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Topic:

Porter’s Five Forces in Businesses and Organizations

Coursework Instructions:

There are four short answer questions that are situation based. I will post them in one hour. Do not just define the concepts but apply them to the situation. If the why or how are not explained, then you have not fully answered the question(s).


 


1. “Planet Plant” grows plants, sells flowers and vegetable plants to people with gardens in the Spring through Fall seasons.  “Planet Plant” is thinking of expanding their business, so that the company can open a flower shop as well for special occasions like weddings, birthdays and special events.  They have approached you to ask for your opinion about whether this is a good idea. You suggest using Porter’s Five Forces.


a) Please describe what Porter’s Five Forces is and why someone might use it. (1 mark)


b) Apply Porter’s Five Forces to this new flower shop idea. (4 marks)


c) Which one of the Five Forces is the most important and why? (1 mark)


 


2. “Old World Furniture’” is based in Vancouver, Canada and creates beautiful furniture with an antique (old style) design.  They have been very successful and are now considering expansion into a few more countries.  The company’s furniture is not cheap and is meant for consumers that appreciate the finer things in life.  If they expand, what should they be aware of:  


a) Define and describe the following barriers to trade: (economic, technological, socio-cultural and political/legal). (1 mark)


b) Apply these barriers to “Old World Furniture” to better understand the environment and decide if they should expand or not. (3 marks)


c) Choose one country where “Old World Furniture” should consider expanding to and explain why. (2 marks)


 


3. Kennedy is a sales representative for “Medi Health”,  which is a pharmaceutical company that makes medicine.  At their last sales team meeting, it was suggested that the sales team should try and persuade doctors to prescribe a new drug “Phalisima”.  The sales team should also invite the doctors to a conference in Mexico to inform them about “Phalisima”.  The company hopes that by getting the doctors to attend an all expense paid trip to Mexico (paid entirely by “Medi Health”), the doctors would be more likely to then prescribe the drug to their patients.  This would help “Medi Health” by increase sales of “Phalisima”.  There are other drugs similar to “Phalisima”, but “Medi Health” thinks the trip would make the doctors feel they owe something to “Medi Health”. 


a) Do you feel there is an ethical issue here or not?  Explain why. (2 marks)


b) Explain why this is an issue or not, by using relevant concepts from the book. Explain the concepts and apply them to the situation. (4 marks)


 


4. Due to COVID-19, many businesses have had to shut down or re-think their business models. Some companies have successfully pivoted (changed) their business strategies to reflect the necessary changes required to succeed in today’s environment. 


a) Describe how supply and demand can impact a business and allow a shift to happen. (1 mark)


b) Find an example of a company that has successfully pivoted in response to COVID-19 to survive and apply it to the “identifying opportunities” in the entrepreneurial process    section. (4 marks)


c) Based on the example you chose, please describe value proposition and explain this business’s value proposition. (1 mark)


 


Coursework Sample Content Preview:

Short Answer Questions
Student’s Name:
Student’s Number:
Institution:
Question One
Porter’s Five Forces
Michael E. Porter created the model in 1979 as a framework for examining and evaluating an organization’s five competitive forces and the industry’s strengths and weaknesses. It identifies a firm’s corporate strategy and determines its competitive intensity and the attractiveness of a market (Lindley, 2020). The five forces are:
* Competitive rivalry.
* Threats of new entries
* Threats of substitute products
* Supplier power
* Buyer power
Application
Competitive rivalry – Planet Plant should analyze the amount of competition that it faces. It should investigate its prices, agents, overall design, and other prompts. It should compare the type of flowers and vegetables that these competitors sell, highlight the differences, and improve them.
The threat of substitute products- The organization should assess its customers' possibility to find the products in other companies quickly and easily. It ought to examine its technology and efficiency level and how the customers have changed with the company's growth.
Bargaining power of buyers- This is a question of the customers' influence on the organization's business. Since Planet Plant sells products, the buyers' bargaining power lies in the number of products it offers. It should assess their attitudes towards its new idea and further customizations.
Threats of new entrants- The horticultural industry is tightly regulated and requires vast capital investments. The organization should use this force to ensure its security from surrounding competitors and alter its costs and service methods to protect itself from imitation and rival firms.
Supplier power- Some companies have one or many suppliers. The organization should increase its utility companies to improve customers' choices.
In my opinion, the force of the competition in the industry is the most critical in the model because it uses a company's quality of its products to define its power. This means that an organization loses its competitive advantage if it provides low products and services. It drives a firm into enhancing its business to reduce competitive rivalry.
Question Two
Barriers to trade
Economic - Lack of access to capital and funds is one of the leading financial barriers to trade. Most public sector companies and entrepreneurs strive for loans, funds from the private sector, and other development systems. Other barriers include inadequate access to markets, poor articulation in the business environment, and geographic bias.
Technological - Inefficient systems and a technical barrier to trade are the two significant technological barriers to trade. The regulations pose challenges during exporting and importing and certification. Inadequate skills and training is another issue in this discipline.
Socio-Cultural - Individuals tend to align with their cultural expectations of employment and other conventions like money stigma. Other barriers include language and cultural attitudes that may differ and curb the expansion to another location.
Political – Coercive government involvement in trade might be an ...
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