Grace Kennedy Porter Five Forces Model
According to Robbins (2015) a business plan is a tool you can use to monitor progress, hold yourself accountable and control the business ' fate. In analyzing a Business Plan, there are various tools available to an organisation or individual to do so. The Porter five forces model is one such method which will be used to analyze the current Business Plan of Grace Kennedy Foods. The five forces which ensure that an industry determines its profit structure and how the economic value is created and apportioned (Jurevicius, 2013). Porter further indicates that the value may be channeled through five forces which include:
• Threat of new entrants
• Bargaining power of suppliers
• Bargaining power of buyers
• Threat of substitutes
• Rivalry among
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Grace Kennedy Foods provides quality and affordable products. As a result, consumers are attracted to Grace product offerings. Certainly the company core values are evident of being first for its customers in meeting the customers’ needs and providing value (Gracekennedy.com, 2016). Notably, “GraceKennedy has built a brand on providing quality products and making life easier while building deep customer relationships (Mclennon, 2011 par …show more content…
In addition, the returns of Grace Foods earn an average contribution of 31.65 per cent from an average of 27 per cent in the comparative years of 2011 and 2012 (Jamaica gleaner.com, 2016). This increase was attributed to the primary areas such as the snack, beverage and vegetable categories. This ultimately creates a significant increase in their sales channels in the local market.
On the other hand, in August 2010 Lasco Food (Successors) Limited has acquired the business of Lasco Foods Limited which resulted in its’ changed to Lasco Manufacturing Limited. Of course revenues increased from $172M to $2,969M as a result of the merger. More importantly there has been a steady increase by an average of 11% during the periods of 2011 and 2012. Moreover, Lasco expects to expand its markets and continue to increase revenues (Vmwealth.vmbs.com,
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