the external audit is viewed as a tool for identifying the opportunities for a company so it can leverage and also define the risks so that they can be mitigated.
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The external factor evaluation (EFE) matrix allows the strategist to assess the opportunities and threats facing a company. These are the external factors affecting the company, which could either be competitive, technological, governmental, environmental, demographic, cultural, social or economic. The EFE Matrix is designed using the following four-step procedure:
External Factor Evaluation (EFE) Matrix | |||
Key Internal Factors | Weight | Rating | Weighted Score |
Opportunities | |||
1) Revlon could endorse partnership or joint ventures with other players in the industry which is intended to increase the chances for new opportunity | 0.15 | 3 | 0.45 |
2) Utilize all marketing opportunities to promote product awareness | 0.15 | 3 | 0.45 |
3) Revlon should focus on the male consumers considering their established brand | 0.05 | 2 | 0.1 |
4) Open online and internet operations | 0.10 | 3 | 0.30 |
Threats | |||
1) Government instability and fluctuation of exchange rates in some jurisdictions | 0.15 | 2 | 0.30 |
2) Intense competition with other players in the industry | 0.20 | 4 | 0.80 |
3) Customers changing preferences | 0.10 | 3 | 0.30 |
4) Fast pace of globalization and the cost of management | 0.10 | 2 | 0.20 |
Total | 1.0 | 2.90 |
The highest weight in this EFE matrix is given to the intense competition of other players in the industry. It is assigned a weight of 0.20 because the competition force is consistently exerted and felt by the company. It means that the company does not have a chance to slug or the close range competitors would overtake it. The fact is given much weight because it prompts the company to keep on assessing appropriate strategies to implement to stay ahead of its competitors. Revlon has to keep on marketing its products extensively and promoting them to stay vigorous and recognizable in the industry. Otherwise, failing to stay competitive would cause its immediate drag against its competitors. Therefore, the weight of external competitors is substantial in this case considering that they are many and all significantly established. The threat of competitors is considered given the most weight because the competitors incorporate consistent strategies to beat Revlon and gain its market share. The factor is given the highest rating of 4 to indicate the Revlon is aware of its significance and putting constant effort to ensure that it competes adequately to maintain its position. Revlon competes in specific product categories against several multi-national manufacturers in both the professional and consumer segments. Also, it expands its store-owned brands and private label in the consumer segment as a competitive strategy. Revlon also ensures to compete in the products sold in the professional salons, large volume retailers and the demonstrator assisted retailers. The brand works to ensure that it has exerted competitive forces in the products sold in the department and prestige stores, door-to-door, television shopping, one-stop shopping beauty retailers, specialty stores, perfumeries, e-commerce and other distribution outlets.
The 0.15 weight is the second highest in the EFE matrix and is assigned to three factors where two are opportunities, and one is a threat. In the opportunities, Revlon is expected to take advantage of partnerships, joint ventures, mergers and acquisitions that enable it to build stability while increasing its capabilities on the ground level. Also, Revlon is expected to integrate diverse marketing and advertising strategies to promote the awareness of its products and improve the sales. The threat is based on political issues and regulations in other jurisdictions. These factors are given the same weight based on their impact on the success of the business. Partnerships and joint ventures and marketing techniques all play to improve the company in terms of revenue or ensuring it does not capsize. The level of benefit or returns they pose is relative to the effort and strategies likely to be incorporated into the company. However, they are significant opportunities that the company should consider when attempting to improve. On the other hand, the government regulations and factors like political instability are highly significant to the health of the company. Therefore, they are given the weight of 0.15 only because of their rarity to happen but should have more weight considering what they mean to the success of the company. A business can be completely affected by political instability on a specific jurisdiction. Also, it has to keep on assessing its production and operation standards to ensure they align with the regulation standards of the jurisdiction. Violations in such areas could result in heavy financial fines imposed by the jurisdiction and a spoilt reputation which would mean a lot to the brand. However, these factors are assigned different ratings based on how Revlon is responding to each of the factors. The company prioritizes the opportunities in terms of response than the threat of government instability.
Revlon has made various acquisitions to grow its base and hence the rating of 3 assigned to the factor of acquisitions, partnerships and mergers. The rating is good and not strong because the level of strong is represented by huge acquisitions of entities that are dominating in the industry. A rating of three is also given to the power of marketing since it is the key to getting customers and informing them about the benefits of the product. Government instability is rated at 2 because the company has little control over it. Also, it is one of the factors considered before establishing ventures in new jurisdictions. Therefore, ventures are set up in stable countries that promise stability. The weight of 1.10 is given to three factors where one is an opportunity, and two are threats. The opportunity is based on internet and online activities. They represent only a small margin of the clients right now, and hence it is given a weight of only 10% of the company’s effort. The customer’s changing preferences, and the rate of globalization is also given a 10 percent weight for the company each since they are countered heavily by strategic objectives of the company. For instance, the customer’s changing preferences are met with strong marketing, advertising and promotional activities and hence a rating of 3 which translates to good in responding to the changing preferences of the customers. The fast pace of globalization is given a 10% weight on the health of the company and the effort the company should direct to factor. Although it is a threat, Revlon is well protected by its research and development department that intends to keep it updated on the changing forms in the industry and on the globe. Revlon believes that it leads the industry in the establishment of innovative and technologically improved beauty products and cosmetics. The entity’s research and development is ready to identify consumer changes in preferences and the need to guide the development of new products, lines, and promotions.
STRATEGIC ANALYSIS
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The strategic analysis involves making subjective decisions based on the information at hand. The strategy analysis facilitates a clear view of the connection between strategies and objectives. The section will involve creation courses of action that will guide the entity in achieving its missions and objectives. The current mission, vision, objectives, and strategies of the company are linked with the information from the internal and external audit. A 3 step strategy is applied in the formulation of the framework where the initial phase is the input of the internal and external analysis information. The second step involves matching the key external factors with the key internal factors. The goal is achieved through the formulation of the SWOT and SPACE matrices and the grand strategy. The final stage is employing the QSPM matrix to select strategies that will be implemented.
The SWOT Matrix involves matching the strategies of the weaknesses and threats (WT); Strengths and threats (ST); strengths and opportunities (SO); with the weaknesses and opportunities (WO). The WT strategies are employed to reduce the internal weakness and external threats. The ST strategies are the strengths employed to reduce the external threats facing the company. The WO strategies are employed where the internal weaknesses can be countered using the existing external opportunities. Finally, the SO strategies are employed when the internal strengths can be employed to take advantage of the existing opportunities. A five-step process is employed to create the SWOT Matrix.
The following is SWOT matrix for Revlon
Strengths | Weaknesses | Opportunities | Threats | SO | WO | ST | WT | |
Established US Market | Globalization | Utilize partnerships, joint ventures, acquisitions and mergers | Government instability and regulations | Since Revlon has an established US market, it should focus on the male consumers | The issue of globalization can be addressed through embracing acquisition, partnership, and mergers. | Since Revlon has an established marked in the US, it should intensify the competition from outside forces | Lack of sufficient globalization strategy might affect globalization on the firm and increase the cost of management | |
Company manufactures its products | Minimum diversified products compared with competitors | Apply diverse marketing opportunities | Intense competition with other players | Since Revlon manufactures its products, it should diversify its online and internet operations to improve sales | The minimum diversified products can be coupled with the strategy of focusing on male products | The fact that Revlon manufactures some of its products, it can focus on the changing customer preferences | Revlon should diversify its products sufficiently to stay strong against the strong competition | |
Celebrity support as spokesperson | Advertising budgets | Focus on the male consumers | Customers’ changing preferences | Revlon has celebrity support as spokespeople, and therefore they should utilize diverse marketing techniques | Advertising budgets can be observed by assessing the diverse marketing options that favor the entity | Celebrity spokes people should be leveraged to curb the cost of globalization and marketing | The high advertising budgets may hinder effective promotion of products to curb the changing preferences of customers | |
Brand Longevity | Insecure Employees | Diversify online and internet operations | Fast pace of globalization and the cost of management | The brand longevity of Revlon should be coupled with partnerships, acquisitions, and joint ventures. | Brand longevity should help Revlon to stay stable against government regulations | Insecure employs might lead the company to failure in standards in other jurisdictions. |
The Strategic Position and Action Evaluation (SPACE) Matrix allows an organization to identify whether they should employ the aggressive, conservative defensive or competitive strategies. The Financial position (FP) and competitive position (CP) are utilized when creating a SPACE matrix which are both internal dimensions. Stability position (SP) and industry position (IP) are utilized as the external dimensions. These factors are critical in determining the strategic position of the overall firm. Although the external and internal factors from the EFE and IFE matrices are critical, the organization also needs to consider some factors of the company like resource utilization, growth potential, market share, customer loyalty, inflation rate, technological changes, cash flow, and return on investment. The following are the steps employed in the construction of the SPACE matrix
Different factors should represent the industry position (IP), the stability position (SP), competitive position (CP), and financial position (FP).
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A scale should be selected where for the FP and IP dimensions, +1 is worst and +7 is best. For the SP and CP dimensions, -1 is best while -7 is worst. FP and CP dimensions should be rated comparing the competitors while the IP and SP dimensions should be rated comparing other industries.
The data for the SPACE matrix
Strategic Position and Action Evaluation Plan Matrix (SPACE) | ||||
Financial Position | Industrial Position | Stability Position | Competitive Position | Conclusion |
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FP average = 3.3 |
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