Verified Document

Identity Theft Corp Itc Is A New Essay

Identity Theft Corp (ITC) is a new company specializing on the identity theft service. The company assists customers to monitor their credit report in order to identify any suspicious charge. The company will also provide the leg work to clean up the mess left behind because of the identity theft and assist customers to rebuild their credits. The objective of this proposal is to provide strategic planning and implementation for Identity Theft Corp. The report uses SWOT model to analyze the internal and external environments that ITC will be operating.

SWOT model involves analyzing the strengths and weaknesses of the ITC internal factors and using the opportunities and threats to asses the company external factors. The analysis will assist the company to formulate an effective strategy to achieve its mission.

Strength: The strength of the ITC is its technical and professional skills that the company has already possessed for the successful implementation. Typically, the identity theft service is a professional service that involves high level of technical skills to succeed. In the present business environment, criminals are increasingly using sophisticated IT tools to steal other people information in the United States. To beat the criminals and effectively monitor customer information while protecting their privacy, the company will need highly skilled professionals for the service. Typically, there is a shortage of people with technical skills to perform the job, and the technical skills already possessed by ITC staff will serve as strength for the organization. The company technical skills will assist in providing high quality service for the customers at affordable prices. Moreover, the ITC will use its financial capability as strength to start up the company. The company will seek for financial assistance from Small Business Administration (SBA) in case of shortage of fund.

Weakness: The weakness ITC is that it has not yet built a strong brand to differentiate itself in the industry. Typically, brand is a strategy that ITC could use to differentiate its service in the market and to educate customers in the market. Since ITC has not yet created a strong brand reputation for itself, the company will not be able to segment markets to identify potential markets. Essentially, having a strong brand will make repeat purchase very easy for customers, and since ITC has not yet created a strong brand for itself, ITC may not be able to retain many of its customers because some customers may switch to other identity theft service providers unknowingly.

Opportunities: The increase in the number of identity theft cases has made many people in the United States to look for the strategy to protect their information from the ID thieves. In the United States, there are increasing cases of online fraud where many people are losing their information to identity thieves. The problem has made many people to lose their live savings due to the identity theft. To protect their information, many people are eagerly seeking for the service of identity theft service making the markets to enjoy continuous growth. Apart from individual who are eager to protect their identities, many businesses are also using the Identity service providers to protect the identities of their employees and customer information. Tynan (2008) estimates that over 220 millions private records have been stolen between 2005 and 2008 in the United States. In addition, between 8 millions and 15 millions of American have their identity stolen in 2007. The estimate reveals that one out five American has their identity stolen in the past three years. Thus, identity theft has become a national. epidemic in the United States. With persistence problem of identity theft, and eagerness of the people and businesses to protect their identities, the market opportunity for the identity theft industry will be more than $4 billions within two years.

Threat: ITC will face competition in the industry. With persistence increase in the identity theft in the United States, many identity theft service providers have been established to take advantages of the market opportunities and the issue will make ITC to face still competition in the industry. Among the potential competitors of ITC are LifeLock, Identity Guard, TrustedID, ID protect, Privacy Guard, TransUnion, TrustedID, Intelius Inc., Intersections Inc., and Kroll Inc. Availability of the competitors will serve as a threat to ITC market advantages.

The identification of potential threats that ITC will face in the market makes the paper to provide comprehensive competitive market analysis.

Competitive Market Analysis

Competitive market analysis is an assessment of the strength and weakness of the current and potential competitors of ITC. The...

Competitive market analysis is an essential component of market strategy, and this will assist ITC to develop strategy in order to be ahead of its competitors in the industry.
ITC will compete in the following industry:

1. Information Collection and Delivery

2. Information and Records Management Services

3. Media

4. Transportation Services Sector

5. Warehousing and Storage

The Identity theft industry revenue is more than $4.04 billions, and many individuals, banks, and other corporate organizations are increasingly seeking for the service of identity theft service providers to monitor employee information and protect customer information. In 2002, the identity theft and credit card fraud made the government and banks to secure over $47 billions losses. The identity theft, stolen of credit cards and other impostor scam cost consumers, businesses and government billions of dollars yearly. The only method to combat the crooks is to hire a competent security provider who will monitor people credit to identify the unauthorized charge.

Analysis of top Competitors

There are approximate more than 100 companies in the industry. These companies have established brand names and distribution patterns across all states in the United States. These companies also have distinct advantages in the identity theft arena. However, in the United States, new companies are succeeding on a regular basis based on the introduction of newer technology, cost saving innovation, and implementation advantages. The Identity Theft Corp will deliver faster performances to be successful in the market. Identity Theft Corp will succeed based on its unique solution and its more complex security platform. Identity Theft service has become a huge industry in the United States, and the ITC will differentiate itself from the competitors by providing scalable solution both at the retail and internet levels at affordable prices.

Main Competitors

There are approximately 5 top competitors in the identity theft industry. ITC is seeking to penetrate the Identity Theft industry and compete with direct competitors. The direct competitors of ITC are Identity Guard, LifeLock, TrustedID, ID protect and Privacy Guard. These competitors operate online and have network in virtually all states in the United States.

Identity Guard is currently a top identity theft company in the United States. The company has large market in the United States. Currently, the Identity Guard is protecting 33 million consumers making some commentators to rank the company as the best in the industry. The company offer services such as monitoring of credit report, public record, credit card, social security numbers as well as providing internet security. The company offers ID protection service at 18% discount with 30 day free trial. The strength of Identity Guard is that the company has already built a strong brand for itself and currently enjoys market advantages in the industry. For $14.99, the company is able to provide wide range of service, and the company also provides $1 millions theft insurance for its customers. The weakness of the company is that it has been losing customers in the recent years because of the stiff competitions. Other companies are offering lower price for similar service.

Trust ID is the second largest identity theft service in the United States. The company is currently enjoying market advantages in the industry. The company offers wide range of service which includes monitoring of credit report, social security number, bank account, credit card and medical records. The company offers $9.38 for its service as well as 10% discount. The company also offers 14 day free trial. The strength of Trust ID is that it has built a strong brand for itself and has employed low price for its service to differentiate itself from the industry. The weakness of the Trust ID is that it is facing still competition from other identity theft companies.

LifeLock Inc. is another top direct competitor of ITC. The company was established in 2005 to provide identity theft service. From ITC website, the company offers identity theft service for $8.25 a month for credit and non-credit related services. The company also offers 30 free trials. The LifeLock Alert system can identify various fraudulent practices such as credit card fraud. LifeLock uses aggressive campaign to secure market for their service. The company is currently having more than 3 millions customers. The company has been able to instill confidence in the customer through different campaign strategies. LifeLock has been the fastest growing companies in the United State and has been nominated for multiple awards and the company has been listed by AlwaysOn as the Top 250 Global Company. Despite the success of the…

Sources used in this document:
References

Best Identity Protection (2011). American Express ID Protection Review. Top Identity Protection Inc.

Tynan, D. (2008). Identity-Theft Protection: What Services Can You Trust? PCWorld.

Loughborough University (2010). Globalization and World Cities Research Network. GaWC.
Cite this Document:
Copy Bibliography Citation

Related Documents

Corporation Ethical Role Foundations Business Ethics: What
Words: 1556 Length: 5 Document Type: Essay

Corporation Ethical Role Foundations business ethics: What role business society? The study business ethics study legal application moral standards business decisions. In defining business ethics, defining voluntary role business: a business behave law dictate conduct law permits conduct benefit shareholders harmful ? Business Ethics: Case Studies Selected Readings (7th Edition) Required Reading: Jennings, M. The problem investigated concerns a comparison of views in what is referred to as a stakeholder's doctrine in

Corporation Diversifying Internationally in the Recent Past,
Words: 3827 Length: 12 Document Type: Case Study

Corporation Diversifying Internationally In the recent past, after the onset of the economic meltdown, firms, companies and businesses at large have been resorting to less traditional methods and entrepreneurial tactics in order to combat reduced demand, much more competition and increased costs. International diversification was the answer for many firms, following in the tracks of multinational and transnational companies; many businesses have resorted to relocating their plants and facilities to gain

Corporation Definition a Business Entity
Words: 711 Length: 2 Document Type: Essay

However, liability is limited to the corporation and offers owners' limited personal liability, which is something that is not found in a sole proprietorship or partnership (Corporation: Definition, Formation, Maintenance, 2012). Furthermore, a corporation is also considered to be a stand-alone entity that has separate tax liabilities; as such, the corporation is responsible for paying corporate taxes on any of the profits the company makes, however, each employee is

Corporations Law Initial Public Offerings Ipos Are
Words: 1835 Length: 6 Document Type: Essay

Corporations Law Initial Public Offerings (IPOs) are the first time a privately held company sells its stock to the public. When such corporation needs to raise additional capital, it can either take on debt or sell partial ownership. If the corporation chooses to sell ownership to the public, it engages in an IPO (Initial Public Offerings, 2011, p. 1). Although it is difficult to get on the ground floor of an IPO

Corporation the Role of Corporations
Words: 1100 Length: 3 Document Type: Term Paper

"An important part of the second phase of the New Deal brought about an anti-monopoly philosophy," including an investigation of corporate price-fixing, the deliberate creation of scarcity on the part of some organizations, agreements between corporations not to compete, and in the abuse of patent laws"(Bryant 1998). However, the desire to limit the growth of industry power was superseded by the need to mobilize the nation for war. While

Corporations Often Use Ineffective Strategies to Tackle
Words: 975 Length: 3 Document Type: Essay

Corporations often use ineffective strategies to tackle workplace diversity issues. For example, many attempt to utilize affirmative action policies prescribe hiring by quota. Such policies are doomed to fail when a company finds itself hiring unqualified people for managerial roles. If that happens, it benefits nobody. People in senior management lose faith in hiring women and minorities and this has a knock-on effect on attitudes throughout the organization as well. In

Sign Up for Unlimited Study Help

Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.

Get Started Now