Audit Task Case Study Help
What technological trends are affecting the industry?
From automated and better production procedures to new production design techniques; the market players are now aware of the significance of implementing innovations in their business model. The market players in the industry are seeking to couple the enhancement in productivity with the required innovation efforts, such as: analytics-driven decision making, the automation of production, reorganization for greater agility as well as the review of the Omni channel footprint. Additionally, the virtual reality and the 3D printing are the innovative technologies, which the market players in the footwear industry are using with an intention of changing the ways customers experience the footwear.(Guest, 2019).
Laws and regulatory requirements
Are the client’s operations affected significantly by local or foreign legislation?
Yes, the client’s operations get affected significantly by the foreign legislations as the Cloud 9 Ltd is an international organization, with a number of subsidiaries in variouscountries, due to which the company’s operations tend to get affected by the foreign legislations.
What new laws and regulations recently enacted (or pending) may have significant effects on the company?
Since the company has been operating both domestically and internationally, and majority of the products of Cloud 9 are produced in China, with the remainders made in the US; the company should be aware of as well as in compliance with the laws and regulations of the foreign jurisdiction, including labor laws’ requirements(Boquen, 2019 ).
Major products or brands?
selling strategies?
Sales/gross margin by product?
The major products offered by the company are under footwear category, which contributes massively to the revenues earned by the company, for the year. The company makes desirable changes in the products, to increase their demands and its’ customers’ satisfaction. Additionally, the company is aggressive in selling its products to the customer, as it aligns the sales and marketing, trains the sales team by making them wear the customer’s shoes, hires great people and makes an enormous investment in marketing and promotions. The gross profit for the year 2020 is amounted as $24,418,861, indicatingthat the footwear products of the company generate healthy profit returns. Cloud 9 achieved this huge success because of its strong market presenceand its brand quality due to which it has been backed by the huge support from customers, ultimately resultingin gaining the customer’s loyalty, which is a very substantial factor for any company to besustainable in such a competitive market, as a brand.
Is there significant differentiation between the client’s and competitors’ merchandise?
There isn’t any considerable differentiation between the merchandise of the competitors and the clients, on account of the fact that the client and competitors attempt to differentiate their products based on their functionality, price and quality. Additionally, the competitors compete in providing the value-added and quality products to the customers in timely manner. The competitors and client embrace the changing demands of customers and self-disrupt.................................
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