I'm working on a term paper that includes the following:
"An analysis of your company's industry from the point of view of Porter's Five Forces, the Industry Life Cycle, and any other strategy frameworks that provide insight to your understanding of the industry and the competitive position of your company within it".
The assignment is almost done, but I don't know how to apply the Porter's Five Forces to the health industry. (I work for the Department of Health).
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In developing the Porters Five Forces within a health industry is tying in the core principles of operation ' that is for the particular organization main purpose for the end user; the medical care of patients. Thus, the Porter's Five Forces can be illustrated to gaining understanding of the competitive position for the health industry.
For example the following breakdown:
Threat of Substitute Products - The variety is of home-medical products or holistic medicine that will refrain from using the traditional modern health facilities (industry). The onset is of substituting products normally only prescribed or diagnosis for consumption to ...
The expert applies Porter's Five Forces to the health industry.