Conduct an External Audit for Revlon Case: Identify at least TWO aspects of any FIVE of the following factors affecting this organization –
1. Revlon’s current CEO Ronald Perelman who controls 93% of vote powers in the company also indirectly owns MAC Andrews & Forbes holding which keeps Revlon as top most brand For US., Apart from its financial difficulties it still launched new products even when in debt
2. Revlon trade agreement with pacific world cooperation in 2002 helped them jointly manufacture Nail care products for better profits.
▪ Economic :-
1. in 2003 Mc Andrew & Forbes holdings INC provided $150 million in cash to Revlon for its growth and stabilization plans
2. While in 1996 his current CEO & Chairman also made the company public & trading it in NEW YORK Stock Exchange (NYSE)
1. The growth of ageing population in US is increasing, while they are brand loyal customers and willing to spend, their consumption ratio regarding the purchase remains the same.
2. Increasing change in proportions of Ethnic groups, who have non identical preferences of products and mainly use their local or society preferred brands which are customized to meet their need and demands
▪ Technological :-
1. Other companies had introduced the internet & website to encourage customers the easy way of purchasing products online within short span of time and more variety to offer to the customers .E.g. – Avon, Amazon etc
2. With emerging trends they even came up with paperless office and bar coding system of products and even upgraded their software on timely basis for greater efficiency
▪ Environmental :-
1. Many customers prefer to use products that are safe & free from any “Animal Tests” to protect the endangered species and experimentation on the species
2. Also REVLON got ISO certification for most of its plants to...
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