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Competitive Environment of SK Accounting Firm - Coggle Diagram
Competitive Environment of SK Accounting Firm
Supplier
Switching costs
Specialized software to operating expenses
Increasingly rely on current supplier, the prospect of transitioning to alternative providers becomes intricate.
New Entrants
Barriers to entry: Licensing, compliance standards, capital investments
Large capital investments in advanced technologies and the recruitment of skilled professionals, establishing a financial hurdle for potential entrants.
Substitutes
For instance, advanced accounting software, automated financial management tool or online platforms providing self-service accounting solutions
Lure clients away from traditional accounting services
Customers
Final consumers (end users)
Shaping demand for accounting services and influencing purchasing decisions.
Intermediate consumers (wholesalers and retailers)
Demands, expectations and operational considerations will directly affect the firm's strategic and logistical decisions.
Competitive Driver
Improve on service
Motivational Thoeries - Goal Setting Theory
Encourage employees to consistenly provide best effort & Increase overall productivity in service quality
Management Function
Planning
Strategic Management Process: Establish Mission
Mission serve as a compass of SK Accoouting Firm, influence and direct the firms
Propels SK Accounting Firm towards sustained success and excellence in service delivery.
Organizing
Type of Departmentalization: Division Departmentalization
Organising work and workers into separate units responsible for producing particular product/services.
Each division is specialized in its respective area of expertise.
Lead to excellent & specialized service provision for its diverse clientele