Porter’s Five Forces Assignment Help
BookMyEssay provides top-notch Porter’s Five Forces assignment help for the students of MBA at extremely affordable prices. Porter’s Five Forces Model is an efficient tool for conducting the industry analysis. The tool allows determining risks and opportunities prior to participating in the industry. The information obtained from the analysis done through Porter’s Five Forces Model becomes handy for the management in making better decisions.
The Following are the Characteristics of Porter’s Five Forces Model:
- Marketing Analysis: The model conducts the market analysis for a business. It raises awareness regarding the pre-requisites pertaining to the industry.
- Decision Making: The model contributes tremendously to the decision making of the business. While making decisions, the business needs to undergo diverse stages and assess the performance so as to make decisions accordingly. For instance, Pepsi is a threat of substitute for Coca-Cola. Therefore, the Coca-Cola makes sure that the prices of their products are as per the prices that their competitors have kept. Because selling products at higher prices or prices showing much difference will make them lose their customers.
- Policies and Plans: This model enables the business to make prospective policies and plans. The model renders the necessary data to the business for making future plans and policies. For instance, a brand would never the prices of their products in the fear of losing their customers if a large number of substitutes are available. Therefore, to make better policies with respect to prices incurred on the product, the business needs crucial information that this model provides.
Following are the Five Forces of Porter’s Five Forces Model:
- Competition: This force explains the extent to which the competition exists. In other words, it conveys the number of businesses that exist in the industry. Concentration Ratio is the ratio that measures the competition extent quantitatively. The ratio denotes the market share of the industry-leading businesses. The extent of competition really impacts the business profits. The more the businesses, the better are the chances of striking out better deals with competitors. To mitigate the effect of this force, the business requires adopting tactics, such as enhancing product features and quality, maintaining competitive prices, using apt distribution channels to render ease of buying to purchasers, and building strong connections with purchasers and suppliers.
- Threat of New Players: The new businesses together with the established ones form a source of strong competition. This factor describes the threat that the new players pose. If the number of businesses increases, the threat to the business market share becomes more thereby posing challenges in making profits. To overcome this force, the possible solution is barring new businesses from entering into the industry. The barriers can be in terms of patents and copyrights, governmental regulations, and big initial capital necessity that is not feasible to support by new businesses.
- Bargaining Power of Purchasers: The bargaining power of purchasers or customers is indeed a tremendous threat. It depends upon the order size, the concentration of purchasers, and the differentiation of products in the industry. The purchasers can mitigate the effects of this force by buying a major share of the production or having a major order quantity. When diversified businesses have well-differentiated products, the bargaining power of the purchasers drop and the businesses get an upper hand.
- Threat of Substitutes: In this model, substitute signifies a product of a different industry that is possible to substitute for the product in the industry. This becomes a threat since it is always possible for the customers to switch to another brand’s products. The extent of this depends upon the accessibility of a cost substitute, ease of switching for the purchaser, and comparative price of the product.
- Bargaining Power of Suppliers: Powerful suppliers pose a major threat to a business. In this situation, the business does not possess a strong position to bargain. However, the business can bargain for the best prices, if suppliers do not possess a strong bargaining power.
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