Internal Analysis External Analysis - 3595 Words

External Analysis MGT 431 Section 1. Identifying The Industry Within the industry of plastic surgery the total revenue is currently around 13.5 billion dollars and still growing at an annual growth rate of 2.3 percent. The growth rate is expected to rise to around 5.5% in the next five years according to Ibisworld.com. In 2012, the industry reported around 12 billion dollars of revenue for both surgical and non-surgical procedures, which indicated a 12 percent overall increase in procedures according to surgery.org. The top five surgical procedures over the most recent year were injectables, laser hair removal, chemical peels, breast augmentations and reductions, and microdermabrasion. In 2012 the top five procedures were liposuction,†¦show more content†¦With the information provided, in comparing the industry to Porters Five Forces, the market has a lot of room to grow and it will do so. There is plenty of competition, yet the barrier to entry is low and the industry is still within the realms of developing a â€Å"dominant design † for general practitioners to use that could control the market in the future. According to IBIS World, the barriers to entry are medium and the most challenging barriers are government regulations, competition, and technological change. â€Å"Everybody is looking for no down time, limited costs, and maximum results†, says Robert Singer, a board-certified plastic surgeon. The types of products sold within the industry are generally segmented into two categories. The two major categories are surgical and non-surgical procedures. Throughout the years non-surgical and surgical procedures have continued and are predicted to continue to increase with more non-surgical operations taking place than surgical operations. This may be due to the fact that within non-surgical treatments there is a wider diversification and implementation of treatments. Not to mention, with the wider variation in treatments there is reduced government regulation. Therefor, cutting the cost for t hese treatments and providing a basis for a more general market with varying income backgrounds to take part in the services offered at differing price ranges. Products available to customers in this industry