Porter's Five Forces Analysis
In analyzing the industry, I would like to specifically focus on business training in Canada.
To enter the business training industry, BIZSCHOOL needs to differentiate itself from others by providing a unique service -- personalized business training that only focus on YOU! Only by pursuing this differentiation strategy can BIZSCHOOL justify its revenue source, its business model, and its vision in helping people succeed in business.
In analyzing the industry, I would like to specifically focus on business training in Canada.
- Low Barriers to Entry, It takes less than nothing to build a business training website or application. Therefore, outsiders can get in.
- Low Supplier Power, domain supplier or server suppliers are not uncommon. (You can get a domain for $.99 per month on GoDaddy, and the cost of renting a server is around $180 for half year at Bluehost.)
- High Buyer Power, Buyers has a variety of choices available to them. It is usually the quality of training and ease of use that trigger a buyer to make a purchasing decision.
- High Threat of Substitutes, most MOOCs education platforms that touch on specific business training. For example, udemy provide hands-on training in photoshop, illustrator or quickbooks. Their massive resources can lure the users away.
- High Intensity of Rivalry, Although there are no personalized business schools just yet, countless institutions or companies that provide topics in general business functions (e.g. investopedia.com, entrepreneur.com etc) . It will not be easy for an outsider to easily surpass those top-notch business trainers.
To enter the business training industry, BIZSCHOOL needs to differentiate itself from others by providing a unique service -- personalized business training that only focus on YOU! Only by pursuing this differentiation strategy can BIZSCHOOL justify its revenue source, its business model, and its vision in helping people succeed in business.
Competitor Analysis
Having briefly reviewed the buyer and the competition in the Porter's Five Forces analysis, it is necessary to address our main competitors in business training market.
Having briefly reviewed the buyer and the competition in the Porter's Five Forces analysis, it is necessary to address our main competitors in business training market.
Investopedia.com
The website is dedicated to business education specifically in Finance and Investment (Investopedia, 2016). With a comprehensive financial dictionary, quizzes and active trading strategies, it is one of the leading destination for investors. However, while the website covers almost all aspects of finance, it does not touch on personalized education, because of its open access business concept. Entrepreneur.com Entrepreneur is a North American magazine and website that covers news stories about entrepreneurship and small business management (Entrepreneur, 2016). It is so far the most popular website for entrepreneurs to get educated on business management. While it is regarded as an professional resources, it lacks focus on customizing education towards its targeted audience (Entrepreneur, 2016). Udemy
Udemy is an open access MOOCs that allows students to take job-related training in various subjects such as finance, accounting, marketing etc. The company allows professional expert to build and promote a course to students in order to profit from their professional expertise. So far, the company has served 12 million students with over 40,000 courses offering (Udemy, 2016). Although the company optimizes course selection based on user preference, it does not craft the training towards student since teachers are the ones who decide what topics to cover (Udemy, 2016). Individual Business Coaching There is however an competing force from individual consultants who are giving personalized business training to business owners (2016). However, while they do have professional knowledge, many coaches do not have strong knowledge in every field of business. Therefore, I am confident that using Bizschool's strong resources, we can deliver a comprehensive training from accounting to marketing. |
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Conclusion
Although the business training market is fairly competitive, there is still a market for personalized business training. With almost no current competitors working on customization, it is an advantage of Bizschools' to land its venture on this particular field.
Although the business training market is fairly competitive, there is still a market for personalized business training. With almost no current competitors working on customization, it is an advantage of Bizschools' to land its venture on this particular field.
Targeted Consumer Analysis
Bizschool wishes to present itself to entrepreneurs or business owners who have no business background or lack some business background. In understanding our targeted consumers, I discover that most business owners do not have enough time to commit to school when they are also focus on their businesses. By taking advantage Bizschool's powerful mobile platform, business owners can just take the training whenever, wherever they want. That being the case, Bizschool possess a competitive edge that capitalize on learners' needs for higher accessibility and flexibility.
Bizschool wishes to present itself to entrepreneurs or business owners who have no business background or lack some business background. In understanding our targeted consumers, I discover that most business owners do not have enough time to commit to school when they are also focus on their businesses. By taking advantage Bizschool's powerful mobile platform, business owners can just take the training whenever, wherever they want. That being the case, Bizschool possess a competitive edge that capitalize on learners' needs for higher accessibility and flexibility.
Section Conclusion
It is understood that while with intense competition going on in the industry, not many competitors move forward to develop personalized business training. According to Kuper, the corporate training markets provides very promosing market outlook with an evaluation at $164 billion dollar and 3.2% annual growth rate (Kuper, 2014). Having that in mind, Bizschool can utilize its unique business model and capture a fracture of the market if the business execution is successful.
It is understood that while with intense competition going on in the industry, not many competitors move forward to develop personalized business training. According to Kuper, the corporate training markets provides very promosing market outlook with an evaluation at $164 billion dollar and 3.2% annual growth rate (Kuper, 2014). Having that in mind, Bizschool can utilize its unique business model and capture a fracture of the market if the business execution is successful.