Michael Porter’s Five Forces Applied to Tucker & Associates, PLLC

In the Law Firm of Tucker & Associates, PLLC there are many services offered such as Foreclosure Defense, Short Sale Negotiations, Bankruptcy, Immigration, Uncontested Divorces, Personal Injury, and Wills & Estates. The company initially began in order to fulfill the needs of the Hispanic community by providing their law experience, knowledge and well equipped negotiations skills in order to help their client’s afford their mortgage payments and rescue them from foreclosure. However the law firm must take into consideration the “Five Forces Model” by Michael Porter to anticipate their competitors and prepare enough strategic advantage. I prepared the following analysis in regards to Michael Porter’s Model applied to Tucker & Associates.

The five forces entail the threat of substitutes, the supplier power, and the threat of new entrants, the buyer power, and the existing competitors. The first force introduced in this paper is the threat of substitutes. This market force has a huge leverage in the market. One the primary drivers of this market force is Non-Profit Organizations or other organizations that will not charge upfront costs to accommodate clients. For example, some Realtors have attempted to imitate the Foreclosure Defense procedures by helping clients negotiate a loan modification for free and if the client is not satisfied with the modification agreement they offer to short sale the property. Opportunely, for our company, we have more resources than Non-Profit Organizations and the more capable then other real estate office. We serve our client’s best interest and do not mislead the clients with creating false hopes. In addition, one particular advantage T&A has been able to offer their resources and time to help those...

... middle of paper ...

...rm over the competitors because even though they have a big firm quality, they can still provide that small firm charm and experience.

Moving forward, firms need to combat these five forces to by uncovering, creating, and eventually capturing new demand. The differentiation firms seek to establish may not be in new products, so to speak, but in new service models that create separation from rivals and provide the uncontested market space necessary to limit the impact of Porter’s Five Forces on their operational strategy.

Works Cited

http://www.elite.com/business-development/article/porters-five-forces/ http://hbr.org/2008/01/the-five-competitive-forces-that-shape-strategy/ar/1 https://mymasonportal.gmu.edu/bbcswebdav/pid-3895193-dt-content-rid-40840825_1/xid-40840825_1

https://mymasonportal.gmu.edu/bbcswebdav/pid-3913285-dt-content-rid-41443661_1/xid-41443661_1