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It is important to analyze the
overall aspects of the elevator industry so that it can be identified, what
kind of threats are there, and how new companies can develop their business
model to integrate into the market so that they can get good enough
penetration. There is a variety of tools to conduct industry analysis such as
Five Forces Analysis, Ansoff Matrix, Blue Ocean Strategy, etc. Here for this
business model, the selected tool for the industry analysis is Five Forces
Analysis as it will define the industry in a comprehensive manner.
Porter’s Five Forces Analysis
It is important to understand
that a lot of investment, as well as resources, are needed to start an elevator
business because it is an advanced technology business, where so many resources
and types of equipment are needed. Moreover, there are huge market players in
the industry such as Mitsubishi Electric Corporation, Hyundai Elevator, Hitachi
Ltd., Fujitec Co., as well as Otis Elevator Company. In the presence of such
strong market competitors, it is not an easy thing for new entrants to enter
into this industry, despite they come up with any innovative idea, which comes
with more value proposition for the customers. The Savior Elevator can consider
getting a good response from the market as they have selected so many
innovative ideas linked with the safety and security of elevator users. But for
other companies with similar ideas, entry into the market is very difficult
Bargaining Power of Suppliers
of the Savior Elevator
Analysis of the Industry
It is vital to understand that
while making an elevator, variety of resources are needed, which means that a
company can’t everything on their own, so they need to make business
relationships with a variety of suppliers who can provide different parts and
equipment, which is needed to produce and assemble an elevator. These parts are
not easily available in the market, so the bargaining power of suppliers is
high in this regard. If a supplier will not provide any specialized part, then
it will take time for the company to get that part from somewhere else. So, it
is important for Savior Elevator Company to know that they have to develop a
good relationship with the supplier for the uninterrupted production process
Bargaining Power of Buyers
of the Savior Elevator
Analysis of the Industry
In the elevator industry, the
buyers want to have products with more features with great quality so that the
use of an elevator can be safe and secure. So, it is a kind of industry, where
demands from customers are many, which means that they can’t get so many
features and demands satisfied with cheap price. So, it means that if they want
good quality elevators with great quality and features, then they will have to
compromise on price because they will never like to buy a low-quality elevator,
which can be unsafe to use. More and more innovative elevators will keep
bargaining power if buyers at a low level
Threat of Substitute of the Savior Elevator Analysis of
the Industry
It is crucial to see if there is
any substitute product is available in the market, which serves the same
purpose, as one product of a company, is serving. If things are analyzed in
detail for the elevator industry, it is a fact that it is a specialized
product, and it cannot be substituted by any other similar product. For
instance, if someone has to store data, he/she can have substitute products
like Google Drive or Dropbox, but if someone needs an elevator, then he/she
will have to buy an elevator to meet the need. It means that the threat of
substitute is low for the elevator industry, and the Savior Elevator can take a
lot of benefits from this fact
Rivalry among the Existing
Competitors
Looking at the overall factors of
the five forces, it is evident that competition in the industry among
competitors is very intense. There are so many strong players in the market who
are also working on product innovation and development, so elevators are coming
with new features. If this innovative trend will continue, then the Savior
Elevator Company will have to face a lot of intense competition in the future,
and they will need constant product innovation to stay ahead in the competition
Prototype of the Product of the Savior Elevator Analysis of
the Industry
It is quite essential to talk
about the prototype of the product, how it is going to work and look like in
the initial stages. The overall design and features can be modified later if an
initial design has any loopholes. Moreover, if things are not easy to start,
then it can get more difficult to develop the final product. The Savior
Elevator will develop a product with certain features in the beginning so that
it can be differentiated in the market from other existing elevators. The
security system will be installed in this elevator. There are two great
features in this elevator; the first thing is high protection features, which
can work in different situations; the second thing is its verbal system, it
means that if any disabled person will have to use this elevator and they want
to reach to a destination, then they can verbally communicate with the
elevator, and ask for certain floor, etc. It is one of the great features and
unique features of the Savior Elevator. It will also have a camera, and Wi-Fi connected,
and users can immediately get in touch with their loved ones if they are in a
state of emergency. They can set different emergency alarms to ring on their
cell phones or any other cell phones so that when a situation is critical, it
is immediately notified. So, this is the initial design and prototype of this
elevator.
IPR Strategy
of the
Savior Elevator Analysis of the Industry
It is significant to
talk about the IPR strategy about the product mentioned in this report which
has three entities in its model which are; investor, protection as well as the
revenue. The investors of this strategy are providing ease to make this product
as an asset as well as the due diligence. The shareholders will support the
overall product of the company for this product’s production as well as they
make sure that all necessary assets and resources are available the production.
Furthermore on this strategy, the protection of the deter competitors from
replication of the proposed idea for the production of the product. The
strategy is also providing the protection to the products as well as it keep
all of the strategies confidential. After the investment and production, the
selling process of this product will be started which will generate the revenue
for which can make the organization more famous and successful.
The Implementation and Budget Plan
A lot of planning and analysis
have been done so for, so now it is time to talk about some implementation as
well as budget plan. It has been decided how things will be planned and how
processes will be continued. It has also been decided about the design and
features of the elevator. Now, it is crucial to have a strategy to implement
this plan. The Savior Elevator Company will have to find suppliers to get all
required parts and they have to do business deals with those suppliers to get
parts on a regular basis. Moreover, a production unit should be prepared where
all required machinery will be installed. To get all these resources and
equipment, the company will need a certain budget so they should develop a
budget plan, how financial resources will be collected and spent accordingly.
References of the
Savior Elevator Analysis of the Industry
Fern Fort University XO Group Inc. Porter Five Forces
Analysis, [Online], Available: http://fernfortuniversity.com/term-papers/porter5/analysis/3290-xo-group-inc-.php [4 December 2019].
Martin (2014) Threat Of Substitutes | Porter’s Five Forces Model,
[Online], Available: https://www.cleverism.com/threat-of-substitutes-porters-five-forces-model/ [4 December 2019].
ReportBuyer (2016) Global Elevators and Escalators Market 2016-2020,
[Online], Available: https://www.prnewswire.com/news-releases/global-elevators-and-escalators-market-2016-2020-300275934.html [4 December 2019].
Sonawane, K. (2017) levator Modernization Market: Opportunities and Forecasts, 2014 - 2022, [Online], Available: alliedmarketresearch.com/elevator-modern-market [4 December 2019].
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