notes on 9/24/2015
notes on 9/24/2015 MGT 3180
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This 2 page Class Notes was uploaded by jj on Sunday October 18, 2015. The Class Notes belongs to MGT 3180 at Clemson University taught by Dr. Raman in Spring 2015. Since its upload, it has received 34 views. For similar materials see Management of Information Systems in Business, management at Clemson University.
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Date Created: 10/18/15
SuppHer Paper from video on Porter 0 Buyer Power The power of customers to drive down prices Sta rt of Test Two 92415 High because customers have many choices and decision is normally made on price Contributing Factors purchasing power of buyers buyer choice of suppliers buyer choice substitutes of buyers more buyers l lower buyer power SuppHer SuppHer Buyer Buyer Buyer Buv Monopsony Reduce Buyer Power 1 Loyalty Program positive reinforcement 2 Differentiate your productservice SuppH Monopoly 3 Switching Cost penalty to switch from one product service to another Negative reinforcement Strategies to Increase Buyer Power 1 Reduce switching cost by absorbing the cost quotoffer to pay PTFsquot 2 Increase buyer choice by adding more suppliers 3 BZB exchanges or online marketplaces 4 Reverse Auctions buyers are selling an opportunity to provide a product service Creates monopsony Supplier Power Increase supplier power DECREASE buyer power If supplier power is high suppliers can in uence the industry by Charging higher prices Limiting qualityservices Shifting costs to industry participants Threat of Substitute Products or Services The power of customers to purchase alternatives 92415 Threat of New entrants The power of competitors to enter a marketing High when it is easy for new competitors to enter a market and low when there are signi cant entry barriers to join a market Entry Barrier is a feature of a product or service that customers have come to expect and entering competitions must offer the same for survival Rivalry Among Existing Competitors The power of competitors High when competition is erce in a market and low when competitors are more complacent Step 2 Porter s Generic Strategies Table in power point notes Step 3 Value Chain Analysis Views a rm as a series of business processes that each add value to the product or service 2 types of business process Primary Value Activities business processes that directly contribute to the goals and objectives of the company Support Value Activities business processes designed to facilitate the work of primary value activities Next slide shows picture of 2 types of business processes
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