5 Forces
While planning for long-term objectives, the concepts of Michael Porters five forces analysis will be used to analyze the market. This analysis will show the competitive environment in the tour guide industry, and also, the attractiveness of the market. The word âattractivenessâ refers to the overall profitability in the industry. The greater power that exists among the external factors the more unattractive is the industry. We will now dig deeper into the external factors seen from our point of view.
Suppliers
Bargaining Power of Suppliers i.e. to what extent suppliers can have an influence on the policy making of the company. Suppliers play an important part in making quality propositions for the company. The process of value creation encompasses managing quality in the entire chain of processes leading to the production of final product or service. We are not that much dependent from our suppliers, because we do not have such a big relationship with suppliers. The core competitiveness of our company is the unique service provided by our employees.
Potential entrants
Bargaining Power of Customers
Bargaining Power of Customers i.e. to what extent the customers can affect the policy making and fortunes of the company. Customers are indeed the key ingredients for a company, but the companyâs profitability depends upon to what extent customers are willing to pay for the product. Customers of course have plenty of options in the market place. And the customer will weigh all his options before going in for the purchase. However, since we havenât find any other competitors providing the same services according to our research, and the services like basic welfare, job aid and psychological consultancy services are almost necessary for shemales, their bargaining power is limited.
Threat of New Entrants
Threat