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COMM391 Section 203 Phase 1 by Mind Map: COMM391 Section 203 Phase 1
0.0 stars - 0 reviews range from 0 to 5

COMM391 Section 203 Phase 1

Group 301

Adequate- Although your group assessed the impact of each force on your company, you did not take into account numerous market factors that could affect the evaluation of the forces, and overall the reasoning behind your evaluation was at times lacking, and at times incorrect. For instance, your explanation as to why the bargaining power of suppliers (workers) is a huge threat to your company made little sense, and did not delve deeper on as to why the bargaining power of the supplier is a big threat to your company. What you should have done, is evaluated it based on market conditions. If the unemployment rate was high, then your supplier would have a low bargaining power, but if the unemployment rate was low, then the supplier would have a high degree of bargaining power. You did not give an adequate reason for as to what the threat of substitutes is. Using the threat of supplier as being high (which is incorrect) as a justification as to why the threat of substitutes is low is unacceptable. Your group should have examined other potential sources through which your consumers could find workers (for example websites such as monster), and their effect on your company. Your group provided an adequate explanation for the threat of entry, but your group should have provided a better justification, and your group should have examined factors that can influence the threat of entry into this market. As for the threat of rivalry, again you should provide better reasoning as to why the threat of rivalry is low. Simply saying that your company is established in the market is not sufficient. Lastly, your evaluation of the bargaining power of buyers is incorrect. Your buyers have numerous source of supply for labor. They can get it from other contracting agencies, they can get workers through their website, and they can get workers through online sites such as monster or craigslist.

City Workforce- HR Industry (Labour supply)

Which of the five forces is the most important for your industry? Why?

Group 305

Weak+ Many of the justifications that your group provided are inadequate and/or incorrect.  Your group did not try and go that extra mile and come up with reasons that were not obvious and reasons that actually added some value to the discussion. For instance, stating “switching costs are low” for Rivalry is simply not enough. You have to tell us why those switching costs are low. You should also have come up with at least one other reason for Rivalry. You did a good job for potential entrants; you examined several different factors as to why there is a low level of potential entrants. That being said, we would have liked to see you expand upon those reasons, and give us some examples.  Your reasoning for low supplier power is simply inadequate and wrong. Why and how would a lack of a union affect the supplier power? Again, you have to expand upon your reasoning.  Your group also failed to mention any reasons for the power of the Buyer.

Rivalry

Potential entrants

Suppliers

Buyers

Substitutes

Group 306 (MoveIT)

Adequate+ Your group did a good job identifying the most important force. It is very good that your group tried to come up with several reasons as to why the substitute is the most important. We liked the fact that you examined companies such as U-haul, and gave a good reason as to why it is a substitute. Same thing for the DIY, we liked the fact that you identified several reasons as to why people may just do it themselves rather than using this service. Furthermore, we liked your conclusion about why substitutes are the more important force in the moving industry, and it shows us that you have a decent understanding of the moving market. That being said, we would have liked to see better reasons for the rest of the 4 forces. Your group should have expanded upon those reasons, and you should have given us less obvious reasons. Next time, you should come up with more thought out reasons.

Substitutes

Why not the others:

Group 307

Unacceptable Your group did not satisfy any of the requirements of the tasks that were given to you. Your group did not examine all of the five forces and its effects on your company. Furthermore, your reasoning for supplier power is inadequate. It does not give a clear and coherent argument for as to why the supplier is the most important.

VAnalyst

Group 316

Weak For your most important force, you've stated a fact but haven't given an argument. For supplier power, the company description states that you are in a recession at the moment, so focus on that scenario. Unclear argument for rivalry, you haven't mentioned the other firms in your industry. For substitutes, clarify your argument. There are some good substitutes listed but it's unclear whether they are a threat or not. Nice argument for potential entrants, your best point.

BUYER POWER

Supplier Power

Rivalry

Potential Entrants

Substitutes

Group 317

Adequate The points made are well organized and very concise. Your top threat is well thought out, but if you are going to say that new entrants have more technology, (especially since you are a relatively new entrant) you need to support this with evidence. Also, does it really just take a truck to start a moving company? If I had one, would you pay me? Would you trust me with your things? For rivalry, the reality is that there are very established moving companies but you have clearly stated your assumptions. For substitutes, consider how many people choose to move on their own. How will you tap this market? Overall, you make good arguments but most of the information given can be easily found.

Potential Entrants

Why didn't choose different force

Group 318

Unacceptable The maps are supposed to give you time to think through your project as you learn the material. You seem to have considered three of the five forces but you haven't answered the question asked. Try not to deal in hypotheticals either, analyze the current situation from the perspective of your business.

DataMed

Group 319

Adequate Make sure you clearly answer the question asked. The points made are correct but not very insightful leaving the reader to ask "Why?". Why do buyer's not have influence on prices? Why do those other companies limit your success? Also, for the substitutes, you've explained U-Haul well but FrogBox and its threat to your company are not described. Consider adding outside information, it is always a great way to build and support your arguments.

MoveIT

Group 320

Unacceptable You have decent points in your rivalry section but you should explain each one. Commission-based revenue, for example, creates a much more competitive environment. You haven't stated this though, no point has been made to support your argument. Also, relatively speaking, the real estate industry has low barriers to entry. The amount of capital and risk involved in becoming a new agent is nowhere near opening a retail outlet for instance. More effort needs to be put into your next map, there shouldn't be empty nodes.

Real Estate Industry

Group 315

Unacceptable Information is very unorganized and arguments are unclear. Incorrect information: potential entrants are a threat (very small barriers to entry when stagnant period subsides) and obvious substitutes such as craigslist and Do It Yourself. Other information given is either in the wrong place or irrelevant to the question asked.

Rivalry

Hard to differentiate our services from competitors without the investment in technology, info tech, etc.

The other forces aren't as important because: -buyer and supplier power- people will always buy and sell houses, and its important for us to have competitive advantage so we can be selected as the means of transaction -substitutes- real estate companies are the main means of purchasing a house therefore, our services aren't really substitutable because of convenience -potential entrants- in light of the stagnation, people aren't attracted to this industry therefore,there are few potential entrants

Consumers with higher disposable income would go to larger companies, because of their reputation. In light of the stagnation we are assuming that consumers who are looking to buy have higher incomes.

As a small sized firm we are at a disadvantage because we don't have the resources that large firms do, and a smaller clientele base.

Group 314

Adequate Good answer for your most important, well thought out. Arguments given for buyer power and substitutes are too obvious. Also, you've said both that "[Your] product is differentiated" and that your "Product lacks differentiation". Although it seems like you mean that compared to non-organic foods it is differentiated and compared to organic foods it is not, you should explicitly state this. The reasons given for new entrants and rivalry are concise and accurate, good work.

MOST IMPORTANT FORCE: Suppliers

Why we did not choose: buyers

Why we did not choose: substitutes

Why we did not choose: new entrants

Why we did not choose: rivalry

Group 313

Rivalry

Buyer Power

suppliers

Substitute

Entrance

Group 312

Adequate- I like the highlighting, that definitely helps. Make sure to focus on answering the question asked: don't just list all the types of competition, give a reason why competition isn't as important as supplier bargaining power. Also, for buying power, you should be considering the power that your consumers have over your business. For the threat of new entrants, make sure to consider barriers to entry. Even though a store could charge less, would it really be sustainable for them to do so? Add some specific examples and more critical thinking wherever possible, but I like the structure.

Potential Entrants

Suppliers

Rivalry

Subsitutes

Buying Power

Group 311

Weak The bargaining power of consumers is very low in healthcare but the threat of substitutes (government healthcare) is pretty substantial. Remember, this is a private clinic. The difference between rivalry and substitutes isn't clear in this map, and some points are contradicting each other. Also, only three of the five forces are considered. Choosing rivalry as the most important force is plausible but a better reason than having to compete with others is required.

health care industry

Group 308 (good foods canada)

Your group did a good job identifying rivalry as the most important force for your company. We liked the fact that you listed several reasons as to why your group believed that rivalry is the most important force. Furthermore, we liked seeing reasons that were not plain and obvious, and it is clear that your group put some thought into identifying the most important force. That being said, we do wish that you would have come up with more, and less simple and obvious reasons as to why you did not pick one of the other 4 forces. For example, stating that there are a large number of suppliers and telling that they do not pose a huge threat to the industry is not enough. That is because it’s quite obvious that if there are a large number of suppliers then they won’t pose a huge threat to a company. Your group should have come up with more thought provoking reasons.

rivalry

Why we didn't pick the other 4 forces

Group 309

Adequate Your group did a good job at examining all of the forces and identifying the force that poses the largest threat to your company. Your group provided good reasons as to why rivalry is the most important, and you intertwined several factors to justify why rivalry was the most important.  You did have a few weaknesses though. The main weakness was the fact that your group did not examine more than one factor that could affect each of the other 4 forces. Furthermore, several of the reasons that your group provided were quite obvious, for example the reason provided for the potential entrants. What we wanted to see, was some thought provoking factors justifying the power of each of the 5 forces.

VanRealty

Group 310

Weak+ The group did not do a very good job of identifying the forces that can affect the company and the industry as a whole. The reasons you gave for choosing rivalry are a bit too simple and obvious. Yes we know that there are companies such as Goldman in the industry, and it is quite obvious that they will have an effect on the company. Your group should have thought about several other things that could have affected your company (from a rivalry perspective).  The same thing goes for potential entrants, it’s quite clear that reputation and expertise is quite important in such an industry. You should have examined why it’s important, and you should also have examined other potential barriers to entry, not just reputation.  Lastly, you did not provide adequate reasons for as to why you did not choose the other factors. Simply stating that suppliers are not an important factor in the financial industry is not enough. That reasoning is also quite contrary to what your group said in reference to the importance of the employees. Your group should realize that employees/workers are the suppliers of the financial industry, and therefore they are also important.

Rivalry

POTENTIAL ENTRANTS

Why we didn't choose the others

Group 304

The justifications provided by your group are inadequate. They don’t go anywhere beyond stating the obvious. Furthermore, some of your reasoning is incorrect. For instance, when talking about the potential entrants, you state that it is irrelevant due to the fact that the business idea is new. The justification makes no sense. First of all, it is not a new business idea; such companies have existed in the past. But, assuming that you were right and that it was a new business idea, so what? Why can’t new companies enter the market? You have to provide us with more concrete examples and reasons as to why potential entrants are not a huge threat to you. For instance, you could have talked about the high startup costs, or you could have mentioned the difficulty a new company would have acquiring a customer base given that the companies that are already in the market have loyal customer base and that they already have a good reputation. You reasoning for rivalry is also lacking. Again, expand and give more reasons, simply stating “lack of competition” is not adequate enough. Furthermore, your group only discussed 4 forces, where is the 5th one?

Potential entrants: not as important; the business idea is still quite new, also City Workforce is among the first in the industry/market

Rivalry: not as important because the business industry s relatively new and there's not many known competitiors as of right now

Suppliers: Not as important because there are plenty of workers in the workforce due to the weak economy.

Substitutes: Most important! clients have the option to go to specialized/established companies for services (ie. Painting jobs; if a company needed a painng job done, they can easily go to a Painting company rather than using City Workforce)

New node

Group 303

Adequate Your groups reasoning as to why Rivalry is the most important is sound. You provided us with several different reasons as to why you believe it is the most important. That being said, the reasons that were provided are a bit too simple and obvious. What you should have done is expanded on the reasons that you gave, as well as thought of reasons that were not obvious. The reasons that you provided for not picking the other forces are inadequate. Just like before, many of the reasons that you provided are obvious and one dimensional. For instance, simple saying “difficult to get new customers” is not good enough. Tell us, why is it hard to get new customers? In what cases is it hard to get new customers (maybe it depends on the economic conditions of the industry). Also, think of more than just that reasons as to why the Buyer is not as important.

Good Foods Canada

Most important to our industry: Rivalry

Reasons for not picking the other forces

Group 302

Adequate Your group provided adequate responses to the question at hand. Your reasoning was sound, and the information was accurate. That being said, although your group provided several reasons for each force, you never actually expanded upon those reasons. Many of the reasons that you provided are obvious and do not add anything to the table. For instance, stating that supplier power is low due to a small number of real estate companies in the market is not good enough. You should both expand on that reason, and think of more reasons as to why the supplier power may be low. During your thought process (for any of the forces), you may discover that what you initially though is incorrect, and thinking of more factors, will help you come to a more accurate conclusion on as to the importance of each force.

Supplier Power - low since there are not that many real estate companies for suppliers to choose from

Rivalry (Competitors) - high, service lacks differentiation, industry growth is very slow, no switching costs. Also, there are only a few reputable firms around so each firm knows each others actions and they will react to it through strategic actions to maximize potential profits as a best response to the other firm's action.

New Entrants - low barriers to entry, easy for new real estate agents to enter market. BUT, despite this, its not necessarily easy to be successful as a new entrant, reputation is important to clients

Threat of Substitutes - low. only other substitute is selling/renting your house online which people prefer not to do as there is less credibility to it and less expertise to refer too.

Buyer Power - MOST IMPORTANT: high because industry is consumer driven. Hard to get credit from banks to fund investments due to current state of the economy. Example: America - housing market has crashed since no one is buying houses.