QVC Vision Statement

External forces of competition involve all(a) companies and the television obtain industry is no different. There are many forces than shadow be group into a few categories economic, socio-cultural, technological, and political-legal. These forces have had a major impact on the television shop industry. QVCs ability to understand their environment and adapt have helped them achieve success. Under economic forces, competition is a major component. The barrier for entry is low, so there is always the threat of in the buff businesses.Substitute products also right off compete with QVCs products and customer dollars. Other potent forces are changes in the supply chain. QVC must forever and a day be on the lookout for new products, while maintaining good relations and contracts with existing suppliers. The rate of yield of the economy will affect consumer spending which directly relates to QVCs goods sold. Inflation is always relevant and can cut into a companys bottom line. Socio -cultural forces are extremely important to QVC and the television shopping industry.Consumer preference and trends are vital to a company trying to meet the needs of its customers. QVC has adapted to recent trends by promoting its cosmetics, apparel, food, and toys heavily. QVC also has to consider what will tempt customers to their channel. They incorporated the reality T. V. craze into their programming and it helped attract viewers and customers. QVCs in-show appearance of designers has capitalized on designers current popularity.Other forces like growing health consciousness, and changing household composition, will be important factors for QVC as they try to understand their customers and improve their shopping experience. Technological forces are important to the television shopping industry for many reasons. In the internal environment, new technology can help improve infrastructure, reduce costs, and improve efficiency. The consumers convenience of purchase is significa nt to people who shop off of their couches. Harnessing new technology will also help QVC stay in touch with the customer.With the evolution of mobile browsing, social media, and other media outlets, these forces represent a large opportunity to convey with customers. Technological forces are also important to the shopping industry because firms will look to stay up-to-date on the latest products. If QVC can identify the next iPod-like product then they will reap the benefits of a massive consumer response. Finally, political-legal forces represent laws and regulations to the television shopping industry.There will always be laws and regulations in place that affect the manner in which a company does business. From QVCs standpoint, they might need to follow certain communications protocol when describing payment options, or product specifications. Industry regulations are generally in position to protect the customer, which aligns fountainhead with QVCs no hidden fees policy. QVCs honesty with their customers will bolster their reputation and help them scat well within the guidelines set by the government.