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Create a 1 page essay paper that discusses Marketing planning and statistic.Competition research focuses on doing a detailed research on your competition by finding out their strengths, weaknesses and
Create a 1 page essay paper that discusses Marketing planning and statistic.
Competition research focuses on doing a detailed research on your competition by finding out their strengths, weaknesses and more importantly what would attract more customers to your organization instead of theirs.
Organizations focus on three types of values while determining their competitive position. focusing on lowering of price, offering quality service and working on offering their customers superior service. The senior management of an organization is usually tasked with the responsibility of making strategic decisions for the organization. Therefore, the burden of determining which value to focus on falls on them. Healthcare organizations focus on lowering their charges for offering medical services to people and this in turn has resulted to increase in customers. Research depicts many people are attracted to healthcare institutions as they are cheaper and more affordable as compared to their competitors.
Some organizations might tend to put off Porte’s model as it was created at different market environment as compared to the current times, but it is still viable. Porter’s five forces model is helpful to management in the evaluation and assessment of the market environment. The model provides an excellent foundation for an organization to further conduct research and gain the necessary information for the formulation of future strategic plans.
The Porter model simplifies the competitive context of health care organizations in that it determines long-term profitability within the industrial sector. It simplifies the procedures of an organization to influence prices, sets essential investments for competitiveness, market share, profit margins and the potential profits. The porters model simplifies ling term profitability as it allows the firm to strategize on ways through which it will stay above competition, for example, a firm can set a price lower than other competitor products and this will see to it that it has
