The Future of the Industry - Essay Example

Industry Analysis: Personal Reflection My Role My role was to create an analysis of the industry by outlining the success factors in an industry. The industry in question was the cosmetics manufacturing industry and I used Revlon as the example firm. One of the concerns that emerged was the fact that no industry is easy to access due to the fact that all industries are interrelated with each other. In looking at the success factors, one of the things I was supposed to do was to also mention the various ways in which the success factors can be measured.

This was a challenge and I was not able to come up with useful metrics to measure the success factors and how they contribute to the success or failure of a firm in the industry. Looking into the future of the things I would like to achieve in the future is the ability to understand how each impact is measured in relation to critical success factors for a certain industry. This is because some critical success factors are more important than others in any industry. Additionally, I would like to measure how each of the critical success factors relates to a certain business individually.

Within every industry, each and every individual firm is affected by critical success factors in different ways. Being able to rank these factors for each and every business would be more important since every business relates to these factors in a different way. In the future, I would like to be more accurate in knowing how the success factors for the related industry affect the success factors in the main industry being analyzed. This would help in making sure that everything has been taken care of and that there is enough analysis in determining the success factors in the industry.

Part IIThe research approach I used was qualitative with regard to looking at the factors which can hinder or support the growth of a firm in the cosmetic manufacturing industry. What I was looking for is any factor that may indicate that the firm will have any challenges. In this regard, I was looking at regulation issues, cultural issues, and market visibility issues. One major factor that came up as a success factor in the industry was the regulation of the industry by the government. Lintner (2009) was one author whose work I read and he was discussing the regulatory factors in the cosmetic manufacturing industry, not only in Canada but actually around the world.

Malkan (2013) was also looking at some of the main issues which the cosmetic industry faces. In her book titled Not Just a Pretty Face: The Ugly Side of the Beauty Industry, she looks at the internal battles in the market for beauty products and services. This market rivalry determines how a business will succeed or fail in the market. Malkan (2013) discusses some of the most useful factors which affect firms in the cosmetic industry, with specific emphasis on the competition among the competitors.