In the paper, we are going to be looking at the competitive factors impacting an upstart accounting firm in Los Angeles. This will be accomplished by conducting: a competitive advantage analysis, studying the target segments, the service, the mission and general objectives. Together, these different elements will highlight how the firm can create a unique strategy that reaches out to clients.
Marketing Information
Competitive Advantage Analysis: How well does the proposed service meet the demands of the market compared with the competition?
The proposed service meets the demands of customers by providing them with products that can be customized. This helps them to create procedures that are effectively monitoring their bottom line results and objectively analyzing the impact of various activities. The below product -- market matrix is illustrating how this can help to give the firm a competitive advantages over others inside the marketplace. ("Top 100 Accounting Firms," 2012) ("Home," 2012)
Product -- Market Matrix
Market Penetration: The market that will be penetrated is the various segments of individuals and businesses that need customizable solutions. The primary competitors in this segment include: Deloitte & Touche, KPMG, Price Waterhouse Cooper and Grant Thornton.
Market Development: Currently, competitors offer similar kinds of products and services to customers. This means that the firm will identify and take advantage of the need for specialized solutions. One firm that is offering similar services is HCVT. They are reaching out to clients taking a similar kind of approach.
Product Development: To develop the products, there must be more personal attention provided to customers. This means that all clients will have a professional working relationship with their representative from the company. In the case of competitors, they often overlook this aspect. This is because they have become larger organizations that will forget about their needs.
Diversification: To more effectively connect with clients a variety of services will be provided. This will allow the firm to create customizable solutions that are tailored to each individual and organization. In the past, firms such as HCVT have become involved in these practices. However, as they have become larger, the underlying quality that is provided has continued to decline.
("Top 100 Accounting Firms," 2012) ("Home," 2012)
These factors are showing how competitors are offering similar products. What will make our firm different is to provide these solutions in conjunction with high levels of one on one personal attention. This will allow clients to receive services that are specifically designed to address their needs. When this happens, the quality of the products and services will be superior in contrast with other firms. ("Top 100 Accounting Firms," 2012) ("Home," 2012)
My Target Segments
There are a number of target markets that will be identified. In general, there is a focus on affluent persons and various businesses. This is further subdivided into different segments to include: astute individuals, small / medium sized businesses and nonprofits. Affluent individuals will be aggressively pursued. The reason why is because, this demographic has more complicated financial needs and requires someone who can create customizable solutions to address these issues.
Small and medium businesses are often overlooked because of their size. To address these challenges, our firm will offer solutions that will focus on their specific needs. Nonprofits were select due to the unique tax and financial challenges they are facing. These services will help them to create a protocol that improves their financials and reporting requirements.
The Service
The services that are provided will offer customers with greater amounts of flexibility in addressing their financial needs. This means that there will be a series of accountants hired to deal with these issues. In some cases, this will involve having specialists that can provide specific advice such as: estate planning, reducing income taxes and liabilities.
The physical environment requires employees delivering these services to customers from the firm's office. However, there will be times that personnel will meet with customers at their location to address these issues. These factors are showing how the process of delivering different services will involve flexibility. This is how the firm will create customizable solutions that are tailored to the client's specific needs.
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