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Mission Statement
We esteem our clients and therefore treat everyone who contacts the company as though they are our only customers by giving them swift responses to demonstrate how important they are to Dudebox.
Vision Statement
To become a global leader at connecting men to quality and unique products that satisfy their specific needs.
Company Values
Integrity
The company has an ethical culture that admonishes its employees to practice honesty amongst themselves and behave correctly at all times. Moreover, Dudeboxs operations are guided by the spirit and the letter of the law expecting its members to adhere to local and national statutes.
Trust and Respect
Dudebox respects its employees, partners, and clients and values them as pillars to its success. We can achieve more if our relations are founded on trust, and therefore everybodys intentions and capabilities are crucial in our growth and development.
Leadership
All Dudebox employees are expected to assume leadership roles in their areas of responsibility. The company has a well-stipulated mission and vision used in directing its operations.
Growth and Innovation
Dudebox admonishes all its employees to engage in activities that will develop them professionally. Additionally, the company is open to consumer innovations that will continually reinvent Dudeboxs products and its approaches to business.
Sustainability
Dudebox believes that it is its corporate social responsibility to engage in sustainable business practices as a commitment to caring for society.
Stakeholders
Dudebox considers all entities that determine its success or failure as the main stakeholders. Although the company exists to serve its clients, they can be classified as stakeholders because they are affected by the quality of products supplied. For instance, selling defective skincare goods endangers the overall health of our clients. Dudebox employees are the other category of stakeholders because they depend on the company to support their needs through income (Moretz & Giapponi, 2019). Shareholders and debt holders are Dudeboxs main stakeholders because they invest their money in the business, awaiting returns. The company will engage banks as lenders and other potential partners to sustain its operations financially.
Suppliers are another group of stakeholders that Dudebox cannot survive without because they sell goods to the company required to generate income consistently. Additionally, they are responsible for the safety of the products we supply to our customers. The relationship is symbiotic because they also depend on Dudebox as one of their clients. The local and international governments are other significant stakeholders because they collect taxes from Dudebox and all its employees. Moreover, the business will contribute to the general Gross Domestic Product (GDP), which benefits the government regarding the economy (George, 2019). Finally, communities where Dudebox headquarter and other outlets are located are also considered as major stakeholders. They depend on the company for job opportunities, health, safety, and the areas economic growth.
Dudebox PESTLE Analysis
Political Factors
The challenges likely to face Dudebox are determined by its business model used and the type of products it supplies. Since the company mainly relies on e-commerce as its main approach to transactions using its website, there are likely to be privacy issues. The United States government is steadily establishing its focus on issues concerning privacy policy agreements and data security (`krinjari et al., 2019). Consequently, Dudebox will be keen to note any regulations introduced by the government relating to e-commerce. Additionally, since the business also involves skincare products, it will be necessary for the company to FDA regulations and the Personal Care Product Safety Act.
Economic Factors
The U.S. is one of the most stable countries economically, which boosts the Dudeboxs potential success. Consequently, the company does not have to worry about risks relating to expanding its online retailing model even within America. Moreover, the country has fully recovered from the recession, availing an opportunity for the company to offer the right set of products to potential clients (`krinjari et al., 2019). However, there is slight competition from other online retail stores that offer similar products, such as eBay and Amazon. Therefore, Dudebox has to be deliberate in specializing in its selected packages to stand out from other businesses.
Social Factors
Social-cultural aspects also have a significant impact on companies using the online business model. For instance, changing trends and dynamic consumer behavior can lead to customer loss and ultimately affect overall financial performance. New skincare and personal hygiene products are launched frequently, and the same applies to tech gadgets and car gears. Consequently, Dudebox has to analyze lucrative business trends, especially those relating to behavioral patterns among potential consumers (Kumar & Mokha, 2020). These changes can act as an opportunity for the company to invest in diverse products depending on its market segments.
Technological Factors
Dudebox can be classified as a technological company because it relies on the internet for transactional, promotional, and marketing purposes. However, this business approach presents risks relating to technological obsolescence resulting from constant innovations, which will pressure the company to keep spending on related assets (Meratian & Johnson, 2018). Additionally, there are threats related to cybercrimes that jeopardize the privacy and confidential data of its clients. Therefore, it is imperative that Dudebox invests in information technology to beat its competitors and improve its overall performance.
Legal Factors
Like any other business, it is mandatory that Dudebox strictly follows relevant legal requirements. Since the company prefers the online business model, it faces challenges relating to increased product regulations resulting from societys concerns on consumer health safety and data security. Since online transactions do not require face-to-face meetings, vendors and suppliers can comfortably sell defective skincare products and tech gadgets. Consequently, FDA is tasked with enforcing rules meant to protect consumers from faulty skincare products. Failure to adhere to these laws often results in financial losses in the form of fines.
Environmental Factors
Although Dudebox primarily uses the online platform to conduct its business, there are still aspects of its operations that can interfere with the natural environment. Most of the items sold by Dudebox, such as tobacco and those packaged in plastic wrappers, play a role in polluting the environment. As a result, the company has an opportunity to participate in environmental programs as part of its corporate social responsibility. Consumers tend to associate themselves with brands that support green business, and it is important the Dudebox embraces the same to attract potential customers.
Porters Five Forces
Threat of New Entry
Opening a business is quite easy, particularly if transactions are online-based. However, numerous new companies use the same approach because it only requires the internet and websites (Bruijl, 2018). Similarly, Dudebox is not the only company specializing in male-centered products as there are new brands such as Manscaped that have been in operation for the past few years. Since there are few barriers to venturing such a business, the threat from new entrants is high.
Bargaining Power of Buyers
Dudebox highly appreciates customer satisfaction as one of its core values crucial in achieving its business objectives. Consequently, the brand assures its clients of high-quality products and timely delivery of the same. Since other companies also avail the same products though not the exact packages, Dudebox clients have higher bargaining power. The brands target market has various options to choose from, denying Dudebox the capacity to dictate its prices comfortably.
Threat of Substitute
The higher the threat of substitutes from competitors, the greater the potential of losing regular customers. There are alternatives to the items Dudebox offers from brands such as Manscaped that provides shaving equipment, and eBay and Amazon that sell the rest of the items. However, Dudeboxs approach to categorizing its goods in bundles is a strategy that its competitors have not embraced, making the brand unique. Moreover, Dudebox offers different package options that appeal to the clients preferences. Consequently, the special strategies minimize the threat of substitutes from similar companies.
Bargaining Power of Suppliers
This Porters force is concerned with the suppliers ability to influence the prices within Dudeboxs market. The bargaining power of the brands distributors is between low to medium because the company is bound to have various sellers considering it provides a wide array of products (Bruijl, 2018). Consequently, it is within Dudeboxs jurisdiction to select its most preferred suppliers based on the quality of the items they offer. However, the company should also be aware that suppliers also have options, and therefore, unsatisfactory policies might impact their bargaining power.
Competitive Rivalry
Manscaped, Oars + Alps, eBay, Amazon, Alibaba, and Flipkart are the main players in the industry that offer serious competition to Dudebox. The brand is among other new online retailing companies in the industry that have discovered the gap in providing men products. Moreover, the presence of substitutes and low switching costs pose a threat to Dudebox because clients can transfer their loyalty from one brand to another. Consequently, the only solution to combating the competition is for Dudebox to invest immensely in high-quality products
References
Bruijl, G. (2018). The relevance of Porters Five Forces in todays innovative and changing business environment. SSRN Electronic Journal, 12-56. Web.
George, O. (2019). Influence of new technologies in e-commerce. Economy Informatics Journal, 19(1/2019), 23-33. Web.
Kumar, P., & Mokha, A. (2020). A study on the relationship between electronic customer relationship management (E-CRM) and customer loyalty in the banking industry. Ramanujan International Journal of Business and Research, 5(1), 211-226. Web.
Meratian, L., & Johnson, L. (2018). Stakeholders engagement and strategic management of social media. Journal of International Business Research and Marketing, 3(6), 47-56. Web.
Moretz, J., & Giapponi, C. (2019). Stakeholders and business strategy: A role-play negotiation themed exercise. Organization Management Journal, 16(1), 14-26. Web.
`krinjari, B., Budak, J., & Rajh, E. (2019). Perceived quality of privacy protection regulations and online privacy concern. Economic Research-Ekonomska Istra~ivanja, 32(1), 982-1000. Web.
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