Gore Competitive Environment
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MAJOR QUIZ 2 SUPPLEMENTAL QUESTIONS – REDOAngela Murphy, Ph. D[pic 1]Major Quiz 2 Supplemental QuestionsDirections: Complete Major Quiz 2 on BB Quizzes/Exams and also answer these questions. This should be your original work, not copies of examples. Read the rubric. Please save your answers to these questions in a Word file, Upload the file and check the plagiarism/SafeAssign box. a. Describe a current statistic/trend associated with any dimension of the macro environment, except the economy. The technology trend is changing rapidly in the 21st century (D’Onfro, 2016). With new technological innovations, products can become obsolete within a decade (Basenese, 2013). To be competitive, organizations must anticipate and keep up with the technological changes (Basenese, 2013). “Externally focused, disciplined innovation drives Gore to develop new technology and create new products. Combining our materials science expertise with market insights, we deliver solutions that improve lives — from medical devices that heal patients, to fabrics that protect first responders in the line of duty”. Gore is a company on top of the technological changes, keeping focused on making lives better with each innovation Tiwari, 2017). A new Gore invention is wearable technology. “The wearable technology is a subset of IoT, which is used to collect data and provide information. A wearable user interface provides vital information through electronics that are designed to be worn on the human body.”Describe a dimension of the competitive environment, (choose: competitors, customers or new entrants), associated with 1 dimension of the competitive environment for Gore. How might each specifically impact Gore? Here are some sources for the competitive environment:
A major force in the competitive environment that will affect an organization is the potential of new entrants into the market (Arline, 2015). Any new companies that enters the industry will change the potential for profit for existing organizations (Arline, 2015). As the barriers for entry increase (regulations, restrictions, patents), the potential for new entrants lowers (Arline, 2015). In addition, the new competitors may not enter the market based on the potential of retaliation of the current firms in the industry (Arline, 2015). This will also keep the profits for the existing companies (Arline, 2015). Also, if the capital requirement to enter the industry is excessive, this will reduce the number of companies trying to get into the industry, so the threat of new entrants will decrease (Arline, 2015). If there is a strong brand identification, new entrants would have to spend money for marketing to change that brand identification, so this will also decrease new entrants for the market (Arline, 2015). However, if the barriers are low, new entrants can easily come in and through the internet build a global company (Arline, 2015).I compare new entrants to Gore. Many of the products offered by Gore have patents so the potential for new entrants is low (Arline, 2015). However, if the patents expire new entrants can enter the market (Arline, 2015). To compete with Gore, companies must have the capital investment to gain access to the market (Arline, 2015). Also, they must have the specialized knowledge to sustain in the environment (Arline, 2015). To stay competitive, Gore uses product differentiation and focus (Arline).