QVC Vision Statement

foreign forces of competition affect all companies and the tv shop industry is no different. There are many forces than can be grouped into a few categories economic, socio-cultural, technological, and political-legal. These forces suck in had a major impact on the television shopping industry. QVCs ability to understand their environment and adapt have helped them achieve success. Under economic forces, competition is a major component. The bar for entry is low, so there is endlessly the threat of refreshed businesses.Substitute products in addition directly compete with QVCs products and customer dollars. Other potent forces are changes in the supply chain. QVC must constantly be on the observatory for radical products, while maintaining good relations and contracts with existing suppliers. The rate of produce of the economy will affect consumer spending which directly relates to QVCs goods sold. s considerablying is always relevant and can cut into a companys bottom li ne. Socio-cultural forces are extremely classic to QVC and the television shopping industry.Consumer preference and trends are vital to a company trying to meet the of necessity 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 coax 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 developing 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 purch ase is crucial to people who shop off of their couches. Harnessing new technology will also help QVC stay in atom with the customer.With the evolution of mobile browsing, social media, and other media outlets, these forces represent a heavy(p) opportunity to communicate with customers. Technological forces are also important to the shopping industry because firms will look to stay up-to-date on the up-to-the-minute products. If QVC can identify the next iPod-like product then they will absorb 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 well with QVCs no hidden fees policy. QVCs honesty with their customers will bolster their reputation and help them operate well within the guidelines set by the government.