Porter's 5 forces

When entering a industry, using the Porter's 5 factors is effective to determine the industry attractiveness. It gives us a summary of the main factors that can help us judge and decide the industry successfulness. The supplier power, barriers to entry, threat of substitutes, buyer power, and rivalry can impact the industry. There is always competetion and a company must have a competitive advantage in order to survive in the industry. For example I believe that the restaurant Industry has a high barrier to entry. A number of restaurant chains have been subject to acquisitions or have sold off because of underperformance. These acquisitions and closings have taken place in both the casual dining and quick-service segments of the industry. Restaurants are facing rising costs for both food commodities and labor, which is hard to profit in this industry. It is high to enter the restaurant industry because of the cost of labor (because of the quantity of labor needed), the cost of equipment and food rises. This is an industry that has many competitors. Survival in this industry is hard because of the location, food, and the rivalry of other restaurants. Because of the many restaurants, it is easy for customers to just go to just about anywhere. The driving competition for customers can hurt the restaurant industry.

Mission Statement

Task

I am a young and ambitious individual who is going to school to recieve my BBA degree in Human Resource. I am striving to to learn more concepts and perspective on management to add more value and knowledge to myself for future employers.

Vision

I wish to see myself in a well-known and respected financial firm after graduation.

Value

I value the education and work experience recieved throughout the past years to further me in my career.

Goal

My predominant goal is to become a HR generalist to learn about each area and then focus towards employee relations.