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Industry analysis. Parking services - Term Paper Example

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Industry analysis. Parking services.
Venmo that is an application founded in the year 2009 that allows people to transfer cash to each other and also transfer cash into a bank account. These online applications allows the industry improve on its operations and be more efficient and serve the customers better…
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Industry analysis. Parking services
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Download file to see previous pages QPark is focused at going international after ensuring that it meets the needs of its customers in the Philadelphia market. In order to ensure that it is ready to meet the diversified needs of global customers, QPark will rely on Porter 5 model that deals with five forces which include bargaining supplier power, competitive rivalry, bargaining power of buyers, threat of new entry and threat of substitution. By analyzing each of the Porters aspects, QPark will have 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 access 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 determine our position in the market. It is vital to note that there is no high 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. Some 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 costs 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. Despite 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 variable 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. Being 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 local 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 material 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 customer’s vehicle even after default on payment. Environmental trends entail government ...Download file to see next pagesRead More
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