On a professional level, we had a problem back when I had my cellphone store. I had a multicarrier cellphone store that offered multiple products and services for different customers, including selling Plans, servicing plans, and accessories. In my situation, the problem we faced was high competition, and we could not compete on the same levels. At that time, the option of getting a finance company was not available for us, and customers had to purchase the phones at the total price, which put us in a tough spot when competing with companies such as t mobile boost and sprint.

In our situation, I believe the one strategic thing we should have planned for is Competitive Rivalry. This looks at the number and strength of your competitors. How many rivals do you have? Who are they, and how does the quality of their products and services compare with yours? Companies can attract customers with aggressive price cuts and high-impact marketing campaigns where rivalry is intense. Also, in markets with many rivals, your suppliers and buyers can go elsewhere if they feel they are not getting a good deal from you.

On the other hand, where competitive rivalry is minimal, and no one else is doing what you do, you will likely have tremendous strength and healthy profits (Emerald Works Limited, n.d.). If we considered the need for financing to be available at the time, we would have been more likely to survive the competition. offering to finance as the big companies do would have led to more sales meaning more profit and costing less for the customer to drop when purchasing the device.

Reference,

Emerald Works Limited. (n.d.). Porter's five forces: Understanding competitive forces to maximize profitability. MindTools. https://www.mindtools.com/community/pages/article/newTMC_08.php

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