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Porter’s Five Forces
Michael porter have proposed these forces to provide a good initial level of thinking to those who are thinking in a strategic level, it is created for those who believes in overall cost leadership and focus as well as differentiation. It helps in determining the attractiveness and the competitiveness of the market.
Competitive rivalry within an industry: Competitive rivalry basically denotes the competitiveness of an industry which determines the competition of an industry, the competition strategy that has been applied to an industry which is powerful and with advertising expenses. Competition is measured on the basis of customer service, design quality, good word of mouth, reputation and goodwill of the business and in our business, top ten interior design companies that are very famous in Delhi follow the good marketing strategy. We have found this from internet which is a secondary source research where we measure the competition on the basis of customer satisfaction, design quality and needs of the customer. It is also measured on the basis of price, quality innovation and creativity. The new technologies and the new strategy which follow in the business are very much measurable in terms of profit and goals.
Bargaining power of customer: Bargaining power of customer is not so high as it is a premium side of the cup and it is not so competitive because if a customer have came for having a design he or she will definitely have a goods and not argue for prices with the manager or servant of the because they came to a which is a first preference. If they will get a good output by getting full satisfaction they will not bargain with the people unnecessarily for the information provided to them.
Bargaining power of Supplier: Bargaining power of supplier is determined on the basis of input of market and suppliers available for that certain product which is available in the market which is very high because daily products get bargained from the supplier. If we buy one furniture of 20000Rs. then the supplier will not think even to bargain but if we purchase furniture’s and items daily from the same supplier in high quantity then surely the bargaining power will exist in the market and the preferences always matters lot.
The threat of the entry of new competitors: If the business is on high profit margins it will attract new industry and new firms. New entrants possible on the basis of customer requirements and their preferences.
Threat of substitute product or services: Threat of substitute product or services is not so high in company because it is purely based on the taste and choice preferences. There are n numbers of substitute products available in the items of design part but the first preferences which are given to choice and quality. If both the things are available then there is no mean of getting into another company.
These five forces help in identification of the business strengths. It helps the company from supplier, from the buyer, from the competitors, from the industry and many more. It helps in the competition to identify the competitors properly and innovate something new and great so that the competition will be in your hand. It is your customer who creates a business for you and it is your ideas and creativity which will help you to sustain in the market in the world.
Porters five forces have some limitations which one needs to follow that are one should not hide the important strengths of the organizations. One should not under estimate the results of porter. It is formulated in three levels that are corporate level, business unit level and functional or departmental level.
It is implemented to create a business environment and competitive advantage. These five forces address a business in a positive way and in a positive point to measure the growth and to define the goals. The strengths and the main part of the business are the important people who are attached to the business like the supplier is also important and the buyer is the main people for the business. For example if someone is planning a business in interior designing then the Bargaining power of customer which matters a lot for the company and for the business and that is Bargaining power of customer is not so high as it is a premium side of the cup and it is not so competitive because if a customer have came for having a design he or she will definitely have a goods and not argue for prices with the manager or servant of the interior design company because they came to a interior design company which is a first preference. If they will get a good output by getting full satisfaction they will not bargain with the people unnecessarily for the information provided to them.
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