Factors Affect Personal Financial Management -Myassignmenthelp.Com

Question: Discuss About The Factors Affect Personal Financial Management? Answer: Introduction: The report is prepared to demonstrate the understanding of the macro economic factors affecting the operations of company and industry as a whole using PEST analysis. Company that has been selected for the explanation is Michael Hills and Lovisa Holdings limited that operates in fashion retail sectors. Michael Hills is a retail jeweler chain operating in many countries such as Australia, New Zealand, United States and Canada (Michaelhill.com.au 2018). It provides its customers with exquisite range of diamond jewellery, diamond engagement rings, bracelets, earrings, watches and charms. Lovisa was established in year 2010 and exploded in fashion accessories, operates through 300 stores worldwide and have established themselves in fourteen countries (Lovisa.com 2018). Analysis of industry to which these two companies belongs is done by using Porters five forces. Moreover, later part of report explains competitive strategy of company, its growth potential and key success factors. In this section, analysis of fashion industry of Australia is done by explaining several macro-economic factors using PEST analysis. Analysis of economy: Political factors- Legal issues of any particular country have considerable impacts on fashion industry and such issues involve permission grants and rewards available to new fashion designer. Fashion retailers in Australia such as Michael Hills and Lovisa Holdings are currently facing with issues pertaining to no protection for unregistered designs. However, the reciprocal rights governing copyrights in fashion industry will enable retailers to enjoy same level of copyright protection. Changes in copyright will assist the mass produced artistic works will enable them to enjoy considerable longer period of protection for their copyright (Fenna 2015). Economic factors- Companies operating in fashion industry is influenced by wide range of economic factors. Strategy of retailers is impacted to considerable extent by the amount of disposable income of consumers. Product quality of fashion retailers might be enhanced since price factor simply scoops in higher profits. The development of fashion clusters across major cities has resulted due to shift in manufacturing practices and geographical displacement of fashion industry. Development of fashion industry in Australia has been supported by lower interest rate and lower inflation rate of country. Domestic economic of country is driven by slump in oil price and trend of cutting interest rates (Gardetti and Torres, 2017). Therefore, the stable position of Australian economy will help in supporting the growth of fashion industry and thereby affecting the performance of both the companies. One of the ongoing real estate trends for retail floor space for fashion retailers is influencing f ashion industry. This has resulted in increasing number of retailers for selecting nontraditional locations for their premises. Social factors- Social factors driving change in fashion industry in Australia involves lifestyle trends, consumer trends, media options, branding, demographics, ethical issues and advertising image. The attitude of people towards fashion in Australia is changing and people are becoming more fashion conscious and this has a direct impact of fashion retailers corporate strategy. People are brainwashed by the advertising campaign of companies and they inclination of embracing fast fashion has considerable influence on retail fashion business (Hatfield et al. 2015). Technological factors- The shopping experience of customers and the corporate strategy of fashion retailers are shaped by the advancement in technology such as video content, high-resolution imagery, reviews and recommendations of products along with detailed descriptions. Many fashion retailers in Australia have commenced their online journey by formulating new strategies. Evolvement of technology is witnesses at rapid rate both from perspective of retailer and consumers (Chan et al. 2017). It is required by Australian fashion retailers to make investment and embrace online shopping by making planning and proper investment in development of new operating model. Such model will help in accommodating rapid technological development and meeting the increasing needs of sophisticated consumers. Industry analysis: Fashion and jewellery industry is one of the rising industries, which is posed with the glittering future and sustainable growth owing to their magnitude of service. Since decades, heritage luxury jewellery brands are the market leaders in their respective organisations. With global sales figure of 148 billion euro, fashion and jewellery industry is growing at 5% to 6% annual growth rate (Soni and Gulati 2016). According to the Panayiotou and Katimertzoglou (2015) there has been certain lag in the jewellery industry to cope up with the present market demand, however, depending upon the brand like Michael Hills, fashion industry is gaining momentum. Among many players in the jewellery and fashion industry, Michael hills, is one of the best organisations, which is popular for production of appealing and distinct jewelleries since 1979 (Michaelhill.com 2018). With their in-house master of craftsmanship and dedicate team of designers, the brand has gained much amount of popularity. For t his report Michael hills, is the selected organisation, which is known for their explicit craftsmanship, wide range of jewelleries and global vision. Owing to their outstanding features, the brand has topped the Australian market and presently it serves countries like New Zealand, Canada, United States and other with their 296 retail chain around the world (Parsons and Wilkinson 2015). Thus, it can be considered as the top performer in the middle range firms in the case of jewellery and fashion industry that enjoys market share of 6.6% with market capitalisation of 492.05 million USD (Kennedy 2015). Competitor of the selected company: Michael Hills is one of the market leaders, when it comes to the explicit jewelleries along with exclusive diamond collection that adds a lot to the fashion sense of the wearer. Being one of the market leaders, Michael fashion has many competitors, however, among them; Lovisa Holding Limited can be acknowledged as the main competitor of the selected organisation. Lovisa was introduced back in 2010 and since then it has transformed itself to become where it is now. For instance, it has 300 retail stores around countries like Australia, Singapore, South Africa, Australia and other countries (Kieser 2018). With its wide range of products, and exclusive services, Lovisa has become a market leader in the Australia and other countries that possess great potential to prosper in future. According to the Live Stock Exchange Rate, price of the products from this brand is rising, which showcase demand of Lovisa is rising at a steady rate (Perez 2015). Porters Five Forces analysis of the industry: Porters Five Forces analysis is an approach to find out the competitiveness of a given industry (Anton 2015). In this report fashion and jewellery industry has been considered for discussion and the Porters Five Forces analysis for the given industry is as follows: Buyer power Fashion and jewellery industry has little amount of bargaining power due to the fact that there is large amount of players in the market. Price is determined depending upon the supply and demand equilibrium and scope of direct bargaining power is low. However, there is little incentive to keep attached with a particular brand that provides some amount of bargaining power, which is indirect in nature (Rothaermel 2016). Supplier power Fashion industry provides little amount of supplier power to the producer owing to the fact that they do not have control over the market. Price is decided depending upon the demand and supply situation that reduce the supplier power. Competitive rivalry fashion and jewellery industry has large amount of supplier that makes it an oligopolistic market. However, there is certain amount of brand preference that makes the market an interesting one. With close substitute products, most of the brand provides similar kind of goods and services that makes the market saturated and hard one to penetrate by the new entrants (Anton 2015). However, with the help of new designs and ideas, brands can have competitive edge compared to its rivals. Threats from new entrants There is high risk in the case of the fashion and jewellery industry, however, there is great scope of high return too. With ever increasing demand of new design and ideas, threats from new entrants is comparatively high (Rothaermel 2016). Threat of substitution threat from substitution is negligible in the case of fashion and jewellery industry. With saturated market condition, firms are now producing similar products that reduce the threat of substitution. Growth potential of the industry: Jewelleries and fashion industry is one of the rising sector that has been growing with an annual growth rate of 5% to 6%. With huge amount of annual turnover, fashion and jewellery industry is expected to have higher growth potential by the 2020 (Dauriz, Remy and Tochtermann 2014). According to the statistics, the industry will have 10% annual growth rate within next three years. Moreover, Dauriz and Tochtermann (2017) also highlights that if the industry can successfully capture the attention of people who are older than 18 to 34 years, fashion and jewellery industry will face much higher growth rate compared to present forecast. Brands like Michael Hills possess great amount of importance in this regards because with the help of their exclusive services and wide array of product varieties, fashion and jewellery industry can be highly benefited. According to the study of Esty, Gross and Pickle (2017), among many verities of fashion and jewellery industry, firms that produce exclusi ve diamond jewelleries are expected to have higher demand and they possess highest amount of earning potential. Michael Hills and Lovisa Holding Limited, both is the exclusive diamond jewellery producer, thus they too have high potential to grow in future, however, which firm tops the market, will dependable upon the strategic decision of the firms. Competitive and corporate strategy of selected organisation: Strategic planning is one of the crucial factors that aid the firm to reduce its financial problem and shift the focus of the managers from profitability of the firm to the sustainability of the firm. With the help of competitive and corporate strategy organisations can not only avail the organisational goal (Rugman and Verbeke 2017). Moreover, it will help the firm to avail sustainability in long run. Competitive and corporate strategy of the Michael Hills, which is one of the most famous brands in fashion and jewellery industry, is as follows: Competitive strategy of the selected company: Among many organisations, Michael Hills is one of the famous multi-speciality fashion and jewellery brands that have been operating in various countries since 1979. By the end of 1987, the brand opened more than 10 stores in various countries around the world (Longley 2017). The brand has been producing differentiated services and products, thus creating value for the brand since decades. The brand is aimed to align itself with the latest trend of the market. This will provide the firm a scope to enhance its market base compared to its rival firms. The firm is aimed to provide best shopping facility to their customers, using which the firm devote it to achieve exclusiveness that is beneficial for the growth of the firm (Wesener 2016). Besides this, as the core competencies strategy, Michael Hills offers best price in the market, which provides competitive advantage to the firm. All the branches located near the city centre, helps the Michael Hills to become one of the best firm in th e fashion and jewellery industry. Raw materials that the firm chooses for their goods and services are sourced by the certified suppliers that provide better longevity and durability of the products. In addition the firm employees only the educated and experienced employees that help the firm to provide best in class service compared to its rival companies. Online customer service and online retail stores help the firm to gain great amount customer base. Corporate strategy of the selected company: Michael Hills is one of the top level fashion and jewellery firm that lies in the middle range and the firm always aims to maintain god corporate governance, which not only help it to have a strong market holding, moreover provide it ability to stand out from the crowd. As their corporate strategy the firm uses low level of capital expenditure roll out policy, where cost is minimised using the small store layout (Parsons and Wilkinson 2015). Moreover, depending upon the political, social and environmental condition of the place of operation, the firm alters their mode of operation that gives them competitive advantage and let it align with the local policies. In addition international store roll out policy of the firm always helped it to hold its stand in the market. Culture of continuous development and well versed management team with high international retail exposure Michael Hills always try to keep track record of profitable and rapid growth (Coolier, Probert and Jeffries 2016). Customer base marketing strategy of Michael Hills helped the firm to become one of the renowned firms in various countries. Accounting Analysis Michael Hill Inherent Risk Accounts Impacted Control Measures Market Risk- Foreign Exchange Foreign Exchange risk is considered to be arising from the future commercial transactions and the recognition of the assets and liabilities which are denominated in the currency which is not the functional currency. The group is designed to be having significant risk in buying foreign exchange contracts of different foreign currencies in the future at the pre-determined exchange rate (Terlizzi, Meirelles and de Moraes 2016). -Cash and cash equivalents -Trade receivables -Forward exchange contracts The company is designed to use cash flow forecasting sensitivity analysis to tackle this problem. Liquidity risk- The significant exposures pertaining to liquidity risk is considered with borrowings and other liabilities. There is a sufficient problem associated to the risks with the availability of cash and marketable securities. In addition to this, there is significant scope of uncertainty pertaining to adequate amount of credit facilities (Talonpoika et al. 2016). -Current Liabilities -Borrowings The management has ensured that there is sufficient availability for borrowing facilities and committed credit lines. Credit risk- This particular risk is seen to be based on availability of cash and cash equivalents along with trade receivables. There may be significant problem with the credibility of the company is associated to increased debt which may not allow the company to borrow finance from banks or other financial institutions. The group incurs the credit risk from trade receivables (Hayes 2014). -Impaired Trade Receivables -Short-term deposits The management of credit risk is followed by settling the sales to retail customers via cash or major credit cards. Lovisa Holdings Inherent Risk Accounts Impacted Control Measures Credit Risk- The credit risk of the company is associated to financial loss to the group in case a counterparty fails to meet its contractual obligations. This particular risk factor is seen to be recorded with the consolidated statement of financial position which has the carrying amounts of receivables assets. This particular risk is also recognized with cash and cash equivalents along with the derivatives with banks and other financial institutions (Dowdell, Herda and Notbohm 2014). -Short-term deposits The company recognizes the credit risk in terms of considering the carrying amount of the receivable assets along with net provision for doubtful debts. Currency risk- The currency risk of the company is considered with mismatch of currencies forwarded to the borrowings, sales and purchases are denominated in terms of respective functional currencies of the group. The presentation of the currency is primarily denominated in Australian dollar, Singapore dollar, US dollar, British pound and South African Rand. It needs to be discerned that there is a significant scope of mismatch in the currency during exposure to purchases (Feng et al. 2015). -Cash and cash equivalents -Trade Receivables -Trade Payables The company takes significant measures for foreign exchange policies exposure to protect profit margins. This is done by entering into forward exchange contracts along with currency options specifically with the changes related to USD against AUD. Liquidity risk- This risk factor of the company is taken into account with the difficulties in meeting the obligations related to the financial liabilities which are settled by delivering cash or other financial assets (Thi, Mien and Thao 2015). -Trade Payables -Bank Overdrafts -Secured Bank Loans This particular risk is managed by the company by ensuring there is sufficient liquidity to meet the liabilities which are due under stressed and normal situations. Cross-Sectional analysis The depiction of the cross-sectional analysis is included with the ratios such as calculation of operating margin analysis, investment management analysis and assessment of financial leverage. The inclusion of the operating margin analysis is discerned with the ratio calculation such as days sales outstanding, days payable outstanding, days sales in inventory and asset turnover ratio. The investment management consideration is evaluated with the factors such as earnings per share, price earnings ratio, earning yield ratio and dividend yield ratio. The cross-sectional study associated to financial leverage is taken into account with debt to capital ratio, debt to asset ratio, debt to equity ratio and equity ratio (Bonaim, Hankins and Harford 2014). Operating Management Analysis The depictions made as per day sales outstanding clearly shows that over the time Michael Hills has been able to reduce the number of days on an average which a customer takes to pay the invoices. On the other hand, Lovisa is discerned with the fluctuating trend of day sales outstanding which is evident with increasing credit problems in the recent times. As part of the depictions of days payable outstanding for Michael Hills, the company is able to manage its cash flows efficiently to reduce the time taken to pay its bills to the vendors, creditors and suppliers. On the other hand, Lovisa is unable to maintain a short time span for DSP which is mainly due to increasing liabilities with the third-party and suppliers (Fernandes, Lynch and Netemeyer 2014). Michael Hills days sales and inventory demonstrates that the company has taken a considerable amount of time to sell its average inventory and hold the items for a longer period of time during the specified year. On the contrary, Lovisa is depicted with the fluctuating trend of time taken to sell the inventory, however it is clearly in a better position in compared to the former company. The main inference of asset turnover ratio for Michael Hills suggests that the company is in an average position to generate sales by using its assets. Despite of significant improvements over the years in terms of generating higher sales with the assets, Lovisa is clearly in a better position (Karadag 2015). Investment management analysis The earning per share interpretation of Michael Hills clearly suggests that over the year the companys profit allocated to the outstanding share of common stock has reduced and this indicates that it is in her lower profitability situation. Lovisa on the other hand is able to allocate more profit to each outstanding share of common stock. As for the evaluation of price-earnings ratio Michael Hills has depicted fluctuating trend for measure of current share price in relative to earnings per share. However, Lovisa has indicated a linear growth for increasing its current share price against share of earnings. The evaluation of earnings yield has suggested that Michael Hills percentage of each dollar invested in the stock is reducing in terms of stock earned by the company. Lovisa has indicated a constant growth for each dollar invested in the stock earned by the company. Michael Hills dividend ratio has shown considerable amount of returns against the dividends declared by the company d oing the year. Lovisa on the other hand, is depicted with the reducing return for the dividends (De Jong et al. 2014). Financial Leverage Analysis As per the information available for Canadian public debt, the countrys overall debt to GDP stands at 66%. This shows that Michael Hills is able to maintain low debt to capital ratio in compared to general industry average for all the four years. The Austrian government debt clearly suggests that the percentage of government debt to GDP in 2016-2017 was estimated at 18.9%. Lovisa has not been able to demonstrate a strong financial position as the companys debt to capital ratio is significantly high in compared to the industry average (Illmeyer et al. 2017). The interpretations for the debt to asset ratio suggest that both Michael Hills and Lovisa is financed with same percentage of assets in terms of debt. The assessment of debt to equity ratio for Lovisa has suggested that the company uses relatively less shareholders equity and debt to finance the available assets. Michael Hills on the other hand, has a greater leverage for financing the borrowings with the assets however, this is at the cost of a greater financial risk for the company. The interpretations of the equity ratio clearly suggest that both the companies are at the same platform when they are compared in terms of total availability of equity and common shareholders equity (Fazli Sabri and Tze Juen 2014). Times Series Analysis for operating management This data clearly shows that over the time Lovisa is able to increase all the parameters of days sales outstanding, days payable outstanding, days sales in inventory and asset turnover ratio. The significant increase for Lovisa as per the operating management elements are seen to increase in the time period of 2015 and 2016. The recent performance interpretations of Michael Hills have considered significant improvements in the financial aspects. This is clearly depicted with the available results of 2017. Times Series Analysis for operating management This section of the study is able to suggest that Michael Hills is able to demonstrate a significant increase in financial leverage which taken into account with debt to capital ratio, debt to asset ratio, debt to equity ratio and equity ratio. The significant increase of year for Michael Hills is considered with 2015, however Lovisa has shown tremendous growth potential in 2017. Prospective Analysis The interpretations of prospective analysis are based on forecasting of sales growth rate, NOPAT margin, WC to sales, LT assets to sales, Debt ratio, after-tax cost of debt, dividend rate. As per the prospective analysis of the company the beginning book value is significantly lesser than the value beyond forecast period. However, it needs to be noted that the companies value beyond the forecast horizon is significantly high which also highlights the risk factor is related to the project. In addition to this, there is a significant scope of improvement for value per share (Castrogiovanni et al. 2016). The prospective analysis of the study is a to depict on alternative approaches to avoid the inclusion of nontraded funds. The valuation summary is able to suggest on models which might be used by nontraded firms for the purpose of assessment of overall value creation. Based on the interpretations of valuation summary the overall performance of the company is considered to be average in nature. As for the depiction of financial report there has been no instance of abnormal loss faced by Michael Hills. In addition to this, the different aspects of prospective analysis in terms of assessing net profit after tax it is clearly discerned that the overall NPAT of the company has shown considerable amount of improvement over four years. Despite of the increasing net profit after tax, the groups working capital ratio of 3:1 is able to demonstrate an average financial position of the company (Baos-Caballero, Garca-Teruel and Martnez-Solano 2014). Recommendation The accounting analysis of Michael Hills identification of 3 potential red flags of the company and identify 3 key accounts in their balance sheet/income statement has shown the inherent risks of the company in terms of Market Risk as per Foreign Exchange risk are considered with Market Risk related to Foreign Exchange risk which depicts that the Foreign Exchange risk is considered to be arising from the future commercial transactions and the recognition of the assets and liabilities which are denominated in the currency which is not the functional currency. The impact on the respective accounts are considered with Cash and cash equivalents, Trade receivables and Forward exchange contracts. The company is designed to use cash flow forecasting sensitivity analysis to tackle this problem. The significant exposures pertaining to liquidity risk is considered with borrowings and other liabilities. There is a sufficient problem associated to the risks with the availability of cash and mark etable securities. In addition to this, there is significant scope of uncertainty pertaining to adequate amount of credit facilities. That accounts impacted includes Cash and cash equivalents, Trade receivables and Forward exchange contracts. Michael Hill is designed to use cash flow forecasting sensitivity analysis to tackle this problem. The credit risk is considered with problem with the credibility of the company is associated to increased debt which may not allow the company to borrow finance from banks or other financial institutions. The group incurs the credit risk from trade receivables. Investment management analysis clearly depicts that over of years profit allocated to the outstanding share of common stock has reduced and this indicates that it is in her lower profitability situation. The interpretations for the debt to asset ratio suggest that both Michael Hills and Lovisa is financed with same percentage of assets in terms of debt. The assessment of debt to equity rati o for Lovisa has suggested that the company uses relatively less shareholders equity and debt to finance the available assets. Conclusion The discourse of teh study has shown Michael Hills is one of the market leaders, when it comes to the explicit jewelleries along with exclusive diamond collection that adds a lot to the fashion sense of the wearer. Being one of the market leaders, Michael fashion has many competitors, however, among them; Lovisa Holding Limited can be acknowledged as the main competitor of the selected organisation. Michael Hills is considered one of the famous multi-speciality fashion and jewellery brands that have been operating in various countries since 1979. By the end of 1987, the brand opened more than 10 stores in various countries around the world. However, as per the finacial position Lovisa Holding Limited is in a better position. References list: Anton, R., 2015. An Integrated Strategy Framework (ISF) for Combining Porter's 5-Forces, Diamond, PESTEL, and SWOT Analysis. Baos-Caballero, S., Garca-Teruel, P. J. and Martnez-Solano, P. (2014) Working capital management, corporate performance, and financial constraints, Journal of Business Research, 67(3), pp. 332338. doi: 10.1016/j.jbusres.2013.01.016. Bonaim, A. A., Hankins, K. W. and Harford, J. (2014) Financial flexibility, risk management, and payout choice, Review of Financial Studies, 27(4), pp. 10741101. doi: 10.1093/rfs/hht045. Castrogiovanni, G. et al. (2016) Where to acquire knowledge: Adapting knowledge management to financial institutions, Journal of Business Research, 69(5), pp. 18121816. doi: 10.1016/j.jbusres.2015.10.061. Chan, A.T., Ngai, E.W. and Moon, K.K., 2017. The effects of strategic and manufacturing flexibilities and supply chain agility on firm performance in the fashion industry.European Journal of Operational Research,259(2), pp.486-499. Collier, K.J., Probert, P.K. and Jeffries, M., 2016. Conservation of aquatic invertebrates: concerns, challenges and conundrums.Aquatic Conservation: Marine and Freshwater Ecosystems,26(5), pp.817-837. Dauriz, L. and Tochtermann, T., 2017. Jewelry 2020On the Heels of Apparel. InLuxusmarkenmanagement(pp. 201-212). Springer Gabler, Wiesbaden. Dauriz, L., Remy, N. and Tochtermann, T., 2014. A multifaceted future: The jewelry industry in 2020.Retrieved on December,4, p.2014. de Jong, A. et al. (2014) How does earnings management influence investors perceptions of firm value? Survey evidence from financial analysts, Review of Accounting Studies, 19(2), pp. 606627. doi: 10.1007/s11142-013-9250-y. Dowdell, T. D., Herda, D. N. and Notbohm, M. A. (2014) Do management reports on internal control over financial reporting improve financial reporting?, Research in Accounting Regulation, 26(1), pp. 104109. doi: 10.1016/j.racreg.2014.02.011. Esty, B., Gross, D.P. and Pickle, L.G., 2017. The De Beers Group: Exploring the Diamond Reselling Opportunity. Fazli Sabri, M. and Tze Juen, T. (2014) The influence of financial literacy, saving behaviour, and financial management on retirement confidence among women working in the Malaysian public sector, Asian Social Science, 10(14), pp. 4051. doi: 10.5539/ass.v10n14p40. Feng, T. et al. (2015) Environmental management systems and financial performance: The joint effect of switching cost and competitive intensity, Journal of Cleaner Production. doi: 10.1016/j.jclepro.2015.11.038. Fenna, A., 2015. The Economic Context of Policy Analysis in Australia.Policy Analysis in Australia,6, p.37. Fernandes, D., Lynch, J. G. and Netemeyer, R. G. (2014) Financial Literacy, Financial Education, and Downstream Financial Behaviors, Management Science, 60(8), pp. 18611883. doi: 10.1287/mnsc.2013.1849. Fleisher, C.S. and Bensoussan, B.E., 2015.Business and competitive analysis: effective application of new and classic methods. FT Press. Gardetti, M.A. and Torres, A.L. eds., 2017.Sustainability in fashion and textiles: values, design, production and consumption. Routledge. Hatfield-Dodds, S., Schandl, H., Adams, P.D., Baynes, T.M., Brinsmead, T.S., Bryan, B.A., Chiew, F.H., Graham, P.W., Grundy, M., Harwood, T. and McCallum, R., 2015. Australia is free to chooseeconomic growth and falling environmental pressures.Nature,527(7576), p.49. Hayes, R. M. (2014) Discussion of Audit committee financial expertise and earnings management: The role of status by Badolato, Donelson, and Ege (2014), Journal of Accounting and Economics, 58(23), pp. 231239. doi: 10.1016/j.jacceco.2014.08.005. Illmeyer, M. et al. (2017) THE IMPACT OF FINANCIAL MANAGEMENT ON INNOVATION, Entrepreneurship and Sustainability Issues, 551(515), pp. 5871. doi: 10.9770/jesi.2017.5.1(5). Karadag, H. (2015) Financial Management Challenges In Small and Medium-Sized Enterprises: A Strategic Management Approach, Emerging Markets Journal, 5(1), pp. 2640. doi: 10.5195/emaj.2015.67. Kennedy, J., 2015. Embracing the tall poppy: overcoming tradition in customer jewellery design preference. Kieser, D., 2018. Driverless vehicles and their impact on your portfolio.Equity,32(1), p.4. Longley, A., 2017. I wanted to find you by inhabiting your tongue: Mistranslating between words and dance in choreographic practice.Choreographic Practices,8(1), pp.27-49. Lovisa.com. (2018).About. [online] Available at: https://www.lovisa.com/investors/ [Accessed 1 Feb. 2018]. Michaelhill.com. (2018).The Story Behind The Shine | Michaelhill.com. [online] Available at: https://www.michaelhill.com/michael+hill+story.html [Accessed 1 Feb. 2018]. Michaelhill.com.au. (2018).Engagement Rings, Watches, Necklaces Jewellery - Michaelhill.com.au. [online] Available at: https://www.michaelhill.com.au/ [Accessed 1 Feb. 2018]. Okonkwo, U., 2016.Luxury fashion branding: trends, tactics, techniques. Springer. Panayiotou, N.A. and Katimertzoglou, P.K., 2015. Micro firms internet adoption patterns: the case of the Greek jewellery industry.Journal of Enterprise Information Management,28(4), pp.508-530. Parsons, A. and Wilkinson, H., 2015. Retailing in New Zealand: Where Are We and Where To Next?. InEuropean Retail Research(pp. 141-160). Springer Gabler, Wiesbaden. Parsons, A. and Wilkinson, H., 2015. Retailing in New Zealand: Where Are We and Where To Next?. InEuropean Retail Research(pp. 141-160). Springer Gabler, Wiesbaden. Perez, A.A., 2015. THE MINERAL INDUSTRY OF SWEDEN.Minerals Yearbook: Area Reports: International Review 2012 Europe and Central Eurasia,3, p.38. Rothaermel, F.T., 2016. Competitive advantage in technology intensive industries. InTechnological innovation: Generating economic results(pp. 233-256). Emerald Group Publishing Limited. Rugman, A.M. and Verbeke, A., 2017.Global corporate strategy and trade policy(Vol. 12). Routledge. Soni, T. and Gulati, R., 2016. KEYWORDS Jewellery Preferences, Customer Satisfaction, Buying Purpose, Customer Occupation and Income.A STUDY ON THE CUSTOMER PREFERENCES TOWARDS JEWELLERY IN BAREILLY MARKET., (84). Talonpoika, A.-M. et al. (2016) Defined strategies for financial working capital management, International Journal of Managerial Finance, 12(3), pp. 277294. doi: 10.1108/IJMF-11-2014-0178. Terlizzi, M. A., Meirelles, F. de S. and de Moraes, H. R. O. C. (2016) Barriers to the use of an IT Project Management Methodology in a large financial institution, International Journal of Project Management, 34(3), pp. 467479. doi: 10.1016/j.ijproman.2015.12.005. Thi, N., Mien, N. and Thao, T. P. (2015) Factors Affecting Personal Financial Management Behaviors: Evidence from Vietnam, Economics, Finance and Social Sciences, pp. 9781. Thomas, H. and Logan, C., 2017.Mondragon: An economic analysis(Vol. 14). Routledge. Wesener, A., 2016. This place feels authentic: exploring experiences of authenticity of place in relation to the urban built environment in the Jewellery Quarter, Birmingham.Journal of Urban Design,21(1), pp.67-83.