QVC vision statement
Vision statement
QVC is for quality, value and convenience.
Mission Statement
QVC is dedicated to giving customer more: more choices, more brands, more entertaining programming, and more great values.
External Assessment
External forces of competition affect all companies and the television shopping industry is no different. There are many forces than can be grouped into a few categories: economic, socio-cultural, technological, and political-legal. These forces have had a major impact on the television shopping industry. QVC’s ability to understand their environment and adapt have helped them achieve success.
Under economic forces, competition is a major component. The barrier for entry is low, so there is always the threat of new businesses. Substitute products also directly compete with QVC’s products and customer dollars. Other potent forces are changes in the supply chain. QVC must constantly be on the lookout for new products, while maintaining good relations and contracts with existing suppliers. The rate of growth of the economy will affect consumer spending which directly relates to QVC’s goods sold. Inflation is always relevant and can cut into a company’s bottom line.
Socio-cultural forces are extremely important to QVC and the television shopping industry. Consumer preference and trends are vital to a company trying to meet the needs of its customers. QVC has adapted to recent trends by promoting its cosmetics, apparel, food, and toys heavily. QVC also has to consider what will attract customers to their channel. They incorporated the reality T.V. craze into their programming and it helped attract viewers and customers. QVC’s in-show appearance of designers has capitalized on designer’s current popularity. Other forces like growing health consciousness, and changing household composition, will be important factors for QVC as they try to understand their customers and improve their shopping experience.
Technological forces are
QVC is for quality, value and convenience.
Mission Statement
QVC is dedicated to giving customer more: more choices, more brands, more entertaining programming, and more great values.
External Assessment
External forces of competition affect all companies and the television shopping industry is no different. There are many forces than can be grouped into a few categories: economic, socio-cultural, technological, and political-legal. These forces have had a major impact on the television shopping industry. QVC’s ability to understand their environment and adapt have helped them achieve success.
Under economic forces, competition is a major component. The barrier for entry is low, so there is always the threat of new businesses. Substitute products also directly compete with QVC’s products and customer dollars. Other potent forces are changes in the supply chain. QVC must constantly be on the lookout for new products, while maintaining good relations and contracts with existing suppliers. The rate of growth of the economy will affect consumer spending which directly relates to QVC’s goods sold. Inflation is always relevant and can cut into a company’s bottom line.
Socio-cultural forces are extremely important to QVC and the television shopping industry. Consumer preference and trends are vital to a company trying to meet the needs of its customers. QVC has adapted to recent trends by promoting its cosmetics, apparel, food, and toys heavily. QVC also has to consider what will attract customers to their channel. They incorporated the reality T.V. craze into their programming and it helped attract viewers and customers. QVC’s in-show appearance of designers has capitalized on designer’s current popularity. Other forces like growing health consciousness, and changing household composition, will be important factors for QVC as they try to understand their customers and improve their shopping experience.
Technological forces are