Discuss About The Forces In Connection To Home Entertainment?
The first and foremost aspect of the Porter’s Five Forces is the threat of new entrants to the market in consideration. In this case, the market is that of home entertainment and it can be said that there are possibilities of other better options entering the entertainment market which have chances of being more suited to the needs of many customers. The online sites as well as the newer entertainment apps also provide a range of shows which appeal to viewers of different age groups. The newer and better technologies may prove to be competitors of the existent home entertainment marketing if more lucrative deals are associated with them. Strong brand names have a potential to challenge the smart television options. The options of cheaper but better alternatives are bound to be more lucrative to the people. The degree of rivalry can be said to be moderate (E. Dobbs 2014).
The next aspect is that of the threat of substitutes or copies of the products as well as services provided. In this case, the smart televisions can easily face competition from substitutes due to the fact that there are several options for viewing content or shows that appeal to all age groups (Grimm 2017).
The next is the knowledge and the bargaining power of the customers. It can be stated that in this case the bargaining power of the customers is quite high because, the advent of technology has led to the high levels of awareness related to the smart television and newer aspects of home entertainment.
The fourth factor is the knowledge and the bargaining power of the suppliers. The suppliers can put forward several points regarding the channels provided, the airtime supply, the glitches in the channel broadcast and so on. The bargaining power in case of the suppliers is relatively high.
The final factor is the rivalry among the existing business. This is also high because television is one of the highest contributors to home entertainment and is bound to face several challenges from probable competitors. This is relatively low as there are few competitors of the TV market and the government has also limited chances of possible competition (BetaNews 2017).
Strategic advantage according to Michael Porter is the adoption of a low cost strategy where the services are provided that are similar or superior to their competitors but the costs are lower in comparison to them. In case of the home entertainment in connection to smart televisions, it can be said that the services provided should be lucrative and beneficial in order to appeal to the customers and it becomes difficult to substitute them (Lee, Kim and Park 2012). The channels, subscription costs, the viewership rights should be the lowest in comparison to the competitors. This should be done to ensure that no other competitor is able to overtake the existing market dominance.
BetaNews. (2017). Smart TVs pose huge security accounting. [online] Available at: https://betanews.com/2016/01/20/smart-tvs-pose-huge-security-risks/ [Accessed 11 Sep. 2017].
Dobbs, M., 2014. Guidelines for applying Porter's five forces framework: a set of industry analysis templates. Competitiveness Review, 24(1), pp.32-45.
Grimm, N. (2017). Samsung smart TV raises privacy issues. [online] ABC Radio. Available at: https://www.abc.net.au/news/2015-02-10/samsung-smart-tv-raises-privacy-issues/6083058 [Accessed 11 Sep. 2017].
Lee, H., Kim, M.S. and Park, Y., 2012. An analytic network process approach to operationalization of five forces model. Applied Mathematical management, 36(4), pp.1783-1795.
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