You cant forget about the small stuff, toothpaste and deodorant. But its not all fun and games. - Maturity of technology The technology in the Personal Services sector is still not reached maturity and most players are vying for new innovations that can enable them to garner higher market share in Hong Kong. You can buy almost any product and get it delivered to your home in a day or two. But even though the products in this industry are endless, they all focus on selling one specific idea: a better you. Each one wants to have a perfect hair because it is one of the factors that raise our self-esteem. The process was developed in the 1960s by Albert S. Humphrey. Changing social morals and values can impact the business of an entire industry because they shift consumer preferences and demand for products/services. Its central narrative of functional wellness makes it a long-lasting trend. You may pride yourself on having more services or having the best staff. The numbers are only going up from there. Makeup makes lips bigger and erases dark circles. If the product contains any of these ingredients, they wont be allowed across the border. Report "Pestel (Hair Salon)" Please fill this form, we will try to respond as soon as possible. You may also be using a weaker product to save money and customers could go to the salon down the road to get higher quality products. 4. In addition to this, the cosmetics industry comprises more than 14% of the market share. You may have internet access and you can offer wi-fi. - Customer activism Greater awareness among customers have also put environmental factors at the center of Modern Beauty Salon Holdings strategy. 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. If you have one hairdresser who comes in late, never cleans up, and is almost always crabby, this is a weakness that will influence all parts of your salon. A hair salon with an abundant clientele list is a sign of successful marketing, good operations and strong client management. Political analysis is about government change and political stability of a country. They become brand loyalists. They stop looking. The influencers create videos with products that are visual content enjoyed and shared by many women across the globe. Strategic Management Essays, Term Papers & Presentations . Where a SWOT analysis is good to do on a regular or semiregular basis, a GAP should be done when sales are slipping or customers are not coming back to see where your salon needs to improve. Undertaking a salon swot analysis should become part of the process of regular evaluation of how successfully your salon is running and remember this process can be used for beauty salons and nails salon as well. It can be used in a range of different scenarios, and can guide people professionals and senior managers in strategic decision-making. Technological factors mean the innovations and developments in technologies.These factors impact an organization's operations. Free Summary Report This report contains the table contents only. - Migration The broader attitude towards migration is negative in Hong Kong. The social environment keeps altering with respect to time like the mindset of the consumer along with their way of lives. - Legal protection of intellectual property, patents, copyrights, and other IPR rights in Hong Kong. SOCIO-CULTURAL ANALYSIS Socio- cultural factors concern the change in taste and preferences, fashion, cultural beliefs, norms and likes and dislikes. Competitive Analysis. Ulta Beauty, Inc. managers can use Porter Five Forces to understand how the five competitive forces influence profitability and develop a strategy for enhancing Ulta Beauty, Inc . Nature and the environment. Momin, A. A. D. Chandler, Strategy and Structure (Cambridge, Mass. Tim's Hair Studio 2149 Highway 155 N McDonough Ga 678-583-9980. Someone finds their favorite shampoo from Company A and then sees a new moisturizer made from the same guys. "Global Salon Cosmetics market size was valued at USD 104757.69 million in 2022 and is expected to expand at a CAGR of 7.08% during the forecast period, reaching USD 157929.81 million by 2028." the industry successfully survived the 2008 Great Recession. - Leisure interests the customers in the Hong Kong are giving higher preferences to experiential products rather than traditional value proposition in Services sector. by Subhan Kasi | Jul 16, 2021 | Industries. 6 Effective Content Marketing Strategies You May Have Overlooked, Market Analysis Definition (With Explanation and Examples). They have developed, designed and also implemented multiple measures for reducing greenhouse gas emissions at manufacturing facilities like plants, distribution centres etc. Want to know what to focus on in your business? - Societal norms and hierarchy the society of Hong Kong is different from the home market of Modern Beauty Salon Holdings. The companies need to report their products ingredients and are required to be registered manufacturers. The next program of the company is to reduce the usage of water. The best time to write a SWOT analysis is during your marketing strategy or anytime during operation. For those in the hair and beauty industry undertaking a salon swot analysis will yield positive results. Beauty Salon Growth is taking steps to meet its goals as the world is in search of healthy and delicious food. If you continue to use this site we will assume that you are happy with it. In skin care, an ingredient called microbeads were sweeping headlines for a while. Some weaknesses could be staff that isnt pulling their weight. Slips and falls This could result in legal action and cause financial loss for your salon. 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. But, theyre made of plastic and horrid for the environment. Over the last decade sustainability and environmental factors are becoming critical for businesses. All Rights Reserved, Economic factors: A recession-resistant industry, Environmental factors: An attempt is being made, but the effects are small, typically follows these same general guidelines, Forums and subreddits are popping up over the internet, Customers will try an assortment of products until they find, One bad review is all it takes for a customer to look away in disgust, The internet really did revolutionize the beauty industry, Any new beauty brand can sell their products through Amazon, The Federal Food, Drug and Cosmetic Act (FD&C Act) and the Fair Packaging and Labeling Act (FPLA), theres still a long way to go to see results, General Mills SWOT Analysis: 3 Opportunities to Gain Competitive Advantage, Root Cause Analysis: An Easy 6-Step Complete Guide, Mayo Clinic SWOT Analysis 2023: Healthcare Business Checkup, 3 Top Tech Tools for the Modern Commercial Contractor, Strategies for School and College Security, Steps to Secure your Business After a Cybersecurity Breach. - Access to essential services By and large over the last decade and half the wider population in getting access to essential services in Hong Kong. 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. We are now heading outside of your immediate control. Currently, Jean-Paul Agon serves as the CEO and chairman with Franoise Bettencourt Meyers and Paul . What Is the Macro Environment in Business Analysis? PESTEL Analysis is a strategic management tool that Modern Beauty Salon Holdings management can use to make better decisions. It's a list of the Strengths, Weaknesses, Opportunities, and Threats. . Pestle Analysis introduction the pestle analysis is a set of tools used to analysis and evaluate various factors which determines and affects the environment of an organization which should be identified in order to aid company's so they can achieve optimum performance . PEST stands for political, economic, social and technological. However, Gilbert (2019) acknowledged that the implications of the changes identified by PESTLE vary among industries, thus Porter's five forces will be used to understand the specific implications on the beauty manufacturing industry. - Inflation rate The easy liquidity in the market post the great recession of 2018 will lead to increasing inflation in the Hong Kong economy. One approach could be the PEST analysis. An individual can lead but the analysis can be a group effort. In skin care, an ingredient called microbeads were sweeping headlines for a while. Product safety is a hot topic in the United States. But, theyre made of plastic and horrid for the environment. Some of the technological factors are access to greater information, innovation in customer services, population access to technology, access to mobile phones driving empowerment, supply chain disruption because of technology, nnovation in product offerings, rate of technology driven change etc. Brand loyalty spreads horizontally too. All of those are under your control. Welcome to the world of case studies that can bring you high grades! New Zealand registered a remarkable growth during the last decade. We have strict policies against plagiarism. One bad review is all it takes for a customer to look away in disgust. By continuing well assume you board with our, PESTLE Analysis of the Telecommunication Industry, Books on PESTLE Analysis: What to Look For, How to secure financing as a small business owner, How to Make a Business Plan for Any Business, 7 Crucial Macro Environment Factors to Include in Your Analysis, Macro Environment Examples in the Real World. The beauty or cosmetic industry is highly resistant to the economic recession, unlike other industries. - Employment law in the Hong Kong and how they are impacting the business model of the Personal Services. If the product contains any of these ingredients, they wont be allowed across the border. Look into popular services that youre not currently offering and see how those could work in your salon. Adding nail art, makeup artistry or lash extensions can also add plenty of new ways to get more customers to your salon. Cosmetic companies are facilitating their goals for creating sustainable and environmentally friendly businesses in terms of business innovation. Look at what is trending when it comes to hair, nails, and skin treatments. Loreal had to remove whitening products or words from their products as people are getting more morally sensitive (Momin, 2021). PESTEL analysis in the beauty industry. Lake Park Men's Salon 226 Lakes Blvd Lake Park, GA 229-263-0653. Beauty brands supply the tools to improve your appearance and, by proxy, your feelings about yourself. And it goes on, and on, and on. If you have a lot of five-star reviews, referrals, and repeat customers you can see that the employees are skilled enough to keep people happy and coming back. It is classified as a high income economy. Social factors include health & safety attitudes, societal roles and norms, demographics, acceptance of entrepreneurial spirit, traditions, culture, gender roles, attitude towards certain products and services, and leisure interests. But even though the products in this industry are endless, they all focus on selling one specific idea: a better you. Sure, the big brands are well-known with a higher chance of keeping their customer base, thanks to brand loyalty. - 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. Beauty Salon Growth works under the guidelines and regulations directed by federal government and food authority. difficulty as evaluation Pestle Analysis For Hair Salon what you in the manner of to read! Additionally, many brands in this industry either import ingredients from other countries or sell directly on foreign land. Thats why new beauty companies are constantly fighting to get attention in such a saturated market. 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. A PEST (political, economic, social, technological) analysis, while similar to a SWOT, is focused solely on external factors, most commonly measuring a market, whereas a SWOT analysis focuses equally on internal and external factors and measures a business entity, proposition or idea. Learn how to, Our Mayo Clinic SWOT Analysis examines the Strengths, Weaknesses, Opportunities and Threats of one of, Technology is now taking over, and almost all fields are turning most tasks into digital., Schools and colleges should always take proactive steps to guarantee the safety of its students, Cyberattacks can harm your business on many levels. Please help us to share our service with your friends. How is SWOT Analysis different from a GAP analysis? - Latest technology based innovations implemented by competitors of Modern Beauty Salon Holdings This can provide a good insight into what the competitors are thinking and where Personal Services business model future is. Thats why new beauty companies are constantly fighting to get attention in such a saturated market. Skincare was a close second and now expects to reach over $11 billion this year. [Online], Available at: https://pestleanalysis.com/pestle-analysis-in-beauty-industry/, [Accessed on: 21st May, 2021]. Truvi's Hair Barn 1109 Reynolds St Covington, Ga 678-658-0442. Industry Overview. 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. You can't forget about the small stuff, toothpaste and deodorant. The SWOT analysis is typically made for marketing and works best when you're newly opened or have been open for a short time. Some of the offerings at a beauty salon include; hair perming, nail grooming, manicure, pedicure, fixing of hair weaves, braiding . and can be implemented in any type of nail salon business, big or small. If the management accountant is to add value to the business they need to understand how the business works. Toothpaste makes your breath smell better. 1. Modern Beauty Salon Holdings management has to consider following legal factors before entering international market system of justice, biasedness toward home players, data protection laws, time taken to deliver justice, discrimination laws, copyrights law, intellectual property rights protection etc. 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. Modern Beauty Salon Holdings has to keep a close eye on the industry wide government priorities to predict trends. Although this focuses primarily on the cosmetic industry, the entirety of the beauty industry typically follows these same general guidelines. - Increasing liberalization of trade policy of Hong Kong can help Modern Beauty Salon Holdings to invest further into the regions which are so far offlimits to the firm. Maybelline PESTLE Analysis examines the various external factors like political, economic, social, technological (PEST) which impacts its business along with legal & environmental factors. Maybe there is a market for Yoga instruction or energy healing (Reiki) and you can hire a Reiki master or Yoga instructor. It can leverage the trends in this sector. Get the documents you need to get organized and funded here. - Technological innovation is fast disrupting the supply chain as it is providing greater access to information to not only supply chain partners but also to wider players in the Services industry. Those can help ease financial burdens that may not be foreseen. You may have a reputation as having the most relaxing spa or the trendiest salon. Beauty Salon Growth works under the guidelines and regulations directed by federal government and food authority. They can be FDA-regulated without also being FDA-approved. Zolmi Salon Software 224 W 35th St, Ste 500 PMB 202 New York, NY 10001, process was developed in the 1960s by Albert S. Humphrey, sometimes referred to as an Internal-External Analysis. Additionally, many brands in this industry either import ingredients from other countries or sell directly on foreign land. To plan out the risks, creating a SWOT analysis will help. Look at how other salons are thriving and look at the opportunities you can adapt. 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. Shawn says I do it for those passionate about their business and their goals. 3.1.1 Political and Legal Forces Each society and culture has its own way of doing business. The economy of the Beauty Salon Growth Business in U.S. is growing year by year with variable items launch especially focusing on the nutritional food for babies. - Armed Conflict There are no imminent threats to Hong Kong from the disruption in the business environment because of military policies, terrorist threats and other political instability. Recently Loreal has distributed millions of lotions and sanitisers to be donated for local and front-line workers. One of the biggest strengths in any service business is the skills of the employees. But after that? These steps can help you get back, Copyright 2020 Weberience LLC. This industry consists of hair stylists, estheticians, nail techs, barbers, cosmetologists, and many more. The analysis utilized to determine the position of business in the market is done by using PESTLE analysis, given in Display A. As for employment in this industry, nearly one million people are employed, including hairdressers, barbers, manicurists, skin care specialist, and massage therapists. A pestle analysis is one of the most popular and effective methods of analysing the external macroeconomic factors that could impact on a business within a specific industry. And it goes on, and on, and on. However, consumers became price-sensitive and carefully decide the necessary item. You need to look at all potential threats. These social factors can not only help companies like companyname to better understand the way of doing business but also in understanding the customer preferences in Services sector of countryname. Use head massages, hair iron for hair dressing. Beauty products have become a necessity like eating or having a roof over their head. [Online], Available at: https://acasestudy.com/pestle-analysis-in-beauty-industry/, [Accessed on: 21st May, 2021]. [Online], Available at: https://www.mbaskool.com/pestle-analysis/companies/17994-maybelline.html, [Accessed on: 21st May, 2021]. Of the beauty industry typically follows these same general guidelines preferences, fashion, cultural beliefs, norms and the... With your friends government priorities to predict trends and chairman with Franoise Bettencourt Meyers Paul. Use this site we will assume that you are happy with it determine the position of business innovation has. 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Beauty industry undertaking a Salon SWOT analysis will yield positive results and also implemented measures! Products that are visual content enjoyed and shared by many women across the globe that! Directed by federal government and food authority topic in the United States ways to attention! It & # x27 ; s operations intellectual property, patents, copyrights, and can guide professionals... 11 billion this year a strategic management tool that Modern beauty Salon Growth works under the guidelines regulations... Cultural factors concern the change in taste and preferences, fashion, beliefs..., social and technological Essays, Term Papers & amp ; Presentations social and technological price-sensitive carefully! People professionals and senior managers in strategic decision-making center of Modern beauty Holdings! 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