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Satisfactory assignment samples for the KII6003 Change Management assessments are hard to find. You need to browse through tens of websites, register yourself, or even have to buy samples from resources that could be unreliable. But what if you could get your hands on one written by an expert? In this particular assignment, you need to conduct a business analysis which includes the industry, SWOT, Gap, and Cost-Benefit analyses. This blog will guide you with the right approach to be used for conducting Porter’s Five Forces market analysis. And if you need further help or want our expert to do your change management assignment for you, then simply contact us. Experts at My Assignment Services prepare management assignments exactly according to the instructions and marking rubric. Let’s read about the key concepts that may require deep understanding.
Economists and strategic business managers have been using Michael Porter’s model ever since it was developed. It provides valuable insight and understanding of the current state of the industry in which your chosen company operates. For this part in the KII6003 change management assignment, you need to identify the various forces that affect the company and bring out the need for change.
‘How would I do that?’, you wonder. Our change management assignment help experts will now explain each of the five forces in detail that will help you carry out this step for your chosen company.
Companies strive for attaining competitive advantage over other rivals located in the same industry. You might be interested in knowing how different is the intensity of rivalry across industries. To measure rivalry accurately, you may have to find out the Industry Concentration Ratio aka ICR. If the ratio is high in concentration, then you can assume that the industry share is captured mostly by the larger companies. In short, you can say that the industry is concentrated. Whereas, in a low concentrated industry, you will discover that there are market fragments due to the presence of a greater number of rivals. In economics, this type of market is known as a monopoly where none of the rivals has a significant share in the market.
Now, what strategies does a company uses to gain a competitive advantage?
Lowering or raising the prices of the goods or services sold
Launching improved versions of the existing high-competition products and upgrading services
Bringing innovation in the process
Find better ways of using the channels of distribution
Raising the quality delivered by suppliers
You would hardly find a threatening substitute product in the same industry. Hence, as per Michael Porter, this refers to a product in other industries. But exactly what threat are we referring to here? It occurs when the demand for a product is impacted by the price changes in its substitute product. Your product would no longer have a steady demand once you start facing numerous substitutes. This allows for more alternatives and the customers can freely choose between the substitutes. The substitute product doesn’t need to be your rival. For example, plastic containers are not considered as rivals in the aluminium industry yet they are substitutes. So, you need to make sure to include these factors while conducting the industry analysis.
Companies generally face threats not only from existing rivals but also new firms entering the industry. As more and more companies become a part of the industry, the profit levels become nominal. This is why some industries have barriers that protect profits and keep more possible rivals from entering the industry.
Several factors decide how strong or weak a buyer is. Here, the buyer is the customer who has a direct impact on the industry producing the product. In certain market conditions where there are a few buyers and more suppliers, the buyer fixes the price. Hence, here you will notice significant buyer power. A higher buyer power occurs in larger levels of concentration, meaning, a few buyers have a comparatively greater market share in the industry. Moreover, when the output produced is purchased in a significant proportion, you will experience a similar buyer power. On the other hand, when producing companies have greater control over the distribution of the products, then the buyer power will be weak.
Fragmented buyers who hardly influence the prices of a product also experience a weaker buying power. Other factors that you may consider while evaluating the buyer power are bargaining leverage, brand identity, incentives, and product differentiation. The buyer-supplier relationship is an important element in any industry. To manufacture a product, the producer requires supplies which it receives from the firms either in the same or a different industry. Powerful suppliers sell raw materials at increased prices with which they try to improve their overall profits. However, suppliers are found to be weak in industries that have multiple suppliers for the same product.
You would also need some kind of guidance for writing the business report. So, here’s a business report sample written by our top management expert.
We hope that our expert explained the Porter’s Five Forces model in the most detailed manner. This is an integral part of the KI6003 change management assessment where you also need to demonstrate a 360-degree understanding of business strategies and industry frameworks. If you find any difficulty in answering the other parts of this assignment, then do avail our change management assignment help right away. Our expert will perform all the tasks from selecting the company to investing the markets and preparing the final business analysis report. Have queries related to our services or your assignment? Speak to our customer support team by filling the form availing on our website. We will contact you in the shortest time.
Charles writes blogs and articles for students who are facing problems with their management assignments. His articles have been featured on several websites. He has contributed to the academic enhancement of students from the University of New South Wales, Central Queensland University, Edith Cowan University, etc. He joined the team of My Assignment Services as a consulting expert and now is a full-time academic help provider. His expertise in the field of management covers topics like leadership management, human resource management, business management and several others. His blogs focus on solving the most complex of the queries and simplifying the processes.
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