The Body Shop: Marketing, HR, and Financial Strategies for Success Assignment Sample

Introduction Of The Report - The Body Shop

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This report will provide the environment and organization structure that outlines a marketing plan for The Body Shop. The report will highlight the company’s current marketing strategies which will be assessed by completing a marketing mix. It will also cover their current targeting and positioning strategies. This report focuses on the Human Resource plan of the company explaining enrollment, training, and expansion reward within the organization. This report will attend to the monetary strategies of the Body Shop by examining their profit and loss account and balance sheet. The report will also provide a concise about the corporate social responsibility (CSR) of The Body Shop. After evaluating the entire factor of marketing and finance, at the end of the report will estimate the effective approach which has contributed most significantly to the business's success.

The marketing strategies of The Body Shop implementing the 4ps for their products

Marketing strategy is a procedure that assists companies to amplify their accomplishments to customers in different markets and revolve them by providing them quality goods and services. An effective advertising plan helps the company to accomplish its preferred objectives, goal, and target (Slootweg and Rowson, 2018). Targeting, segmentation, and positioning are the three main pillars of The Body Shop's marketing plan. Demographics are referred to be part of segmentation; originally the company worked towards the contract only in women's goods and their main customer demand is based on skincare and cosmetic product for women. The target market of the company is divided into segments based on the customers' age, income, and occupation. The Body Shop has mainly embattled its marketplace for women with skin-related or concerning products that are obtainable for women who are housewives, working women, and adolescents. The company is situated to offer goods that are organic and natural which attracts a large number of customers. As a reputed brand, the company is forever worried about the subject of the surroundings, which increases its brand image in the global market. The businesses also run campaigns against the use of products that have undergone animal testing, and they center their product marketing plans on promoting more conventional and environmentally friendly goods.

The implementation of 4ps for Body shops products is as follows:

• Products: The product category of The Body Shop includes 350 body care products and around 600 sundry items. The company also provides modified skin care goods as per the preferences and requirements of its consumers. The company's products include a natural elements like vegetables, flowers, fruits, and different herbs as the main ingredient used in their manufacturing of goods. The company has launched perfume bars that can be used for lotions and scent oils and is available at every store at no extra charge for the same.
• Price: The price strategy of the goods of The Body Shop falls in the value range of lower to average depending on the product. Though, most of the product falls in the affordability of major customers. It becomes important for the company to know its target market and what the goal segment is willing to pay for the goods and services. The price should constantly be based on the pricing strategy of competitive firms. As a result, the company needs to know and in evolution about competitors' prices.
• Packaging: The Company has kept its covering of their product very simple and moderate, as they consider extreme wrapping. The company’s overall ecological programs favor the refilling and recycling of bottles to give original recognition and dimension to their brand. The company has to multiply some of its goods and has specified them as additional polished and subtle looks (Chairunnisa, al. 2019). They have also introduced 8 sub-brands where the company’s name and logo have been given less importance. Another packaging strategy that is followed by the company is that they offer testers for their perfume and lotion so that consumers can smell and evaluate these products before taking any buying decisions.
• Promotion: The body shop company has never supported the idea to promote its goods. Extremely youthful models are by no means a part of the promotional activities of the company and also the company doesn't believe in representing impossibly air-brushed faces. They presently consider notifying posts of consumers and offers in sequence about all their goods on their social media platforms. The words used by the promotional activity are very carefully selected so that it does not bring insecurity in the mind of consumers. The company’s products always talked about self-esteem and an optimistic attitude. The company never makes any fake promise and claim to do incredible which is not possible. In the year 2012, the company decided to prepare itself for the future and is all set to attract the new age group with its fair trade practices, price based strategy to serve the society in which it operates. The methods of creating the products are eco-friendly (Audi and Putra, 2020). The Body Shop has been victorious in a combination of innovation, kindliness, and performance in its products.
• Place: The product of the company is accessible through the stores at different locations. The corporation has more than 100 stores in Australia and these supplies have been launched with the endeavor of linking with customers belonging to the young age group especially women.

The Human Resource Strategies of the Body Shop

The HR strategy of the company includes the development of supervising all the accessible individual capital resources to carry out a range of business behavior. Human resource strategy includes a plan towards management appraisal, hiring appraisal, growth, and benefit through providing compensation to the workers outfitted in the company. One of the most significant aspects of any company is effective human resource strategies. The employment plan includes the procedure of recruitment of the workers in the company (Haugen, 2019). The Body Shop has an extremely exclusive recruitment strategy and they provide the facility of open hiring guidelines.

The flexible hiring/recruitment strategy is a way to appoint someone who first applies for the occupation with no conditional test. The recruitment procedure of the business stands on 3 easy restrictions. The 1st consideration is the entry criteria of the individual to exertion in the US. The succeeding consideration check is to see if the person can stand for 8 hours, and the final consideration is to see if they can lift an additional 50 pounds of weight. The business asserts that it decided to hire any person who meets every one of these requirements. As per the strategy, there would not be any drug and conditions ensure for the individual applying for the career position (Tien, et. al. 2020). The recruitment procedure of the company is also base on a first arrive and first deliver source it bring anticipation for the jobless and occasionally for people with an unlawful surrounding. These strategies give a possibility to revolve their life and may assist them to construct an opportunity for themselves and their family.

Training and development incentives are the processes in an organization for the workers to create them conscious of their responsibilities, duty, and job roles. The Body Shop focuses on a variety of factors to offer guidance and growth programs to its workforce. They want their workers to be resourceful is adequate to take the real-life challenge and achieve the goals and targets of an organization. The training programs increase the questioning skills, active listening, and development of self-awareness of the employees. Participants in the guidance and expansion agenda were ask to charge themselves beside all of these criteria at the beginning and end of the programs, which enables the business to monitor a person's development. A range of personal aims and objectives that an individual wants to achieve for themselves are also supported by the development and training program. (Stone, et. al. 2020). At the end of the guidance procedure, candidates provide their understanding of how the course benefitted them as persons. The development and training curriculum not only help the workers to recognize their managerial tasks and job role but also develop their personality, which will increase their performance within the organization.

The Financial Management strategies with balance sheet

Financial strategy is a significant procedure of an organization that focuses on dropping investment costs, obtaining investment and building complex financial decisions, and generating savings strategy.

The procedure of sale opinion to assist the company is an important means. As a trading group, the business has always valued the computation that reflects the current transaction volumes, comparing them to prior sales and finally converting the results to a percentage. When sales decline, the corporation takes the necessary steps to increase sales capacity (Kostini and Raharja, 2019).

The procedure of monetary forecasting is used to assist the company to attain its present market situation globally. This is the procedure of estimating the potential performance of the company in the monetary feature.

The development process also focuses on estimating the economic conditions, which helps the company needs to assess the nearby capital and create the necessary change consequently.

The Body Shop's balance sheet from the year 2018 shows the whole value of the company's assets was $245,875 and the total value of its liabilities was $245,875. The company's revenue statement for the fiscal year 2018 reveals that it earned a total of 1171 dollars. Both the balance sheet and the revenue declaration make it clear that the company is steadily raising its earnings every year.

Conclusion

The Body Shop is an international trade name that compacts cosmetics and skincare goods. The company has approximately 2900 outlets and also includes franchise stores across 64 countries worldwide. After discussing a marketing strategy, human resources strategy, and financial strategy it is obvious that every approach is performing a very important function in the growth along with success of the company. The valuation of the consumer base and current market trends helps the company to appreciate the necessities, wants, desires, and condition of the customers which increase the quantity of happy customers worldwide. The Body Shop for a time end focus on offering goods made up of ordinary resources which carry out without damaging the surroundings by any means. The association also promote its business social responsibility which helps them to construct its product representation and reputation as a green business. Therefore, it is apparent that the correct proposition of industry strategy is a significant reason for the success and growth of the company.

References

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• Chairunnisa, S.S., Fahmi, I. and Jahroh, S., 2019. How important is a green marketing mix for consumer? lesson from The Body Shop. Jurnal Manajemen, 23(2), pp.321-337.
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• Stone, R.J., Cox, A. and Gavin, M., 2020. Human resource management. John Wiley & Sons.
•  TheBodyshop, 2022. The Body Shop logo (Online) https://www.thebodyshop.com (accessed on 21/10/2022).
• Tien, N.H., Ngoc, N.M., Jose, R.J.S., Hung, N.T., Oanh, N.T.H. and Vu, N.T., 2020. Comparative analysis of human resource development strategy of family universities and corporate universities in Vietnam.