Industry analysis. Parking services Term Paper Example | Topics and Well Written Essays - 750 words

Industry analysis. Parking services - Term Paper ExampleQPark is focused at going international after ensuring that it meets the ineluctably of its customers in the Philadelphia market. In order to ensure that it is ready to meet the diversified needs of global customers, QPark entrust rely on Porter 5 sticker that deals with five forces which include negociate supplier power, competitive rivalry, bargaining power of buyers, threat of unexampled entry and threat of substitution. By analyzing each of the Porters aspects, QPark depart gravel the ability to face off its competitors while at the same time maintaining loyalty and trust among all the stakeholders. On supplier power, for instance QPark will approach how easily the suppliers will drive up our prices in the market. Another major aspect covered by Porter is competitive rivalry. In order to be successful in Philadelphia market, we will undertake a SWOT (strengths, weaknesses, opportunities and threats) analysis to dete rmine our position in the market. It is vital to note that there is no steep level of rivalry that QPark will face in the Philadelphia market. However, in a scenarios where we face large number of competitors and where they offer similar products most likely we will have less power since buyers and suppliers will have more alternatives.2. Bargaining power of our buyers is another primary aspect that will affect our pricing strategies of our services. several(prenominal) of the major aspects that will influence the bargaining power of our buyers include information availed to our buyers, the sensitivity of our customers towards our prices and our switching follows as compared to those of our customers. Our buyers will have a bargaining power. In this way they will put vital pressure on our product thus ensuring that they get a quality product that is worth their money. contempt giving our buyers opportunities to exercise their bargaining power, QPark will ensure that the business sales are enough to cover the fixed as well as multivariate costs incurred by the company. To address the threat of substitution in our business, we will emulate modern technology and extensive marketing awareness campaign as well quality improvement. In this way, our customer will be more attracted to our services thus putting at bay our key competitors in the Philadelphia market. be a major aspect by Porter model, threat of new entry will have an implication on our business3. Key threat of the new entrants is stiff competition. Additionally, the ability of other firms entering the car park industry may result to production of similar products thus making it hard for customer to differentiate QPark from its competing brands4. This implies that to create a difference between our services and those of the competitors we will adopt an effective marketing mix that includes price, promotion, product and place. Business trends refer to those factors that will affect the ability of loc al and international firms to cope with their customers and to make sustainable profit. Example of business trend includes cost of input that determines whether the business is viable, raw somatic needed component increasing or decreasing or stable in costs. In the parking industry, business owners have to decide whether to increase the cost of goods or cope with the losses alone. Innovation is one of the key strategies being adopted in the industry. For instance, through self services which are automated in nature, QPark will be in a position to track customers vehicle even after default on payment. Environmental trends entail government