View attached explanation and answer. Let me know if you have any questions.Running head: ONLINE STORES FOR ELECTRONICS REPAIROnline stores for electronics repairNameInstitutionInstructorCourse codeDate1ONLINE STORE FOR ELECTRONICS REPAIR2Feasibility AnalysisQ1- What is your business’s industry size?Electronics repair and maintenance is a comprehensive industry. The global e-commercefor electronics stands at a value of more than US$ 641 billion. Many individuals want to mendtheir products, and getting reliable electricians is often challenging. The online stores forelectronic repairs are less; thus, individuals have to look for electronic repair shops to get theservices physically. Software is developed that will be the online store for repairs. The softwarewill facilitate communication between electricians and customers. The developed productensures that customers don’t have to struggle to find solutions to their problems.Q2- What is your business’s target market size?The online stores’ targeted customers are electricians and individuals with faultyelectronics. The store will facilitate the connection between the two groups. Once an individualwith an issue with their electronics asks for help in the store, the software automatically matchesthem with the nearest electricians who will handle the problem. The primary aim of the store isto ensure that customers don’t go looking for electricians who can’t be trusted. Instead, thecustomer’s will login into the online store, pin their location, and wait for the nearest electricianto reach out.The product’s benefit is that electricians and customers can easily interact andcommunicate. The platform will allow smooth communication and increase the chances of acustomer getting help within a short time. The online store is a 24-hour open store. Therefore,ONLINE STORE FOR ELECTRONICS REPAIR3the product can be used in different continents concerning the time differences without muchconflict. Customers will get 24/7 help and thus achieve customer satisfaction. Finally, theproduct will enable customers to get a trusted source for their repairs. Trusted sources are hard tofind; in most cases, some repairs are done only to end up causing more damage. The idea of theproduct developed is to help customers work with trusted individuals. The electricians workunder a contract that opens for a 6-month warranty for every damaged product repaired.Customers want products that will facilitate the acquisition of their needs. Therefore, theonline store will outline details of the electricians according to categories of the tools to berepaired. Spare parts are also made available through the online store. The spare parts are fullydescribed, and the customer has the option to express their desired features. Once a customer haspicked up a desired spare part, they will be directed to the local warehouse for them to pick themup. Customers who want door delivery will be required to pay a certain amount depending ontheir location. The idea of the online store is to provide spare parts and allow the connection ofelectricians and customers.Q3- Porter’s 5 ForcesPotential of New Entrants.The potential for new entrants in the electronic industry is high (Bruijl,2018). There’s ahuge market gap, especially in electronic repairs. With the world going digital, more tools andelectronics are used. When these electronics get issues, the customers will require to have trustedsources to make repairs. Most electronic companies have limited warranties, and thus customersoften face the challenge of repairing their electronics. Therefore, the industry requires investorsONLINE STORE FOR ELECTRONICS REPAIR4who will help customers access repair services. The online store will help facilitate theconnection between electricians and customers easily.Bargaining power of suppliersA profitable industry is one in which the suppliers have less power over the companies.When the suppliers are few, the company will be dependent on them and thus resulting inincreased cost of supply (Dobbs,2012). One of the advantages of the online store for electronicsrepair is that there are many suppliers for electronic spare parts. Therefore, the company wouldn’tdepend on suppliers because it could switch to other suppliers. The low bargaining power ofsuppliers increases the potential profitability of the company.Bargaining power of the customerThe customer’s power has a heavy role to play in the success of an organization. Thecompany should ensure that the customers have neither too much power nor too less. A givenindustry’s potential profitability can be determined by looking into the customer’s control. If thecustomer had multiple choices to look at, that wouldn’t impact the product they need, they wouldhave too much power, and hence the company wouldn’t gain as many customers as required(Dobbs,2012). In this case, the customer has less bargaining power since few electricians can betrusted. Most individuals battle with whom to charge their electronics, thus giving the companyleverage since one of the exclusive features of the services offered is a warranty. If a customer’sdevice is damaged further due to the electrician’s fault, the company is liable to correct the errorsfree of charge.The threat of substitute productsONLINE STORE FOR ELECTRONICS REPAIR5One of the significant causes of company failure is the availability of various substituteproducts. When substitute products are available, the customers will ought for them, especially ifthe price of the original goods increases. It is paramount to note that substitute products can beused in place of a given good. When the threat is high, the industry’s potential profitabilityreduces. Online stores for electrical repair have bypassed the challenge of threats of substituteproducts (Bruijl,2018). When an electronic is damaged, the solution is to repair it or buy a newone. Therefore, the customers will quickly improve than purchasing a new one as it is costly.Q4- Analyse your competitionOne of the major driving forces in business is competition. Competition can eitherdestroy or build a company. Destructive competition pushes out the company by using itsresources to outdo it. On the other hand, constructive competition is a case where a company ismotivated by competition. Therefore, instead of having challenges with competition, thecompany focuses on growing to bear the competition. It involves developing strategies that helpachieve the company’s vision and objectives without being kicked out by competitors. Severalelectronic repair industries exist. However, very few have a full-time online presence, and thusthey don’t pose as great competition.Identify and assess each key competitor.Amazon is the most significant competitor experienced by the online store. Amazonholds up to 40% electronics market share in the electronics industry. As the highest competitorwith the largest market share, Amazon has a greater chance of succeeding than other companies(Wiggington,2018). Global Electronics Services Inc is another competitor that holds a highONLINE STORE FOR ELECTRONICS REPAIR6market share. The company was founded exclusively to handle electronics repairs andmaintenance services. These two companies have a significant impact on the success of thecompany. The companies have been in the industry for not less than fifteen years and have thebenefit of economies of scale.Assess each key competitor’s strengths and weaknesses.Amazon has its strength and weaknesses. Amazon, to begin with, has the benefit of beingin the industry for a long time. The company has unique strategies acquired through experienceand knowledge gathered has been in operation. The company also has a global base. Unlike otherminor companies, Amazon has one of the world’s largest customer bases in the electronicsindustry. It thus gives them the leverage to get more customers. Amazon has a full-time onlinepresence. One of the challenges that many companies have is having a full-time online presencewhile maintaining their businesses. Amazon has strengthened its operations as e-commerce whileensuring that all its customers have gotten quality services (Wiggington,2018). Amazon hascustomer-centric strategies that have enabled it to grow since it was founded. The companyprovides that the needs of the customers are given top priority.However, Amazon has several weaknesses. Amazon has a broad customer base; thus,keeping up with…
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