finance
BUS 510
Journal 1
Date: 25th June 2014
Name: Qingqing Lu
Porter Models in Quirky
First, there are three types of generic strategies in Porter Models, low price, customer service and focus. Quirky as a company who is based on invention is taking a customer service strategy. The products selling on their website are not cheap but not too expensive. So I believe that Quirky are focusing on the relationship with customers.
Second, according to Porter Models, the five forces are competitors, customers, entrants, supplies and substitutes. To Quirky, their competitors are not many, but still have some. For example, there are the company named Seeed and Edison Nation. There are too many threats of new entrants to Quirky. With the fast-speed development of IT, more and more inventions will be come out to the public. So Quirky may not be the one who is unique in this area. Customers of Quirky are the people who buy the product in Quirky. Suppliers of Quirky are the people who provide their idea to Quirky. Substitutes of Quirky may be the company like Best Buy, who are also selling product in store but not online.
Third, when we comes to value chain, we should know that it means how an operation make them valuable through the inbound logistic, manufactory, outbound logistics, marketing, and service. Quirky needs to follow the five steps and make value to their company.
Last, the information matrix told us that the information is getting more and more intensity. So Quirky should make themselves aggressive on following the fast-growing information.
Journal 1
Date: 25th June 2014
Name: Qingqing Lu
Porter Models in Quirky
First, there are three types of generic strategies in Porter Models, low price, customer service and focus. Quirky as a company who is based on invention is taking a customer service strategy. The products selling on their website are not cheap but not too expensive. So I believe that Quirky are focusing on the relationship with customers.
Second, according to Porter Models, the five forces are competitors, customers, entrants, supplies and substitutes. To Quirky, their competitors are not many, but still have some. For example, there are the company named Seeed and Edison Nation. There are too many threats of new entrants to Quirky. With the fast-speed development of IT, more and more inventions will be come out to the public. So Quirky may not be the one who is unique in this area. Customers of Quirky are the people who buy the product in Quirky. Suppliers of Quirky are the people who provide their idea to Quirky. Substitutes of Quirky may be the company like Best Buy, who are also selling product in store but not online.
Third, when we comes to value chain, we should know that it means how an operation make them valuable through the inbound logistic, manufactory, outbound logistics, marketing, and service. Quirky needs to follow the five steps and make value to their company.
Last, the information matrix told us that the information is getting more and more intensity. So Quirky should make themselves aggressive on following the fast-growing information.