Question.2052 - You work as a communication specialist at Estee Lauder Companies. Think about the economic and social challenges we have experienced in the last few months. What adjustments should your organization make to be sustainable during these challenging times? In this individual assignment, write a 2-3 page (single-spaced) internal proposal to address these concerns. Decide on your target audience and orient your proposal towards them. Use a memo format. Remember to include headings such as the introduction, background, solution, and recommendation. Use subheadings if applicable. Be creative in your response. If your group prefers, you are welcomed to change the name of the company. You can use the following sample as a guide: Internal Proposal Sample (PDF) (https://fiu.instructure.com/courses/170210/files/27159656?wrap=1)
Answer Below:
Business Proposal Assignment To: Estee Lauder Companies Leadership Team From: David Lechter, Communication Specialist Date: July 19th, 2023 Subject: Proposal for Sustainable Adjustments in Response to Economic and Social Challenges Introduction: I am writing this proposal to address the economic and social challenges that Estee Lauder Companies has experienced in recent months and to suggest adjustments that can be made to ensure the organization's sustainability during these challenging times. This proposal aims to provide a comprehensive analysis of the current situation, propose potential solutions, and recommend a course of action that aligns with the company's goals and values. Background: Estee Lauder Companies has been at the forefront of the beauty and cosmetics industry for years, consistently striving to deliver innovative products while upholding a commitment to sustainability and social responsibility (Fu, et al., 2022). However, the past few months have presented us with unprecedented challenges. Estee Lauder Companies has faced significant economic and social challenges in the last few months, which have impacted our operations and overall sustainability. While these challenges may vary based on specific circumstances, the following key areas require attention: Evolving Consumer Preferences: Consumer preferences and behavior have rapidly changed, driven by factors such as social awareness, sustainability concerns, and a shift toward digital channels. These changes require us to adapt our product offerings, marketing strategies, and distribution channels. Supply Chain Disruptions: Supply chain disruptions, such as trade disputes, geopolitical tensions, and natural disasters, have impacted our ability to source materials and deliver products on time. These disruptions increase costs, hinder our ability to meet customer demands, and affect overall profitability (Macdonald, & Corsi, 2013). Workforce Engagement: Maintaining high levels of employee engagement and productivity during uncertain times is crucial. Factors such as remote work, health and safety concerns, and increased workloads can impact employee morale, well-being, and job satisfaction (Zheng, & Gunasekara, 2022). Solution: 1. Addressing Evolving Consumer Preferences: Product Innovation and Personalization: To address the changing consumer preferences and market dynamics, Estee Lauder Companies should focus on product innovation and differentiation. Conducting in-depth market research and customer analysis will enable us to identify emerging trends and develop products that meet the evolving needs of our target audience. By offering unique and innovative products, we can strengthen our competitive advantage and attract new customers while retaining existing ones. To adapt to changing consumer preferences, Estee Lauder Companies should focus on the following strategies: Research and Development: Invest in research and development to understand consumer preferences and emerging trends. This will enable us to create innovative products that meet the evolving needs of our target audience. By staying ahead of the curve, we can develop products that resonate with consumers and differentiate ourselves from competitors. Sustainable Sourcing: Prioritize the use of sustainable and ethically sourced ingredients. Establish partnerships with suppliers who share our commitment to environmental and social responsibility. Regularly review and monitor the sustainability practices of our suppliers (Geng, & Wang, 2022). Personalization: Implement personalized marketing and product customization strategies to cater to individual preferences. This can be achieved through data analysis, customer segmentation, and the use of technologies such as artificial intelligence and machine learning. By offering personalized experiences, we can strengthen customer loyalty and satisfaction. Enhanced Digital Presence: To cater to the growing demand for digital channels, Estee Lauder Companies should prioritize the following initiatives: E-commerce Expansion: Strengthen our e-commerce capabilities by optimizing our online platforms, improving the user experience, and offering seamless online shopping experiences. This will allow us to reach a wider customer base and provide convenient access to our products. By embracing digital channels, we can tap into new markets and increase our revenue streams (Geng, & Wang, 2022). Digital Marketing Strategies: Leverage digital marketing channels such as social media, influencer collaborations, and content marketing to engage with customers and build brand loyalty. Utilize data analytics to identify consumer preferences, track marketing effectiveness, and make data-driven decisions (Geng, & Wang, 2022). Virtual Consultations and AR/VR: Introduce virtual consultation services to provide personalized skincare and beauty advice remotely. Invest in augmented reality (AR) and virtual reality (VR) technologies to enhance the online shopping experience, allowing customers to virtually try on products and visualize the results. 2. Managing Supply Chain Disruptions: Diversify Supplier Base: To mitigate the impact of supply chain disruptions, Estee Lauder Companies should consider the following actions: Supplier Evaluation and Selection: Conduct a comprehensive evaluation of our current suppliers, assessing their resilience and ability to adapt to disruptions. Explore alternative sourcing options to reduce dependency on single suppliers or regions. By diversifying our supplier base, we can minimize the risk of disruptions and ensure a more stable supply chain (Macdonald, & Corsi, 2013). Supplier Collaboration: Foster collaborative relationships with key suppliers to enhance transparency, communication, and agility in responding to disruptions. This includes sharing forecasts, implementing joint contingency plans, and conducting regular risk assessments. By collaborating closely with our suppliers, we can proactively address potential issues and find mutually beneficial solutions. 3. Enhancing Workforce Engagement: Employee Well-being and Flexibility: To ensure high levels of employee engagement and productivity, Estee Lauder Companies should focus on the following initiatives: Health and Safety Measures: Prioritize the health and safety of employees by implementing robust protocols and providing necessary resources. Regularly communicate updates, guidelines, and best practices to instill confidence among employees. By demonstrating our commitment to employee well-being, we can foster a positive and productive work environment (Zheng, & Gunasekara, 2022). Flexible Work Arrangements: Offer flexible work arrangements, such as remote work options or hybrid models, to accommodate individual needs and promote work-life balance. Provide the necessary technological infrastructure and support for remote collaboration. By providing flexibility, we can empower our employees to perform at their best while ensuring their overall well-being. Recommendation: To navigate these challenging times successfully, I recommend that Estee Lauder Companies embrace the proposed adjustments and integrate them into our business strategy. By addressing evolving consumer preferences, managing supply chain disruptions, and enhancing workforce engagement, we can adapt to the changing landscape and ensure sustainable growth. To implement these adjustments effectively, I suggest establishing cross-functional teams comprising representatives from relevant departments. These teams should be responsible for developing detailed action plans, setting measurable targets, and monitoring progress toward achieving our sustainability goals. Conclusion: By embracing the adjustments outlined in this proposal, Estee Lauder Companies can effectively respond to the economic and social challenges of the current times. We have a unique opportunity to reinforce our commitment to innovation, sustainability, and employee well-being. By taking these steps, we will not only navigate the current challenges successfully but also position ourselves as a resilient and sustainable organization. References Macdonald, J. R., & Corsi, T. M. (2013). Supply chain disruption management: Severe events, recovery, and performance. Journal of Business Logistics, 34(4), 270-288. Zheng, C., & Gunasekara, A. (2022). Sustaining Workforce Engagement: From Mindfulness to Psychological Flourishing. Sustainability, 14(21), 14413. Geng, C., & Wang, H. (2022, July). Research on Estée Lauder’s Competition and Marketing Model. In 2022 2nd International Conference on Enterprise Management and Economic Development (ICEMED 2022) (pp. 244-249). Atlantis Press. Fu, Y., Li, J., Wei, C., & Yuan, S. (2022, December). Analysis of Estée Lauder’s Operations and Forecasts for the Future Based on Financial Statements. In 2022 2nd International Conference on Financial Management and Economic Transition (FMET 2022) (pp. 474-484). Atlantis Press.More Articles From Business Law
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