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Avon Case Analysis: Strategies for International Expansion and Lower Income Markets
- 1. BY: ABIGAIL JOHNSON & CLAIRE OSWALD Case Analysis
- 2. About Avon
- 3. Outline: 1. Mission and Vision 2. Internal assessment 3. External assessment 4. Strategic formulation
- 6. Financial Ratio Analysis RATIOS CALCULATION ANSWER I 1 Current ratio 3,479/2,240 1.6 2 Quick ratio 3,479-1,005/2,240 1.1 I I Leverage Ratios 3 Debt to total assets ratio 188 /6,492 0.028 4 Long term debt to equity 188 /1,110 0.16 5 Debt to equity 2,532/1,110 2.3 6 Times interest earned ratio 162/120 1.4 I II Efficiency/Activity Ratios 7 Inventory turnover 5,713/1,005 5.7 8 Fixed assets turnover 5,713/3,479 1.6 9 Total assets turnover 5,713/6,492 .89 1 0 Accounts receivables turnover 1,025/676 1.5 1 1 Average collection period 676/ 1,205/365 .0015 1 2 Income per employee n/a 1 3 Revenue per employee n/a I V Profitability Ratios 1 4 Gross Profit Margin 5,713-3,773/5,713 .34 1 5 Operating Profit Margin 283/5,713 .050 1 6 Net Profit Margin 56/5,713 .009 1 7 Return on total assets (ROA) 56/6,492 .009 1 8 Return on stockholders’ equity (ROE) n/a 1,110 1 9 Earnings per share (EPS) 56/1,110 0.1 2 0 Price earnings ratio n/a n/a V Growth (Current over Previous Year) 2 1 Sales 9,955 2 2 Net income -56 2 3 Earnings per share -0.13 2 4 Dividends per share 0.24 Internal Assessment:
- 8. Internal Assessment: marketing strategies Internet Marketing Website Advertisement Social Media Easy and convenient distributions of products Marketing Mix for women around the world
- 9. Internal Assessment: IFE Matrix Internal Factor Evaluation Matrix (IFE) Strengths Weight Rating Weighted Score Strong brand image 0.02 3 0.06 Unique portfolio 0.04 4 0.16 Innvating brand 0.08 3 0.24 Largest direct seller 0.07 3 0.21 Strong and stable growth revenue 0.05 4 0.20 Market leader in the industry 0.03 2 0.06 Strong values 0.04 3 0.12 Adaption to diverse cultures 0.03 4 0.12 Strong customer loyalty 0.06 4 0.24 Flexibility for representatives 0.07 3 0.21 0.07 Weaknesses 0.03 Rating Weighted Score Does not have a home location 0.05 2 0.10 Poor brand quality 0.03 2 0.06 High cost in advertising 0.04 1 0.04 Lack of control over employees(representatives) 0.04 2 0.08 Employees rely on credit 0.06 1 0.06 Hard process for representatives to receive products 0.04 2 0.08 Competitors such as Loreal 0.03 2 0.06 Expensive product reproduction 0.05 2 0.10 Demand for products are low 0.04 1 0.04 Weak in global expansion 0.03 2 0.06 TOTALS 1.00 2.30
- 11. External Assessment: CPM Competitive Profile Matrix (CPM) Avon L’Oreal Mary Kay Critical Success Factors Weig ht Ratin g Scor e Ratin g Scor e Ratin g Scor e Advertising 0.10 3 0.30 4 0.40 2 0.20 Market Penetration 0.08 3 0.24 3 0.24 1 0.08 Customer Service 0.11 4 0.44 3 0.33 3 0.33 Organization Structure 0.06 2 0.12 2 0.12 3 0.18 Product Image 0.09 3 0.27 4 0.36 2 0.18 Employee Dedication 0.10 3 0.30 3 0.30 3 0.30 Financial Position 0.07 2 0.14 3 0.21 2 0.14 Customer Loyalty 0.12 3 0.36 3 0.36 4 0.48 Market Share 0.07 3 0.21 4 0.28 2 0.14 Product Quality 0.08 2 0.16 2 0.16 2 0.16 Technology 0.06 1 0.06 3 0.18 3 0.18 Price Competitiveness 0.06 1 0.06 1 0.06 1 0.06 Totals 1.00 2.66 3.00 2.43
- 12. External Assessment Key Industry trends: Cosmetic industry trends: Anti- aging, products that relate to both male and female, better skin Better quality
- 13. External Assessment: EFE Threats Weigh t Rating Weighted Score Avon faces intense competition from competing products in both the domestic and international and Avon’s investments will have to spend a lot of time trying to overcome this issue 0.04 3 0.12 Currency restrictions enacted by the Venezuelan government have limited their ability to repatriate dividends and royalties which is concerning for Avon because of the Latin America segment having the highest revenue. 0.07 4 0.28 Global macroeconomic pressures allow for future threats on the company if Avon does not invest into preventing possible outcomes from this issue. 0.03 3 0.09 Global bribery investigations 0.09 3 0.27 Dependence on third party suppliers puts limitations on Avon compared to their competitors. 0.03 1 0.03 Avons loss of $38 million in 2012 0.02 2 0.04 Avon sales in North America during Q2 if 2013 declined by 12% due to the 13% drop in the number of active sales representatives. 0.08 4 0.32 Avon obtains 85% of its revenue from outside of the USA however, Avon’s Asia-Pacific sales fell by 9% for Q2 of 2013. 0.06 1 0.06 Avon’s EPS is negative, while its competitors such as L’Oreal is 1.12 and Revlon is .78. 0.05 3 0.15 Profit, net income, and diluted EPS dropped by 50% from 2011 to2012 0.03 2 0.06 TOTALS 1.00 2.76 External Factor Evaluation Matrix (EFE) Opportunities Weight Rating Weighted Score Restructuring initiatives for organizational effectiveness will bring them out of the 4 year rut of ineffective business strategies. 0.04 2 0.08 Emerging markets in the Middle East and Africa allow Avon’s direct sells representatives a comparative advantage to retailers that take more time to establish their markets. 0.06 3 0.18 Rebranding strategy to give the better than ever quality of Avon to distance their selves from the mistakes of their previous CEO to help drive consumer demand. 0.08 1 0.08 The online market offers Avon Products Inc. the ability to greatly expand their business. Avon Products Inc. can market to a much wider audience for relatively little expense 0.03 2 0.06 Avon obtains 85% of its revenue from outside of the USA and in Latin America, Europe, Africa, and the Middle East sales rose, prices rose and their average order size increased. 0.02 3 0.06 The global beauty industry is growing at a 6% rate which can help bring Avon out of their past endeavors. 0.09 4 0.36 Direct selling remains effective in emerging markets such as Brazil allowing Latin America to continue to bring in revenue 0.07 3 0.21 Direct sells grew about 30 percent between 2006 and 2012 into a $150 billion global market. 0.05 2 0.10 More than 100 countries in which Avon competes do not have good retail infrastructures allowing Avon’s 6.5 million person global sales force to be its biggest advantage over competitors. 0.03 4 0.12 Avon’s interest income is up by 12% from 2012 to 2011 and it continues to increase because it was up 7% from 2011 to 2010. 0.03 3 0.09
- 14. Strategy Formulation: SWOT Matrix SO Strategies Purchasing companies in the same field and develop them in the company. (S1, O1) Expand into international markets. (S8, O6) WO Strategies Develop different way to advertise to reach a variety of people. (W3, O7) Find less expensive ways to advertise products. (W3, O3) ST Strategies Develop products that are in demand to increase sales. (S1, T4) Set themselves from competitors by researching trends and what is in demand. (S3, T5) WT Strategies Be more involved with representatives so they feel more need for the company. (W3, T3) Develop product line that is less expensive for low income customers. (W9, T6)
- 15. Strategy Formulation: SPACE Matrix 7 6 5 4 3 2 1 X-axis 1.2 Y-axis 0.1 -7 -6 -5 -4 -3 -2 -1 1 2 3 4 5 6 7 -1 -2 -3 -4 -5 -6 -7 Internal Analysis: External Analysis: Financial Position (FP) Stability Position (SP) 3 -4 2 -4 5 -3 5 -1 5 -4 Financial Position (FP) Average 4.0 Stability Position (SP) Average -3.2 Internal Analysis: External Analysis: Competitive Position (CP) Industry Position (IP) -3 5 -3 4 -2 4 -3 3 -3 2 Competitive Position (CP) Average -2.8 Industry Position (IP) Average 3.6 Return to Start Rate of Inflation Technological Changes Price Elasticity of Demand Competitive Pressure IP Barriers to Entry into Market Growth Potential Financial Stability Ease of Entry into Market Resource Utilization Profit Potential Market Share Product Quality Customer Loyalty Technological know-how Control over Suppliers and Distributors Return on Investment (ROI) Leverage Liquidity Working Capital Cash Flow CP Defensive AggressiveConservative FP Competitive SP
- 19. Strategy Formulation : QSPM Expand into International Markets Develop less expensive products for lower income customers Strengths Weight AS TAS AS TAS 1. Strong brand image 0.02 1 0.02 3 0.06 2. Unique portfolio 0.04 2 0.08 2 0.08 3. Innvating brand 0.08 3 0.24 3 0.24 4. Largest direct seller 0.07 4 0.28 1 0.07 5. Strong and stable growth revenue 0.05 3 0.15 2 0.10 6. Market leader in the industry 0.03 4 0.12 1 0.03 7. Strong values 0.04 3 0.12 2 0.08 8. Adaption to diverse cultures 0.03 2 0.06 3 0.09 9. Strong customer loyalty 0.06 1 0.06 4 0.24 10. Flexibility for representatives 0.07 3 0.21 3 0.21 0.07 Weaknesses 0.03 AS TAS AS TAS 1. Does not have a home location 0.05 1 0.05 3 0.15 2. Poor brand quality 0.03 3 0.09 1 0.03 3. High cost in advertising 0.04 2 0.08 2 0.08 4. Lack of control over employees(representatives) 0.04 3 0.12 1 0.04 5. Employees rely on credit 0.06 4 0.24 2 0.12 6. Hard process for representatives to receive products 0.04 3 0.12 3 0.12 7. Competitors such as Loreal 0.03 4 0.12 3 0.09 8. Expensive product reproduction 0.05 3 0.15 4 0.20 9. Demand for products are low 0.04 2 0.08 3 0.12 10. Weak in global expansion 0.03 2 0.06 2 0.06 TOTALS 4.85 4.60 Expand into international markets Develop less expensive productsfor lower income customers Opportunities Weight AS TAS AS TAS 1. Restructuring initiatives for organizational effectiveness will bring them out of the 4 year rut of ineffective business strategies. 0.04 2 0.08 3 0.12 2. Emerging markets in the Middle East and Africa allow Avon’s direct sells representatives a comparative advantage to retailers that take more time to establish their markets. 0.06 3 0.18 2 0.12 3. Rebranding strategy to give the better than ever quality of Avon to distance their selves from the mistakes of their previous CEO to help drive consumer demand. 0.08 1 0.08 3 0.24 4. The online market offers Avon Products Inc. the ability to greatly expand their business. Avon Products Inc. can market to a much wider audience for relatively little expense 0.03 4 0.12 2 0.06 5. Avon obtains 85% of its revenue from outside of the USA and in Latin America, Europe, Africa, and the Middle East sales rose, prices rose and their average order size increased. 0.02 2 0.04 1 0.02 6. The global beauty industry is growing at a 6% rate which can help bring Avon out of their past endeavors. 0.09 3 0.27 3 0.27 7. Direct selling remains effective in emerging markets such as Brazil allowing Latin America to continue to bring in revenue 0.07 4 0.28 2 0.14 8. Direct sells grew about 30 percent between 2006 and 2012 into a $150 billion global market. 0.05 1 0.05 4 0.20 9. More than 100 countries in which Avon competes do not have good retail infrastructures allowing Avon’s 6.5 million person global sales force to be its biggest advantage over competitors. 0.03 3 0.09 3 0.09 10. Avon’s interest income is up by 12% from 2012 to 2011 and it continues to increase because it was up 7% from 2011 to 2010. 0.03 2 0.06 2 0.06 Threats Weight AS TAS AS TAS 1. Avon faces intense competition from competing products in both the domestic and international and Avon’s investments will have to spend a lot of time trying to overcome this issue 0.04 2 0.08 1 0.04 2. Currency restrictions enacted by the Venezuelan government have limited their ability to repatriate dividends and royalties which is concerning for Avon because of the Latin America segment having the highest revenue. 0.07 4 0.28 2 0.14 3. Global macroeconomic pressures allow for future threats on the company if Avon does not invest into preventing possible outcomes from this issue. 0.03 3 0.09 1 0.03 4. The global bribery investigations of the previous CEO is still causing a struggle for Avon today. 0.09 1 0.09 2 0.18 5. Dependence on third party suppliers puts limitations on Avon compared to their competitors. 0.03 2 0.06 3 0.09 6. Avon had a loss of $38.2 million in 2012 compared to a net income of $517.8 million the prior year. 0.02 1 0.02 3 0.06 7. Avon sales in North America during Q2 if 2013 declined by 12% due to the 13% drop in the number of active sales representatives. 0.08 2 0.16 2 0.16 8. Avon obtains 85% of its revenue from outside of the USA however, Avon’s Asia-Pacific sales fell by 9% for Q2 of 2013. 0.06 3 0.18 3 0.18 9. Avon’s EPS is negative, while its competitors such as L’Oreal is 1.12 and Revlon is .78. 0.05 2 0.10 2 0.10 10. Avon’s operating profit, other expenses, net income, and diluted EPS all decreased by over 50% from 2011 to 2012 0.03 3 0.09 3 0.09
Editor's Notes
- What to read: We are presenting the case analysis of Avon for the year 2012. My name is Abigail Johnson, I am a Business Management major. My partner is Claire Oswald and she is a Business Management major as well.
- What to Read: Avon is a leading international beauty business that reaches women worldwide. Founded by David H. McConnell in 1886, McConnell believed that by hiring female sales representatives could reach out to the women who would be interested in his products. This company now supports around 6 million representatives in over 100 countries. Avon has $10 billion in annual revenue and is one of the largest direct sellers. Their product line consists of skincare, fragrance, makeup, and fashion accessories such as jewelry. They are a successful company that launches more the 1,000 new products annually.
- The overview of this case analysis will begin with the mission and vision. We will then discuss the internal assessment of Avon and following is the external assessment of Avon. We will use each slide of these three sections to further prove the final section, which is the strategic formulation. This final section will prove how Avon will be able to achieve and sustain a competitive advantage. I will begin us with the mission and vision section along with the internal assessment and then Claire will address the external assessment and strategic for we will take turns reading each slide there after.
- What to read: Avon's vison statement states, “To be the company that best understands and satisfies the product, service and self-fulfillment needs of women – globally” Our improved vision statement is almost identical except it would include their products and services cosmetically rather than vaguely mentioning them. Avon’s competitor, L'Oréal, has a different approach in their vision. Their vision restates their motto “Because I'm worth it” Their vision is focused on economic success, professionalism and being seen as a global citizen.
- What to read: Avon's mission statement is extremely lengthy but a summary of it is “Avon’s mission is focused on six core aspirations the company continually strives to achieve: leader in global beauty, women’s choice for buying, premier direct-selling company, most-admired company, best work place, and to have the largest foundation dedicated to women’s causes.” Our improved version of the mission statement is taking away the lengthiness of the statement and leaving just the key factors. Our improved mission statement would also include the key factors that are left out which are technology, concern for survival, and self concept. This new mission supports the strategies we envision for Avon. The competitor, L'Oréal's mission statement is: At L'Oréal we believe that everyone aspire beauty. Our mission is to help men and women realize their aspiration, and express their individual personalities to the full. This is what gives meaning and value to our business, and to the working lives of our employee
- What to read: The financial ratio analysis give us important information about Avon. The financial ratio analysis analyzes the 5 key financial ratios; liquidity, leverage, activity, profitability, and growth ratios. The good ratios that stick out are the current ratio at 1.6 which is the extent to which Avon can meet its short term obligations. As well as the current ratio being 1.1 which is the extent Avon can meet its short term obligations without relying on sales of its inventory. There are also some bad ratios. The net income for growth ratios is -56 meaning the firms growth rate in profits is shrinking rather than growing. Also the debt to equity ratio being 2.3 is fairly high because it meaning there are over double the creditors verses owners in the percentage of total funds.
- The marketing positioning map shows us where Avon is in correlation to its competitors. L'Oréal is the best in the market because even though they are the highest in customer service their Quality is the best. Their strategies would focus on improving on relationships rather than products Revlon is doing well as a business though their quality and customer service is not as high as either competitor it is still considered high. Because Revlon's customer service is the lowest of the three its strategy will focus on customer service and relationships. Avon is considered to have high customer service and their quality is less than Revlon and L'Oréal but it is still high. Avon will need to find strategies focused on Quality, products. Since their relations are so well they also can have strategies in expanding their markets as well.
- Now that we have looked at Avon's position in the market, we can discuss more in detail the marketing strategies at play. There are 3 main strategies For Avon, internet marketing, conscience of distribution, and targeting marketing mixes for women around the world. L'Oréal approaches content marketing with their 3 pillars focusing on education empowerment and aspiration. Revlon is focusing their marketing strategy to increase profit margins and cash flow by leveraging their brand through international markets. Avon, compared to its competitors, is more focused on getting their product effectively through out the world with women in mind. Avon is always keeping their vision for women in mind.
- The IFE matrix shows and evaluates relationships between strengths and weaknesses Avon’s total score is 2.30 so it is slightly below the average of 2.5 This shows that Avon does not have a strong internal position, however it is not too weak. Avon is excelling at 4 strengths with their highest scoring strength being an innovating brand and a strong customer loyalty. Avon’s has 3 weaknesses with a rating of 1 making it their major weaknesses. Avon’s most major weakness according to weighted score is high cost in advertising and that the demand for products are low.
- After comparing Avon’s factors internally, we need to compare them externally. The first external aspect of Avon is its competitors, Avon’s top three competitors are Revlon, L'Oréal, and Mary Kay Revlon: is a cosmetic leader based out of New York City. Their beauty aids are disturbed in more than 100 countries with 55% of their sales in the US alone. L'Oréal: L'Oréal is a global cosmetic conglomerate with annual sales of $30 billion. Their headquarters are in France and their company is structured into 3 segments cosmetics, the body shop , and dermatology. Mary Kay: Mary Kay is a privately owned cosmetic & fragrance direct selling company based out of Addison Texas. They are the 6th largest direct sells company in the world with annual sales of $3 billion. Their products are sold in more than 35 markets world wide with more than 2.4 million women in their independent sales work force. They are also well known for their pink Cadillac program with over 100,000 made for their consultants.
- What to Read: The best way to compare these competitors is with the competitive profile matrix. As one can see from the Competitive profile matrix, it tells that Avon is doing well as a company though it is not the best compared to its competitors it is also not the worst. This allows Avon for plenty of growth. The total numbers show the overall strengths and weaknesses for Avon and its competitors. The lowest total score is Mary Kay at 2.43, then Avon's total score is 2.66, being only .33 points away from the final score of 3.00 for L'Oréal. All three companies are above the average score Avon scored the highest or strongest in customer service, tied for best score in product quality, employee dedication, price competitiveness and market penetration. Avon’s lowest or weakest scores are in technology and tied for the lowest in financial position, organizational structure, customer loyalty, price competitiveness, employee dedication and product quality.
- While analyzing external factors we looked at key industry trends as well. The trends for the cosmetic industry are Anti- aging, products that relate to both male and female, and better skin care products that relate to both male and female. are all trends that have appeared in the beauty market the past few years. Avon however has been doing the research and know what the customer wants. They have come up with new product lines to meet the needs of their customers demand and are excelling at leading and knowing the trends of cosmetics.
- What to Read: The next matrix we analyzed for our external assessment is the external factor evaluation matrix or the EFE matrix. This matrix allows us to summarize and evaluate the economic social cultural demographic, environmental, political, governmental, legal, technological, and competitive information. The EFE matrix shows that Avon’s total score is 2.76. A score of 2.76 is good but not excellent. Avon is taking advantage of the external opportunities and avoiding the threats facing the firm but there is room for improvement. Avon’s greatest opportunity factor, rating at .36 is that the global beauty industry is growing at 6% which shows promise into global expansion. Avon’s strongest threat factor, rating at .32, is that Avon sales in North America during Q2 of 2013 declined by 12% due to the 13% drop in the number of active sales representatives. This is a threat that must be diminished with any future strategies for Avon.
- What to Read: Now that we have discussed the internal and external assessments of Avon we can Form a proper strategy. Taking the knowledge we have learned, we created the SWOT Matrix to give us 4 different types of strategies. These strategies are SO strategies, WO strategies, ST strategies, and WT strategies. SO Strategies use a firms internal strengths to take advantages of external opportunities. These strategies are: Purchasing companies in the same field and develop them in the company. (S1, O1) Expand into international markets. (S8, O6) WO Strategies aim at improving internal weaknesses by taking advantage of external opportunities These strategies are: Develop different way to advertise to reach a variety of people. (W3, O7) Find less expensive ways to advertise products. (W3, O3) ST Strategies use a firms strengths to avoid or reduce the impact of external threats These strategies are: Develop products that are in demand to increase sales. (S1, T4) Set themselves from competitors by researching trends and what is in demand. (S3, T5) WT Strategies are defensive tactics directed at reducing internal weaknesses and avoiding external threats. These strategies are: Be more involved with representatives so they feel more need for the company. (W3, T3) Develop product line that is less expensive for low income customers. (W9, T6)
- What to Read: After the SWOT analysis we formulated the SPACE matrix. The SPACE Matrix allows us to see that Avon is mainly in the aggressive quadrant, however it starts in the conservative quadrant. Avon’s X axis is 1.2 and Y axis is .1 With being in both conservative and aggressive the best strategies to impellent are market penetration, market development, product development, and related diversification. Taking the SWOT Matrix strategies we can see that developing a product line that is less expensive for low income customers would be included in product development and expanding into international markets would be market penetration and eventually market development. Both of these strategies will work well for Avon.
- After the SPACE Matrix we constructed the Boston Consulting group matrix or the BCG matrix. The BCG matrix graphically portrays differences among divisions in terms of relative market share position and industry growth rate. Division 3 is the smallest division located in quadrant 3 also known as the cash cows quadrant. The second division is the second largest also located in the cash cows quadrant. Cash cows generate cash in excess of their needs. The best strategies for cash cows are product development and diversification. The largest division, division one is located in quadrant 2 or the stars quadrant. The stars quadrant represents an organizations best long run opportunity for growth and profitability. Forward, backwards, or horizontal integration, market penetration, market development and product development are the most appropriate strategies for divisions in the stars quadrant. As one can see market development, market penetration, and product development are further appearing through our matrices.
- What to Read: The Next matrix we configured was the IE matrix. This matrix positions Avon's various divisions in a nine-cell display. The size of each circle represents the percentage sales contribution of the division and the pie slices reveal the percentage profit contribution of each division. The results of The IE matrix shows Avon largest division is in cell 5 and suggest that market penetration and product development are the best course of action. This results further support the investment worthy strategies we are seeing from the SPACE matrix and the SWOT Matrix. we can see that developing a product line that is less expensive for low income customers would be included in product development and expanding into international markets would be market penetration.
- What to Read: Following the IE matrix we formulated the Grand strategy matrix. The grand strategy matrix shows that Avon is found in Quadrant I. The implications on this quadrant location is that Avon can afford to take advantage of external opportunities in many areas. Appropriate strategies based on this matrix suggest continued concentration on current markets and products. This matrix also suggest that IF Avon has any excessive resources then the firm should use backward, forward or horizontal integration and if Avon is too heavily committing to a single product then related diversification would be a wise strategy. Because Avon can afford to take advantage of external opportunities in many areas then the strategy of market penetration and product development are still valid strategies.
- What to Read: By using all of the information we have gathered we were able to form the final matrix which is the Quantitative Strategic Planning Matrix or the QSPM. The QSPM shows that Avon’s best strategy is to Expand into international markets. Their total score is 4.85 wining by only .15 to the alternative idea to Develop less expensive products for lower income customers . With such a slim difference between the two scores it shows that both strategies would be wise for the company, though they should first begin implementing the higher scoring strategy.
- Based on all the information that we have gathered through this case study we can suggest that the best strategy for Avon to do, is to expand into international markets. We can see that each step has led us closer and closer to this strategy. This strategy follows with the vision to truly be the global company Avon aims to be. It eliminates the biggest threat that we found in the EFE matrix of representative percentages dropping in America by countering those dropping numbers with increased numbers in international markets as well as utilizing our biggest opportunity factor of the global beauty industry increasing. We can also recommend that according to the QSPM that developing less expensive products for lower income customers would also be a beneficial strategy which Avon can consider. With most international markets with lower income families such as the markets in Africa these two strategies would work hand in hand. With Avon implementing these strategies they have financially strong future ahead of them that allows them to touch the lives of many women.