Question 1: Look at your company, work group or even yourself. Pull together a very simple external analysis with a least three Opportunities and Threats. Also offer your interpretation of what you’ve pulled together. How could you maximize the Opportunities you identified? How could you minimize the Threats you identified?
I currently work at HDH Advisors, LLC. HDH is a small boutique financial firm. The firm was established in 2007 and offers business appraisal, valuation, litigation support, turnaround restructuring and other various financial advisory services. As we quickly approach our ten-year anniversary, our firm is making strides toward preparing ourselves for the next 5-10 years. In an effort to identify the firm’s strengths, weaknesses, …show more content…
Porter’s Five Forces Analysis aims to provide a tool for which companies can identify their position within their market (Wheelen & Hunger, 2012). After reviewing Big Dog Running Co.’s external environment, I concluded that its biggest opportunity lies in its ability to establish an image and brand that is undeniable and irresistible to its customers. From the perspective of Porter’s Five Forces, we can look at all of the components. Currently, BDRC is the only running store in Columbus, Georgia. Therefore, there isn’t much rivalry amongst competitors. This would cause a great problem to the company if a new store with lower prices were to evolve. Additionally, BDRC needs to discover what buying power it has over it suppliers and discover what buying power it has over its buyers. Since BDRC is currently the only store of its kind in Columbus, the company is at a huge advantage. However, it must work to establish an irresistible environment that encourages runners to shop and thus maintains its competitive edge in the future regardless of competition. The biggest threat I identified was the company’s lack of experience and support. The owners discovered a need for BDRC but they must continue to establish their position as a premier running shoe and apparel facility as well as maintain the company’s prominent position within its …show more content…
L., & Hunger, J. D. (2012). Strategic management and business policy: Toward global sustainability. Upper Saddle River, NJ: Pearson Prentice
I currently work at HDH Advisors, LLC. HDH is a small boutique financial firm. The firm was established in 2007 and offers business appraisal, valuation, litigation support, turnaround restructuring and other various financial advisory services. As we quickly approach our ten-year anniversary, our firm is making strides toward preparing ourselves for the next 5-10 years. In an effort to identify the firm’s strengths, weaknesses, …show more content…
Porter’s Five Forces Analysis aims to provide a tool for which companies can identify their position within their market (Wheelen & Hunger, 2012). After reviewing Big Dog Running Co.’s external environment, I concluded that its biggest opportunity lies in its ability to establish an image and brand that is undeniable and irresistible to its customers. From the perspective of Porter’s Five Forces, we can look at all of the components. Currently, BDRC is the only running store in Columbus, Georgia. Therefore, there isn’t much rivalry amongst competitors. This would cause a great problem to the company if a new store with lower prices were to evolve. Additionally, BDRC needs to discover what buying power it has over it suppliers and discover what buying power it has over its buyers. Since BDRC is currently the only store of its kind in Columbus, the company is at a huge advantage. However, it must work to establish an irresistible environment that encourages runners to shop and thus maintains its competitive edge in the future regardless of competition. The biggest threat I identified was the company’s lack of experience and support. The owners discovered a need for BDRC but they must continue to establish their position as a premier running shoe and apparel facility as well as maintain the company’s prominent position within its …show more content…
L., & Hunger, J. D. (2012). Strategic management and business policy: Toward global sustainability. Upper Saddle River, NJ: Pearson Prentice