Industry Analysis and Porter's 5 forces
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Many firms neglect industry analysis. When does it hurt them? When does it not?
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Solution Summary
This explains the Porter's 5 forces with relation to industry analysis
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Industry Analysis
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.
These are:
1. Supplier Power: Here you assess how easy it is for suppliers to drive up prices. This is driven by the number of suppliers of each key input, the uniqueness of their product or service, their strength and control over you, the cost of switching from one to another, and so on. The fewer the supplier choices you have, and the more you need suppliers' help, the more powerful your suppliers are.
2. Buyer Power: Here you ask yourself how easy it is for buyers to drive prices down. Again, this is driven by the number of buyers, the importance of each individual buyer to your business, the cost to them of switching from your products and services to those of someone else, and so on. If you deal with few, powerful ...
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