1.Defining Your Playing Field
The first step of the strategic development process is to determine the “Where to Play” (Greater New York and BOTH RESIDENTIAL and BUSINESS CUSTOMERS) choice that will then help you identify the segment of the market you are targeting and the competitors you will face – (BURGER KING and McDonald).
- Review WENDY’S (and product (Adding Natural SMOOTHIES)
- How would you define the Playing Field for this business? This should include focused parameters such as the market, segment, product, service, geography, and price where you will choose to compete.
- Using the guidance from Martin’s article on Porter’s Five Forces, as well as Chapters 2 and 3 from Sherman, L. (2020). If You’re in a Dogfight, Become a Cat, what predictions do you have about the profitability of this Playing Field? Support your assessment by discussing each of Porter’s forces as they relate to your company.
PART 1A – PLEASE RESPOND TO CLASSMATE DISCUSSION WHETHER YOU AGREE OR NOT & A DETAILED WHY: I have chosen my current employer Verizon and its Blue Jeans product as my focus for this course. BlueJeans is a collaboration/conferencing tool for which I will focus on the United States small business sector. I will directly target multimedia businesses of 75 employees or less.
Looking at driving factors, the market offers a fairly high turnover with ease of use, functionality, and integration as characteristics for confidence. Profitability is based on loyalty built upon the aforementioned confidence. Price offerings and features tend to be dealmakers or breakers with presentations working as the enticement. The public has many options including the few services bundled with select devices (i.e. Apple’s Face Time or Skype). Employing the PARTS acronym Verizon will remain a constraint within the industry.
- Competitive rivalry – The current pandemic has brought about a great need for video conferencing. Companies such as Zoom have captured a large market share with direct exposure to the average consumer. Others such as LogMeIn’s Go To Meeting and Cisco’s WebEx also exists seeking to entice consumers to opt for their platforms. In a nutshell, the competition is fairly high based on the options offered by each provider. Verizon can mimic the offers of others, but others would be hard-pressed to imitate the capabilities of Verizon. Differentiation must stand in order to form a confident working relationship with users.
- The bargaining power of supplier – One of the biggest assets of Verizon is network ownership allowing for maximization of service architecture that translates to user confidence. The network relationship (inclusive of a hefty service portfolio) provides a unique benefit for Verizon. Others offer complementary services but depend upon client access for system usage. Verizon rarely requires any partnership or third-party dependence in its offering.
- The bargaining power of customers – Having a history of superior service and current brand strength, Verizon maintains its standing as the premier service provider. Customers certainly have ease of access to many of the competition but history provides the narrative to maintain brand confidence. Verizon’s name is synonymous with quality communications
- The threat of new entrants – The growing use of conferencing will continue to grow as the global economy encounters a work paradigm shift in response to the pandemic. There will be no direct threat as Verizon maintains and thrives as a result of its network and innovations.
- The threat of substitute products or services – Although this can be a real threat, the current rate of innovation shows Verizon will remain viable and responsive to public needs. The ability to remain viable throughout the years indicates Verizon’s ability to develop and stay relevant.
PART 1B – PLEASE RESPOND TO CLASSMATE DISCUSSION WHETHER YOU AGREE OR NOT & A DETAILED WHY: The YMCA in Bethesda is an excellent gym with multiple services for families and individuals. YMCA has been in service for over 50 years. I had worked for the YMCA in Bethesda for more than six decades. The YMCA has several programs for kids and adults, from swimming class, summer camp to personal trainer and soccer games. On top of their great programs and couple facilities in every state, there are others in other countries. The YMCA or the Y has a financial program that helps families with low income and partnerships with the community to help each other.
Playing Field: According to the Y mission, “to foster the spiritual, mental and physical development of individuals, families, and communities according to the ideals of inclusiveness, equality and mutual respect for all.”
However, the playing field will be narrow to showcase benefits for an individual to sign up for the YMCA in Bethesda and for current members to benefit from the programs or events that the Y has to offer.
Porter’s five force are:
Competition in the industry: Competition from LA Fitness, Planet Fitness, God Gym, and One Life Fitness; these gyms are known for the latest equipment, prices, and location.
Potential new entrants into the industry: Health risk and CDC guidelines, safety is the primary concern. Due to Covid-19, people are afraid to be contaminated and pass it down to their unhealthy family members. CDC guidelines are a limitation of members for each facility and do not show Covid-19 symptoms.
Power of suppliers: Each facility has different programs and welcomes any Y members. However, in each facility, base on their schedules, the membership prices vary. However, it honors their guest policy for all locations.
Power of customers: Customers range from newborns to seniors and from individuals to families. The Y has activities for each family member. Customer satisfaction is critical to encourage new members to join.
The threat of substitute products: The quality of products is not brand new, and due to Covid-19, people don’t want to be exposed and afraid of the consequence, which eventually leads to death.
Due to the pandemic, people gain weight, and mental issues have gone up that physical activities are non-existent. Focus on thirty minutes workout can improve the quality of life physically, mentally, and spiritually.
2. Using Adverse Conditions to a Company’s Advantage
- Chakravorti discusses four methods that corporate innovators use to turn adverse conditions to their advantage. These methods include: (1) Matching Unneeded Resources to Unmet Needs; (2) Rounding Up the Usual Suspects; (3) Finding Small Solutions to Big Problems; and (4) Thinking Platform, Not Just Product.
- Examine WENDY’S and briefly discuss how the WENDY’S might use one of these methods to capitalize on the opportunity found in adversity.
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