Then a salon SWOT analysis could be the answer for you to focus on what are the key business drivers to make a successful salon. FD&C (The Federal Food Drug and Cosmetics Act) and FPLA (Fair Packaging and Labelling Act) are enacting laws that every company has to follow in the industry. An area in which the salon is strong will usually highlight a weakness as well. [emailprotected] - Inflation rate The easy liquidity in the market post the great recession of 2018 will lead to increasing inflation in the Hong Kong economy. Products like toothpaste, shampoo, conditioner, deodorant etc are becoming a basic necessity. One bad review is all it takes for a customer to look away in disgust. When you are looking to open a hair salon, or you already have one, you need to consider everything about it. Someone finds their favorite shampoo from Company A and then sees a new moisturizer made from the same guys. Additionally, if ingredients arent up to code (as deemed by the FDA) they can be banned, which is common in many countries outside of the United States. Use internet to promote salon & give opportunities for customers to get appointments through online. One approach could be the PEST analysis. 4730235-Pestle-Analysis-For-Hair-Salon 2/11 Downloaded from challenge.fitforsport.co.uk on by guest implementation, evaluation, monitoring, and control. Get the documents you need to get organized and funded here. 804-506-0782 It should strive to build a local team that understands the societal norms and attitudes better to serve the customers in Hong Kong. - Exchange rate The volatile exchange rate of Hong Kong can impact Modern Beauty Salon Holdings investment plans not only in the short term but also in the long run. It is always a great way to create focus on your business plans. Political factors are often related to the level of intervention and nature of intervention of the local and national government in the business and economic environment. There are numerous ways technological factors are impacting the Modern Beauty Salon Holdings & Personal Services in Hong Kong. The companies make sure to market their products through social media and digital media. But these smaller brands are slowly creeping out to fill that need. Skincare was a close second and now expects to reach over $11 billion this year. It is demanding work he loves to do it. - Attitude towards health and safety With increasing liberalization the attitude towards health and safety are getting lax. But these new shops offer exactly that: something new, shiny and often niche. the industry successfully survived the 2008 Great Recession. A PESTLE analysis, sometimes called PEST or PESTEL analysis, is a tool businesses use to assess macroeconomic factors that impact their operations. Health consciousness and trends. With the SWOT, you will sit down and write out your businesss current strengths, weaknesses, opportunities, and threats. If an employee isnt working out, you may fear losing money but firing and hiring/training a new professional may save you money in the long run. Beauty Salon Growth is one of the top popular multinational firm and by time it invests in different departments to take its products to new level. Strengths and weaknesses are internal factors that are most likely within your control and are linked to. Beauty Salon Growth is taking steps to meet its goals as the world is in search of healthy and delicious food. Sure, the big brands are well-known with a higher chance of keeping their customer base, thanks to brand loyalty. But these smaller brands are slowly creeping out to fill that need. The 4 Elements of PEST Analysis The acronym PEST stands for "political, economic, social, and technological"the four primary types of external factors that can impact a business. You can bet that one brand has stolen their heart and itll take a PR apocalypse to set them free. This might include issues such as insufficient staffing, limitations in premises, the way they are laid out, location, advertising and so forth. Free Summary Report This report contains the table contents only. Modern Beauty Salon Holdings can use this trend to cater to various segments of the population. Acasestudy.com 2007-2019 All rights reserved. If there are issues, the product may not reach shelves. So, the management committee of our saloon needs to clarify all the legal documents to the government. PESTEL stands for - Political, Social, Economic, Technological, Environmental and Legal factors that impact the macro environment of the firm that it operates in. Commonly, a pestle analysis will be used alongside other analyses that focus on internal factors. This may cost more, but if you can sell more, that will make you more in the long run. Modern Beauty Salon Holdings has to carefully consider average time of specific cases before entering an international market. Although this focuses primarily on the cosmetic industry, the entirety of the beauty industry typically follows these same general guidelines. For example, Europe and Canada have harsher ingredient requirements. When you want to know your business on a deeper level, no matter how new or old your business is, conducting a SWOT analysis is a good way to start. A beauty salon trade is one industry that promises to fulfill the fantasies and needs of women who love to look and feel their best at all times. The cosmetic industry in the United States has generated more than $56 billion in revenue in 2015. Competitive Analysis. To plan out the risks, creating a SWOT analysis will help. 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The purpose of the exercise, is to enable a more detailed understanding of what is working well, what can be improved, what opportunities are available and what threats there may be to a salon. Many people confuse the barbershop with the hair salon. Toothpaste makes your breath smell better. Changing social morals and values can impact the business of an entire industry because they shift consumer preferences and demand for products/services. The purpose of the exercise, is to enable a more detailed understanding of what is working well, what can be improved, what opportunities are available and what threats there may be to a salon. For instance, Canada and European Union have the policy of mentioning ingredients and over 500 companies have been banned for not following the rule (Buscher, 2021). But the battle to win their favor doesnt start and end in the aisle. Salon SWOT Analysis | SWOT Analysis For Hair Salons Beauty and personal care is a lucrative market for cannabis-derived products, with North America at the centre of booming demand. The Federal Food, Drug and Cosmetic Act (FD&C Act) and the Fair Packaging and Labeling Act (FPLA) are the leading laws in which the beauty and cosmetic industry must follow. Nature and the environment. PESTLE Analysis in Beauty Industry The beauty industry is diverse, comprising more than just makeup and skin care products. - Efficiency of financial markets in Hong Kong Modern Beauty Salon Holdings can access vibrant financial markets and easy availability of liquidity in the equity market of Hong Kong to expand further globally. - Societal norms and hierarchy the society of Hong Kong is different from the home market of Modern Beauty Salon Holdings. - Migration The broader attitude towards migration is negative in Hong Kong. Some states require salons to be insured and some places require each hairdresser or skin therapist to have insurance as well. - Data protection laws Over the last decade data protection has emerged as critical part of not only privacy issues but also intellectual property rights. These beads exfoliated dead skin cells from the face. Maybelline has crafted the measurable target for reducing CO2 emissions by 60%. Thank you for interesting in our services. O. E. Williamson, Markets and Hierarchies(New York: Free Press, 1975) Exhibit A: PESTEL Analysis. Beauty brands know people need products for certain occasions too, like when job hunting or when meeting up for a spicy date at that New Mexican restaurant around the corner. PESTEL, a complementary tool to SWOT, expands on the analysis of external context by looking in detail at specific types of issues that frequently have an impact on implementation of project/ initiatives. Additionally, many brands in this industry either import ingredients from other countries or sell directly on foreign land. Skincare and makeup are now the ultimate fashion trend. [Online], Available at: https://acasestudy.com/pestle-analysis-in-beauty-industry/, [Accessed on: 21st May, 2021]. Modern Beauty Salon Holdings operates in a dynamic environment where it is influenced by government decisions, collective social trends, increasing environmental activism among consumers, regulatory framework, consumer spending behavior, technological changes, increasing regulatory framework for environmental factors, and ever evolving legal system. Legal plays an important role in the development of Personal Services sector in any economy. MBA Skool, 2019. Moreover, many companies import ingredients or products and sell them in other countries. The hairstylists and any other professionals you hire need to be strong candidates with good people skills. Ireland is a part of the Eurozone and the 33 rd largest economy in the world in terms of nominal GDP. z o.o. Please note: This blog post is for educational purposes only and does not constitute legal advice. Beauty brands supply the tools to improve your appearance and, by proxy, your feelings about yourself. Your competitive analysis should identify your indirect and direct competitors and then focus on the latter. If you have equipment that could catch fire, that could cause you to lose your salon. Generally, weaknesses can be identified as the other side of strengths. 2023 Zolmi & Belliata are registered trademarks owned by Umov Sp. - Paris Climate Agreement has put real targets for the national government of Hong Kong to adhere to. Search more businesses reports such as PESTEL Analysis, Porter 5 Forces Analysis Modern Beauty Salon Holdings, Copyright Executive MBA Pro Resources 2022, BCG Matrix / Growth Share Matrix Analysis, SWOT Analysis and Solution of Modern Beauty Salon Holdings, Porter Five Forces Analysis of Modern Beauty Salon Holdings, SWOT Analysis of Modern Beauty Salon Holdings, International Business & Marketing Analysis of Modern Beauty Salon Holdings, SWOT Analysis / SWOT Matrix of Modern Beauty Salon Holdings, Ruixin Intl PESTEL / PEST / STEP Analysis, China Infrastructure Investment PESTEL / PEST / STEP Analysis, Stream Ideas Gr PESTEL / PEST / STEP Analysis, Feishang Non-metal Materials Tech PESTEL / PEST / STEP Analysis, Tree Holdings PESTEL / PEST / STEP Analysis, EFT Solutions PESTEL / PEST / STEP Analysis, Golden Power PESTEL / PEST / STEP Analysis, Nan Nan Resources Enterprise PESTEL / PEST / STEP Analysis. Hair salons and barber shops, for example, rely on 5-15% of their revenue from hair care product sales. Bodyshop has marketed itself as one that does not test its product on animals. But even though the products in this industry are endless, they all focus on selling one specific idea: a better you. It's a strategic framework used by companies to assess the impact of external factors on their business. Deodorant stops body odor. For example, in March 2020, Regis Corporation, a leading hair salon with over 10,000 salons, announced temporary closure all of its corporate owned salons for 2 weeks. We use cookies to give you the best experience possible. They have developed, designed and also implemented multiple measures for reducing greenhouse gas emissions at manufacturing facilities like plants, distribution centres etc. Technological factors mean the innovations and developments in technologies.These factors impact an organization's operations. 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