Perform a detailed Porter’s Five Forces analysis for your new Photography business and its website .Use businesses local to your area (if you are out of the area, please note in a footnote your closest metropolitan area). Be sure to highlight entry barriers, switching costs, and substitute products/services. Provide enough information that I might make an informed decision about what forces face your new business. Michael Porter’s Five Forces Model is a useful tool to aid organizations facing the challenging decision of entering a new industry or industry segment. The Five Forces Model helps determine the relative attractiveness of an industry and includes:
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- Buyer Power
- Supplier power
- Threat of substitute products or services
- Threat of new entrants
- Rivalry among existing competitors
Here is one website that thoroughly explains Five Forces and will show you examples of how you might build the Five Forces model. shows it in a diagram format: http://www.mindtools.com/pages/article/newTMC_08.htm
Be thorough, inclusive, but concise in your analysis.
- Plan out your advertising campaign for your photography business and your website. Obviously you want to limit costs and take advantage of technology to advertise your new photography studio. List 8 to 10 ways you will advertise, with a couple sentences explaining each idea, using technology (the web, etc).
