Discuss About The International Of Educational Management.
Porter identified five forces that helps in understanding the industry structure pertaining to a company and which plays a crucial part in the process of shaping of the market. They play a pivotal role in shaping industry within the world. These forces can help in measuring competition industry along with that of attractiveness of the market.
The kind of competition existing is being transformed with the help of internet along with that of digital technologies. New entrants who enter the industry can become vehement opposition as soon as they enter the market. The new organizations bring with them state-of-art business model which is on the basis of digital technology (Porter and Heppelmann 2014). They also bring along with them value propositions that works on the basis of digital technology. The new competitors excel in the arena of technology that helps them in easily building a new business from that of the ground-up. They can make use of the familiar SMAC (mobile, cloud technology, social and analytics) that can help them in the growth of their business. Internet-of-things along with that of cyber security can be made use of by the organizations in order to spread their hold within the market. They also make use of intelligent automation so that they can re-inforce the platform. The traditional barriers pertaining to entering within the industry has changed to a great extent in the modern era of technology. It has eventually lowered proliferation pertaining to that of digital tech in the business. A business that is based on the digital platform does not require much capital along with that of input cost. It can thus help in the generation of more returns. Internet thus helps any business who has got ample resources for setting up a business.
The substitute services can emerge to be alternatives that threatens the exclusivity pertaining to that of already existing commodity. In the field of digital business, danger can come from any kind of physical replacement or any kind of digital alternate. Hybrid business model is provided to the consumers with the help of different kinds of digital mobile apps (Mathooko and Ogutu 2015). The Uber service helps the customers in hiring taxis with the help of mobile apps. Slyce in the field of online retail empowers the users to discover and purchase a product whose photograph they have taken with the help of their phone. The digital services can be of use for any kind of technology from that of home automation technology to that of personal fitness product. Digital services can help in the creation of durable revenue stream that acts as a lucrative opportunity as compared to that of one time sale pertaining to that of a physical product. Low switching cost along with that of high buyer inclination towards that of the cheaper substitutes makes the threat coming from the alternatives to be very high. Consumers can easily change from that of traditional model to that of the new model on account of the convenience factor (Dodgson et al. 2015). Threat of substitutes in relation to various industries can be very high on account of the fact that the switching costs are low. Buyer propensity in relation to substitutes can be said to be very high in the era of digital technology.
Bargaining power pertaining to the buyers is the most strongest of the forces that has an impact on that of industry competition. The consumers are biggest driver pertaining to digital business as it helps in satisfying their expectations. The consumers in the era of digital technology finds themselves in a better position that helps them in the process of bargaining. The consumers in the era of internet are possessed of more power owing to factors like access to that of information along with that of social media reviews (Nambisan et al. 2017). One can provide the feed back that helps in providing insights in relation to different aspects. The lower switching cost on account of the digital channels and access to that of alternate products increases the bargaining power of the buyers. The bargaining power provides new expectations in relation to customer experience pertaining to the digital world. It has helped in bringing corporate innovation across that of operations, process and that of models.
Suppliers have been known for the manipulation of the market in one way or that of another. It can either increase or decrease that of rate of adoption in relation to a digital based business model. It depends on whether the consumers perceive the model and whether it can impact their situation. The suppliers following digital models can use the Application Program Interface (API’s) for facilitation of the new partnerships. It can also help them in managing the existing ones. The legal issues are being tackled by that of the suppliers that can help in ensuring process innovation. The business models adhering to the established rules can help in guaranteeing of safety. This is a positive development it can help in making the models more honest (Mathooko and Ogutu 2015). Bargaining power in relation to the suppliers will increase on account of information accessibility since the information gap will be narrowed down.
The existing customers are looking for digital front in relation to the business. The responses can vary from that of offensive measure to that of defensive one. It can also be a preemptive attack and digital business law has helped in fuelling the spirit of competition. Comparative lower cost in relation to digital business model has increased the rivalry among the different organizations. The new entrants do not feel the necessity of owning proper infrastructure or any kind of physical assets. ‘Platform model’ is making remarkable success within the market by connecting with that of the stakeholders (Baumers et al. 2016). Platform operators are moving to the forefront of that of service delivery. They are able to come close to that of the customer but they do not have to own the employees or that of any other assets within that of the particular industry.( 1007 words)
There are different factors prevailing in Kuwait that serves as threat in relation to entry of new entrants in case of small-scale entrepreneurship. The corrupt public officials pose a risk in relation to small scale entrepreneurship in Kuwait. The Corruption Perception Index revealed that half of the people of Kuwait was more corrupt as compared to that of the global average. A survey carried out in Kuwait Oil Company has revealed that the entry of new business was difficult because of bribery that is common in Kuwait. People do not abide by the rules that makes it difficult for the entry of a new entrant in the market of Kuwait. Most of the companies in Kuwait do not abide by any kind of global regulatory framework that makes it difficult for a new entrant within Kuwait. There are some companies that seem to abide by the regulations but this is often disingenuous (Knoke 2018). Another factor that poses a threat to that of new entrants is the under appreciation of the cultural norms. Companies have to strive in order to build personal relationship with that of the business partner that proves to be a hurdle pertaining to small scale entrepreneurship within Kuwait. People within Kuwait form a part of that of the honour culture and the worth of a person is created on account of the reputation that he/ she enjoys in the social structure. The people of Kuwait cannot easily trust the other party that makes it difficult for the new entrants in the field of small scale entrepreneurship. True bond should be developed by the business partners in Kuwait and a large amount of time is spent in the process of conducting negotiations.
Small scale business can take the help of risk management professionals who can play a strategic role and help in the developing of the business. The risk managers can be asked to provide help regarding the viability of business that would be based on analysis of that of risk along with reward. The company risk professionals can identify the strategic risks and assess the threats. Each risk can be plotted on that of a matrix that can help in the prioritization of the exposures in relation to the financial impact. On the basis of prioritization, sources can be set aside for the different kinds of risks involved. Partnership with that of a local company can help in understanding the different dynamics of Kuwait. The responsibilities pertaining to the parties should be clearly defined in the beginning that can help in elimination of risk. There should be people on that of the ground who can help in providing intelligence in relation to the emerging political climate. Local partner can help in providing these kind of essential services. Information pertaining to the political conflicts that may arise and can have an impact on that of the market in the future can be got with the help of research. Such kind of report can prove to be helpful in making insightful decisions. Political risk insurance can be got from that of commercial insurance company that can help in absorbing the losses related to that of the business.( 535 words)
References:
Baumers, M., Dickens, P., Tuck, C. and Hague, R., 2016. The cost of additive manufacturing: machine productivity, economies of scale and technology-push. Technological forecasting and social change, 102, pp.193-201.
Dodgson, M., Gann, D., Wladawsky-Berger, I., Sultan, N. and George, G., 2015. Managing digital money. Academy of Management Journal, 58(2), pp.325-333.
Mathooko, F.M. and Ogutu, M., 2015. Porter’s five competitive forces framework and other factors that influence the choice of response strategies adopted by public universities in Kenya. International Journal of Educational Management, 29(3), pp.334-354.
Nambisan, S., Lyytinen, K., Majchrzak, A. and Song, M., 2017. Digital innovation management: Reinventing innovation management research in a digital world. Mis Quarterly, 41(1).
Porter, M.E. and Heppelmann, J.E., 2014. How smart, connected products are transforming competition. Harvard Business Review, 92(11), pp.64-88.
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