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Five forces framework
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| Words: 364 | Submitted: 11-Jun-2013
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DescriptionAnalysing the five forces framework in strategic management
Australia is a wealthy nation with many business’ and companies that compete in the same industry locally, nationally and internationally. Each industry generates different profit percentages depending on many factors. Some of these factors can be altered and manipulated by a person to increase profits and some factors are associated with the nature of the industry. The desired outcome of any business or company is to maximise its profits. The five forces framework can be used to analyse an industries profits from looking into industry competitors, substitutes, buyers, potential entrants and suppliers. The five forces framework can be applied to a high profit industry of medical professionals such as specialist surgeons as well as a low profit industry of manufacturing, both in Australia.
Medical professionals are in high demand and are an essential part of the healthcare services available in Australia. Specialist surgeons can be classed as a high profit industry for many reasons. Profit can be summed in general terms to state the difference in assets of a company or business’ from one date in time to a date in the future. An asset is not limited to cash but also physical objects such as equipment or buildings. Specialist surgeons tend to have their own dedicated consulting rooms which can either come at a once off cost or ongoing rent. Depending on the volume of patients and schedule of the doctor rooms generally require receptionists for administrative work which require wages to be paid continually. A specialist provides their time as the service they are selling to the patient/customer which is charged at a rate decided by the doctor and usually around the industry average. A doctor’s time is their main asset therefore as soon as it is in use by a customer a service is being provided and a transaction occurs. In the medical field, the combination of high-priced, “need-to-have” specialty services with ???a service business model keeps margins high.
“Almost all of these industries provide services rather than products, which keeps their overhead costs low, protects profit margins, and tends to be more recession-resistant”
High - Surgeons
Low – Australian Manufacturing
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