Competitor Analysis and Marketing Communications
Competitor Analysis
One of the key pieces of the marketing plan for an organization is the examination of competitors in the market. It allows the company to set effective strategies, implementation plan, and reassessing the company’s position afterwards. The competitive analysis for SoundApp was completed through primarily Porter’s Five Competitive Forces – a framework that evaluates the competitive severity or volume in the market. Porter’s Five Competitive forces includes: the bargaining power of suppliers, bargaining power of buyers, threat of new entrants, threat of substitute products, and the competitive rivalry within the industry. Through this analysis, it helps determine the attractiveness and profitability of the industry.
Bargaining Power of Suppliers
Suppliers that have significant power can attain more value for their work by commanding higher fees, restricting quality or services, or transferring costs to other participants in the industry. Thus, the power of the supplier depends on their ability extract greater wealth from their customers for less. The power of the supplier also depends on the concentration of the supplier market. This means the number of suppliers that are available in the industry.
In the case of SoundApp, the supplier would be developer of the app. The developer would not only be creating the app, but would also be assisting with the debugging throughout the life cycle of our app. In this case, the bargaining power of app developer seems to be fairly small. Firstly, there are many app developers available to create and perpetually debug the app. According to a study done by AppStoreHQ, there are 43,185 registered iOS (Apple) developers and 10,199 Android app developers. Based on this study, it is evident that there are numerous app developers available to help create our product as well as help the constant debugging of the application. Seeing that there are copious developers offering services, it is reasonably apparent
One of the key pieces of the marketing plan for an organization is the examination of competitors in the market. It allows the company to set effective strategies, implementation plan, and reassessing the company’s position afterwards. The competitive analysis for SoundApp was completed through primarily Porter’s Five Competitive Forces – a framework that evaluates the competitive severity or volume in the market. Porter’s Five Competitive forces includes: the bargaining power of suppliers, bargaining power of buyers, threat of new entrants, threat of substitute products, and the competitive rivalry within the industry. Through this analysis, it helps determine the attractiveness and profitability of the industry.
Bargaining Power of Suppliers
Suppliers that have significant power can attain more value for their work by commanding higher fees, restricting quality or services, or transferring costs to other participants in the industry. Thus, the power of the supplier depends on their ability extract greater wealth from their customers for less. The power of the supplier also depends on the concentration of the supplier market. This means the number of suppliers that are available in the industry.
In the case of SoundApp, the supplier would be developer of the app. The developer would not only be creating the app, but would also be assisting with the debugging throughout the life cycle of our app. In this case, the bargaining power of app developer seems to be fairly small. Firstly, there are many app developers available to create and perpetually debug the app. According to a study done by AppStoreHQ, there are 43,185 registered iOS (Apple) developers and 10,199 Android app developers. Based on this study, it is evident that there are numerous app developers available to help create our product as well as help the constant debugging of the application. Seeing that there are copious developers offering services, it is reasonably apparent