
With the implementation of this new emerging technology Porter’s 5 forces must be considered in overlooking WiTricity's position in this industry. The marketers of WiTricity technology should most prominently be focusing on the amount of buyer power they hold and rivalry amongst existing competition. The WiTricity technology is entering a market where fierce competition currently exists with the current formations of outputing electricity. The suppliers of regular electricity are not going to allow their entire operation to be disbanded by the creation of new output for electricity. Initially, fierce competition will exist with these older electricity suppliers for the electricity market. Innovators may want to make the switch to WiTricity for its many advantages, and are willing to deal with its possible downfalls like the possibility of crashing and the small radius it has. Others may be reluctant to use this new technology and may feel satisfied with the current output which is being supplied to them. Also the marketers of WiTricity must consider the amount of buyer power the consumer holds.
Buyer power is said to be high when the buyers have many choices. Medium buyer power exists for customerd, as buyers have the choice to adopt the new technology, but they also have the option of contining to use the old one. There are no alternative wireless electricity suppliers so WiTricity does create low buying power among the buyers in that sense. The loyalty program created by the increased quality of life supplied by WiTricity and its wireless technology may reduce buyer power by working correctly or increase it if it shows signs of malfunction. WiTricity is still a very new concept, and will undoubtedly improve significantly in the future, possibly eliminating the need for wires and plugs, making the workplace a much more productive and efficient environment.
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REFERENCES
Castelvecchi, D. Wireless energy could powerconsumer, industrial electronics. Retrieved October 1, 2007. From: MIT News Office Web Site: http://web.mit.edu/newsoffice/2006/wireless.html
Chabrow, E. WiTricity: Transmitting Electricity Wirelessly. Retrieved September 28, 2007. From: E-Week.com Web Site: http://www.eweek.com/article2/0,1759,2144542,00.asp
Gibson, M. How it works: WiTricity. Retrieved October 1, 2007. From: Null Hypothesis Web Site: http://www.null-hypothesis.co.uk/science/straight-talking/how-it-works/power_transfer_wireless_electricity_WiTricity
Hadley, F. Goodbye Wires. Retrieved September 28, 2007. From: MIT News. Web Site: http://web.mit.edu/newsoffice/2007/wireless-0607.html
Spring, T. WiTricity Delivers Wireless Power Transmission. Retrieved September 28, 2007. From: PC World. Web Site: http://blogs.pcworld.com/staffblog/archives/004605.html
Ulanoff, F. Wireless Electricity Becomes a Reality. Retrieved September 28, 2007. From: PCMag.com.Web Site: http://www.pcmag.com/article2/0,1759,743234,00.asp