This assignment is talking about a new college is opening up in my city. The new college needs to know how to price their programs competitively and conduct the SWOT analysis of competitors in that market. A new college must know what people needs and want in education. Consideration should provide what courses in new college. Create a creative slogan. Doing marketing research have how much competitors in market. Define the different competitors SWOT and combine other competitors strength become your own strength. SWOT analysis is meaning the strength, weakness, opportunities and threats. In this assignment I will define SWOT analysis. I will list out two competitors SWOT and analysis what strength we should use or what weakness we should improve.
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A new college is opening up in my city. The college name is Phoenix College. Now they would need to know how to price their programs competitively. Before opening the new college they must conduct a SWOT analysis of competitors in that market. The first things I will define what is SWOT analysis. SWOT analysis is a strategic planning method used to evaluate the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture.
1.0 The definition of SWOT analysis
1.0.1 Strength: A firm strength is meaning of the firm provided basis internal condition can competitive with other firm that call strength. Strength could be the new college specialist marketing expertise, new innovative services, location of your business, quality processes and any other aspect of your business that adds value to college services. Consideration should how create a good strength for running this business. For example, Good environment for students study, good facilities for students study, provide more courses, good lecturer, activities, location and more.
1.0.2 Weaknesses: A firm weakness is meaning of the firm have internal disadvantages but this internal disadvantage could be change and improve. Consider this from an internal and external basis: Do other people seem to perceive weaknesses that you do not see? Are your competitors doing any better than you? It is best to be realistic now, and face any unpleasant truths as soon as possible. For example, college services, education fees, examination process, lecturer attitudes, educated quality and so on.
1.0.3 Opportunities: A firm opportunities is meaning of the firm have external conditions that are helpful to achieving the business. A useful approach for looking at opportunities is to look at your strengths and ask yourself whether these open up any opportunities. Alternatively, look at your weaknesses and ask yourself whether you could create opportunities by eliminating them. Useful opportunities can come from such things as: changes in technology and markets on both a broad and narrow scale, changes in government policy related to your field, changes in social patterns, population profiles and lifestyle changes. Local events for promote.
1.0.4 Threats: A firm threats is meaning of the firm have external conditions which could do damage to the objective or business barriers. That will affect the business running well. External conditions problem we can’t control it or avoid it. We just can find the solution to face threats. For example, local government policy, global economic crisis, new competitors enter the market, a competitor had innovation a new product and services, competitors have superior access to channels of distribution and taxation affected cost of product.
1.1 The competitors Olympia College SWOT Analysis
1.1.1 Strength: Attributes of the person or company that was helpful to achieving the objective. Olympia College College located in middle of the city. Olympia College was located in middle of the city the bus station and taxi station are beside College that was convenience to visit College and around the College have a lot of restaurant convenience student have their lunch or breakfast. Olympia College provided a good environment for student studies. They have air con, comfortable furniture, a large court, car park and classroom. Olympia College provided car park can accommodate 100 car maximum. There are 30 rooms inside the Olympia College. In Olympia College facilities, they have 4mbps WIFI around the whole College, 150 unit computers in lab and large library. Education fees amount are reasonable. Provided full time courses and part time courses for student make a choice. Olympia College enrolling eligible are standard. IT communication system was very well. Have a lot of activities for student to enjoy their college life.
1.1.2 Weakness: Attributes of the person or company that was harmful to achieving the objective. They are many competitors in market. Sunway College, TARC College, KTAR, all of them is competitors in the market. If want challenging with them, they must spent a lot of cost in advertisement. Student apply scholarship have many procedures. Olympia College was limited teacher. Teacher shortage make Olympia College cannot provide more courses. Car park fees are so expensive. Olympia College nearby always traffic was jam in lunch time. Many gangster and beggar walk around the college make student felt unsafe. Submit assignment was very strict. Library so small lack of books. E-brary online services are not convenience to use. No provide hostel for foreign students.
1.1.3 Opportunities: External conditions that was helpful to achieving the objective. Every year Olympia College provided RM 500,000 in scholarship. Apply study loan condition less, local student or foreign student was allowed apply study loan from Olympia College in the requirements of the situation. Olympia College slogan was very attractive. Olympia College slogan is “The Employer’s Choice”. Olympia College location was very convenience in transportation. Olympia College lecturer was received rigorous training in teaching. They are all had high education level. Many restaurant, bus station and taxi station around the college. Saturday and Sunday was no class for student. Olympia College Diploma recognized by the England, Malaysia, Singapore and so on.
1.1.4 Threats: External conditions which could do damage to the objective. Threat is a barrier for the business. That will affect your business development. Threat was under control by own companies. Government policy will affect any business in the local. Last year our government had propose the MQA education project is about all of the college and university student must learn Bahasa Malaysia, Sejarah and Moral. A lot of local student are unlike this MQA subject, because they are not interested for this 3 subjects. Some student want avoid this MQA subject then study at oversea. A new college was entered the market. New college was entered the market will dispersed source of new student. Phoenix College enrolling student will decrease. Local culture will affect student learning style and teacher teaching style. Personal income low will affect people spent money in pursue advance studies. Malaysia ministry of education was not support any financial for private college. Economic crisis affect the local currency and people income. People income decrease students enrolling rate will decrease.
Question 1 CONCLUSION
In conclusion, I was done the business environment assignment question 1. I learned more clearly SWOT analysis. SWOT analysis is helpful in know your own strength, weakness, opportunities and threats. Strength is your business internal best way to help you achieve your business in well. Weakness is your business internal bad ways and you can improve and make that change. Opportunity is your business external best way that is nobody can compare with you and nobody can follow. Threat is external condition to affect your business. Threat can’t control by own companies. For example, global economic crisis, local culture, local government policy, people income rate, new college enter, ministry of education culture and policy. So the new college want to price their program needs consideration people income rate and reasonable. In local culture people was not like people cheated them.
Using porter’s 5 Forces, explain how each element of this theory will affect the profitability and long term profitability of an electrical appliance store in your town.
Question 2 INTRODUCTION
This assignment are measure about the porter’s 5 forces and explain how each element of this theory will affect the profitability and long term profitability of an electrical appliance store in my town. The porter’s 5 forces are meaning the opportunities and threats in the organization external environment. Porter’s 5 forces is bargaining power of supplier, bargaining power of buyers, threats of new entrants, threats of substitute and competitively rivalry. In this assignment I will define what porter’s 5 forces. Explain how the element will affect the electrical retailer profitability. Ipoh town had a lot of electrical retailers and electrical branded.
2.0 Porter’s 5 Forces
The model of the Five Competitive Forces was created by Michael E. Porter’s 5 model is based on the insight that a corporate strategy should meet the opportunities and threats in the organizations external environment. Especially, competitive strategy should base on and understanding of industry structures and the way they change. Porter has identified five competitive forces that shape every firm and every market. These forces determine the intensity of competition and hence the profitability and attractiveness of an industry. The objective of corporate strategy should be to modify these competitive forces in a way that improves the position of the organization. Based on the information derived from the Five Forces Analysis, management can decide how to influence or to exploit particular characteristics of their industry.
2.0.1 Bargaining power of Supplier
Suppliers are collect all of the resources for inputs that are needed in order to provide good and services. This requirement leads to buyer-supplier relationships between the industry and the firms that provide it the raw materials used to create products. Suppliers, if powerful, can exert an influence on the producing industry, such as selling raw materials at a high price to capture some of the industry’s profits.
2.0.2 Bargaining power of Buyers
Buyer power is based on people income rate and their personal purchases intention. The power of buyers is the impact that customers have on a producing industry. In general, when buyer power is strong, the relationship to the producing industry is near to what an economist terms a monopsony – a market in which there are many suppliers and one buyer. In reality few pure monopsonies exist, but frequently there is some asymmetry between a producing industry and buyers.
2.0.3 Threats of Substitute
Threats of substitute is meaning the products had another brand product can substitute them. If have another product can substitute your product will make producers cannot control the product price into the market. A threat from substitutes exists if there are alternative products with lower prices of better performance parameters for the same purpose. They could potentially attract a significant proportion of market volume and hence reduce the potential sales volume for existing players. This category also relates to complementary products.
2.0.4 Threats of New Entrants
Threats of new entrants are meaning barrier of entry the new market or business expanding. The competition in an industry will be the higher the easier it is for other companies to enter this industry. In such a situation, new entrants could change major determinants of the market environment at any time. There is always a latent pressure for reaction and adjustment for existing players in this industry.
2.0.5 Competitive Rivalry
Competitive rivalry is measure about the competitor in the market. In the market competitor will show out their own strategy and idea to survive. In the traditional economic model, competition among rival firms drives profits to zero. But competition is not perfect and firms are not unsophisticated passive price takers. Rather, firms strive for a competitive advantage over their rivals. The intensity of rivalry among firms varies across industries, and strategic analysts are interested in these differences.
2.1 Affect the Profitability elements
2.1.1 Supplier: Supplier is supply good and services to retailer. That was a very important characteristic in any business. If retailer had a bad relationship with supplier, supplier will not provide any credit services, no discount allow, no delivery services and they would not tell you any message about latest product. This all threats are affected your business. No provide credit services, retailer money will stuff in goods. If that goods cant sold out retailer financial maybe will fall into the financial crisis. No provide discount and delivery will increase retailer cost of production. Cost of production increase retailer profit will decrease.
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2.1.2 Buyers: Buyer is retailer customer. They spent their money and bought the goods and services by retailers. Consume power are based on their personal income and saving. Branded product can increase consumer power. Branded product had a good will in the market and had a standardized quality. So, many people will spend a lot of money in branded product. An example had Nike products, Adidas product, Rolex, Sony, Dell and more. Government policy also will affect consume power, because government policy had control the money inflow and outflow. These both policies will affect money inflow and outflow. Budget deficit function is reduced the interest rate and encourage people spending and investment. Budget surplus function is increase the interest rate encourage people saving. Different local culture and race are different consume power.
2.1.3 Substitute Product: Government stop substitute on this product can increase the cost of production. Recently government was decrease substitute petrol. Retailer transportation fees will increase. Electrical product had a lot of brand in market. They have LG, Sony, Toshiba, Pensonic, Penasonic, Samsung and more. They products are similar maybe just a function had a bit different only. Retailer cannot control the product price because they are many substitute products in market.
2.1.4 New Entrants: New brand enter the market. New entrant retailer will create a new idea in promotion or advertisement to promote their product and shop. In local culture, people want freshness. New promotion and creative advertisement will attract a lot of customer go visit the new shop. If the old shop want competitive with them or survive in this social. They must find out another new idea to promote their products. In market researching will spend a lot of resources and money. So, the new entrants will affect profitability.
2.1.5 Competitively Rivalry: All retailers had their own opinion and mode of operation. Some retailers used promotion to sales their product. Some retailers used creative advertisement to promote their product. Some retailers had good relationship with consumer let consumer become their faithful consumer. Some retailers had provided delivery services to customers. Advertisement, promotion and delivery services will affect profitability. Shop location is very important. Good location is very hard to find. If the shop was located in middle of the city, that rental fees will quite high.
2.2 Long term Profitability element
2.2.1 Supplier: Retailer should have a good relationship with supplier. Retailer hope supplier provide the discount, credit service and delivery services. In long term, this all special services can increase retailer profitability. When retailer want create a new events for promote their production, supplier maybe will sponsor some money or present on this events.
2.2.2 Buyers: Retailer had a good relationship with customer. That faithful customer will always patronize that retailer. In long term, retailer had a regular profitability. Government implement budget deficit project reduced interest rate and encourage people spending. In this moment many people will spend a lot of money in consuming. Retailer profitability will increase.
Question 2 CONCLUSION
In conclusion, when I finish this assignment question I felt soul free. After I am done this assignment I can clearly learned about the porter’s 5 forces. Michael Porter provided a framework that models an industry as being influenced by five forces. The strategic business manager seeking to develop an edge over rival firms can use this model to better understand the industry context in which the firm operates. With a clear understanding of where power lies, you can take fair advantage of a situation of strength, improve a situation of weakness, and avoid taking wrong steps. Conventionally, the tool is used to identify whether new products, services or businesses have the potential to be profitable. However it can be very illuminating when used to understand the balance of power in other situations too.
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