From the course: Strategic Planning: Case Studies
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Applying Porter's Five Forces in three cases studies
From the course: Strategic Planning: Case Studies
Applying Porter's Five Forces in three cases studies
- Understanding the forces affecting you will help you shape a strategy that deals with risk and positions you to compete effectively. To do this assessment use Porter's Five Forces to conduct it. Doctor Michael Porter, who's a professor of strategy, came up with this set of Five Forces to evaluate all the different dynamics that can affect your organization. First, look at competitive rivalry. How many competitors are in the marketplace? How do they behave? How are they distributed by market share? Second, look at the threats of new entry. So there's the existing set of competitors, are there new competitors who will enter the market? Next, look at the threat of substitution. You have your products, what other products can meet that need for your customers? Understand what customers are buying, not necessarily what you're selling. Then you have to evaluate buyer power. So these are your customers buying from you.…
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