Learning Project Company Analysis and Evaluation Assignment

Running Head: COMPANY ANALYSIS AND EVALUATION JOANN FABRIC 1 Learning Project Company Analysis and Evaluation Assignment: Jo-Ann Fabric and Crafts Cassidy Hyams Liberty University Online BUSI601-B03: Accounting for Decision-Making Dr. Linda Leatherbury September 17, 2023 Author Note I have no known conflict of interest to disclose. Correspondence concerning this article should be addressed to Cassidy Hyams Email: [email protected]
Running Head: COMPANY ANALYSIS AND EVALUATION JOANN FABRIC 2 Description of the Organization Joann Fabric and Crafts was founded in "1943 by German immigrants, Hilda and Berthold Reich and Sigmund and Mathilda Rohrback in Cleveland Ohio" (Jo-Ann Fabric and Craft, 2022. About us ). They began the company in the Reich's suburban Cleveland import store, selling fabric. Eventually, their humble beginning turned into a second store in Cleveland in 1947, and four years later in 1951 they incorporated the name "Cleveland Fabric Shops, Inc." As time went on they later incorporated the name Jo-Ann Fabrics in the 1960s as they began expanding outside of the Cleveland region (Jo-Ann Fabrics and Craft, 2022. About Us ). Today, the company is not only known in the United States, where it originally started, but globally. The Jo-Ann Fabrics website (2022, About Us ) states the company now has over 850 stores worldwide and is currently the second largest privately-owned arts and craft supply store. SWOT Analysis Strengths Weaknesses Multiple locations Strong brand recognition Extensive product selection Large in-store network Large online network Loyalty programs Knowledgeable staff Wide range of merchandise for specialty events Intense competition with companies like Michaels and Hobby Lobby Limited international presence as they are in Canada, Australia, and the UK Return/ Refund Policy Privately owned Attracts mainly art and craft community members Online store offers more than in-store Opportunities Threats Growing DIY (Do It Yourself) and crafting trends Partnerships and collaborations with higher-end designers Promotion of arts and crafts aimed towards creative kids Strong social media presence. Online competition Changing consumer preferences Rising costs of merchandise Economic downturns Other crafting stores Covid-19 restrictions are still in place in some stores, despite mandates being lifted Balanced Scorecard
Running Head: COMPANY ANALYSIS AND EVALUATION JOANN FABRIC 3 Criteria Critical Success Factor Measure Objective Initiative The Financial Measure for Success Revenue Growth Profit Margin Improvements Provide annual profit reports Total revenue reduced from proper operations Increase the revenue of sales per store Operate store locations more efficiently to foresee future costs Expand media presence and reach newer and returning consumers Generate an efficient store plan Consumer Satisfaction Consumer Service Consumer Satisfaction Consumer surveys to increase ratings Decrease consumer complaints Support consumers who need assistance within multiple departments as needed Grow consumer loyalty and satisfaction Create programs to ensure employees are knowledgeable Decrease complaints by offering employee incentives to boost morale Internal Processes Quality Products Cycle Time The number of damaged products is reduced Decrease the delivery time by more than one day Decrease the amount of damaged products Decrease the average product delivery time Ensure employees are knowledgeable about preparing packages to be shipped Fund more drivers to deliver consumer items Growth and Learning Management expertise Discipline and companywide culture Increase store profits while also increasing company discipline Decrease dismissive feedback from employees Allow managers to gain the proper knowledge to operate stores Increase employee retainment for longer periods Create positive spaces where management can communicate easily and create a safe practice Allow management to create safe spaces where employees can voice their opinions
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