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Five Forces Theory and Strategic Planning

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What is Michael Porter's Five-Forces Theory and why is it so important in the strategic planning process?
I found this site http://www.quickmba.com/strategy/porter.shtml. It is so lengthy and I am confused need your help please.

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250+ words explain Porter's Five Forces Theory in terms of strategic planning.

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Today's business environment is extremely competitive; hence organizations strive to create a competitive advantage to thrive in the competitive scenario. Michael Porter developed the famous five-force model, which influences an industry.
1. Industry competition/Degree of rivalry
2. Bargaining power of buyers
3. Bargaining power of suppliers
4. Government regulations
5. Threat of New entry
This model ...

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