BU111 Lecture Notes - Lecture 14: Paradigm Shift
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Our company performed a porter"s 5 forces analysis on the industry to determine the competitiveness of the market and overall desirability of the market. We decided that the wireless key? market is an attractive market because of the high number of potential opportunities and low number of threats. To begin, the suppliers in our market give us a lot of power. (explain we"ll be selling our technology to a home security company) This is because there are many suppliers in the market, which dilutes the amount of power that one supplier, has. For example, if our primary supplier decides to increase his prices, we can switch suppliers to the most cost-efficient one. Another area of opportunity that can be identified is through the power of substitutes. This can be a big opportunity for us because there"s only one substitute in the market the basic lock and key.
