Marketing Five Forces

671 Words3 Pages
Inuit was founded in 1983 by Scott Cook (Former Procter & Gamble employee) and Tom Proulx (Stanford University Programmer), that develops and sells financial and tax solution software for consumers and small to medium sized businesses. The company has always thrived to revolutionise people’s lives by solving their important business and financial management problems. Quicken was its product that was launched in 1984 and struggled the first year, but due to positive reviews in trade journals and print campaign strategies, Intuit got its first break and by 1988 Quicken was the best selling finance product on the market. Early 1990’s saw Intuit growing due to success of Quicken, QuickBooks and Turbotax. These products made some significant contribution in small businesses. Porter’s five forces Analysis for Inuit: Any organization strategy that you develop needs to include gaining a thorough understanding of the external environment that the organization is operating in. The most widely tool that can help you to do this is Porter’s five force analysis. Porter’s model considers five forces that determine the attractiveness of your market by analyzing the competitive intensity. Similarly Porter’s five forces will help Intuit the position of the market and how much do they really stand a chance in this competitive industry, with Microsoft trying to buy them off. 1. Threat of new entrant: Intuit’s marketing strategies have helped the company evolve. Positive word of mouth an exceptional customer services is its most effective marketing tools. Roughly 8 out of 10 customers have bought Intuit’s product and hence engaging with customers directly and communicating with customers on a timely basis has helped distinguish its products. This leads to a very low threat of new entrants in the market. Due to this it is very difficult for new
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