Technology: Competing by Connecting--How Next-Generation Leaders Are Embracing a Networked Society in Their Business Ventures Case Solution
Introduction of the Company
With the growth of technology web 2.0 and mobile based technology has also established. Furthermore, the origination of other technologies has also encouraged by the next generation. These technologies especially include artificial intelligence and biotechnology. It has been dualistically upgraded in the past five years. Advancement of technologies like Web 2.0 and mobile technologies has accommodated the young business leaders to develop their business plan and business utilizing their features appropriately. Furthermore, business graduates have rated social media, cloud computing and mobile as the top three innovations that young leaders choose to promote their businesses.
There is a powerful enforcement of technologies in our lives. In business, it has also leveraged a path of convenience for the businesspersons. The companies can use different communications in the today's world that may include websites, social media channels, emails, different software and different applications. Businesses are also getting the advantage of the communication channels that accommodate with the feedback of the consumers. Thus, it allows companies to develop its products or services according to the need of the customers.
Analysis
Below is the internal and external analysis of Web 2.0 has performed.
Porter's Five Forces Analysis
Bargaining Power of Suppliers
Since the industry is based on virtual goods and services, thus, it require little suppliers' need. Thus, this category has almost ignored for the purpose of technological innovation. Hence, it is expected that the bargaining power of suppliers is supposed to be low.
Bargaining Power of Buyers
The buyers are the customers of the channels and applications that have been developed through Web 2.0. Furthermore, it is necessary for any of the channel or application that it should maintain its customers in order to sustain its business. However, the clients get attracted through different applications. Thus, it is the need of these applications to maintain their quality and continue with the innovations in its features. Nonetheless, it can be observed from the circumstances of the clients that the bargaining power of the buyers is high in the industry.
Threat of Substitute
The cost of switching of the customer is low in the industry. The customers can quickly switch to the other product. Moreover, enlargement of the online business has increased the competition. Hence, with the less of the switching cost can change their preferences of buying in order to the offerings that the businesses propose. It has thus, anticipated that the threat of substitute is high in the industry.
Threat of Rivalry in the Industry
Web 2.0 involves many rivals among the industry. The technological development ceased to increase on the basis of daily innovations. Hence, it evolves with the numerous competitors in the industry. The threat of Rivalry is thus, high in the industry.
Threat of new entrants
As the industry does not require intensive capital and the barriers to entry are very low thus, the new entrants can easily get access to the market. Innovation in the industry also does not incur many costs. The industry has high threats of the new entrants.
SWOT Analysis
SWOT analysis is used to perform internal and external analysis of the company or its product. Internal analysis is performed through Strengths and Weaknesses. However, opportunities and threats evaluate the external situation for the company or product. Following is the brief SWOT analysis for Web 2.0................
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