1/29/2020 0 Comments
Foundations of Global Business - Essay Example As an entrepreneur, this creates the need to come up with a different product that can ease these discomforts from them while achieving their objective of being smart. Shaving is a routine for all men in the world, itâ€™s therefore important to ensure that there are no discomforts after the exercise. Therefore the purpose essay of this essay will be coming with friendly shaving equipmentâ€™s that can solve the problem of discomfort and hence attract a large market share. This will need to carry out an industry analysis using the porter five forces model so that to assess the viability of the new product in the industry and as well describe the best methods of marketing the products using the 4Ps of marketing. This is a model of conducting the industry analysis; the model uses five forces that affect the industry that is being assessed. These forces are; the bargaining power of supplierâ€™s, the bargaining power of buyers, the threats of new entrants, the threat of substitutes and the intensity of rivalry within the industry (Botten, p120). A competition among the rival firms reduces the firmsâ€™ profit. This is because if the firm is not strong enough, it is likely to lose its market share. Most industries strive to achieve a greater competitive advantage over its rival firms. Rivalry among different industries varies according to the interests and goals of each specific industry. In an attempt of gaining competitive advantage in the menâ€™s grooming market, several competitive actions need to be considered, these are; The industry can be entered with varying prices of the shaving equipment.This can be achieved by lowering the prices so as to gain temporary advantage and hence help to create a better public image that can attract customer loyalty. The features of the shaving equipmentâ€™s can be improved so that they can be easier to use and to dispose, this call for coming up and
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