Discuss the Five forces Model of competition put forth by Michael Porter. Also discuss why a company must constantly analyze its competition and the methods it can use to assess its competitive environment.
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- Discuss the Five forces Model of competition put forth by Michael Porter. Also discuss why a company must constantly analyze its competition and the methods it can use to assess its competitive environment.
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- Compare the evolving company orientations used to adapt to the fast-changing competitive environment. Is there one orientation that companies should be following?In examining the competitive dynamics within an industry, we discussed the need to first ascertain “the extent to which a company is a strong competitor” and the three (3) drivers of competitive behaviour. You are required to explain the two elements or basis used to determine the extent of competition from another company in the same industry and further explain the three (3)) drivers of competitive behaviour.What is the role of competitive analysis in marketing, and how can companies gain a competitive advantage through effective analysis?
- Identity the contextual influence that you believe will pose the greatest challenge to companies' competitiveness and identify the contextual influence that will pose the least challenge to companies' competitiveness.Porter's Five Forces Model is an essential framework for understanding industries and market forces and is an effective tool when analyzing a company that employs you as a consultant. It will help you come up with strategies to put forward to your client which will improve their business. By assessing the five forces you will be able to determine how the attractiveness of the market or the industry that your client is in. In general, the stronger these forces the less attractive the market or industry as it is more competitive which means that in times of increased competition there is more strain on the company. The main focus in your role as a consultant will not only be to assess these for your client but also to consider and propose viable solutions for your client. Choose one of the following listed here and analyze what happened to the market using Porter's Five Forces: GPS device and a road atlas (Analysis requires research. I am expecting you to research market development…What are the key considerations in assessing the impact of competitive forces on marketing performance?
- What strategies should businesses employ to align their sales and marketing teams, ensuring they work together seamlessly to achieve common goals and drive revenue growth?Define competitive analysis and why is it so critical to a firm’s long term viability?Describe Michael Porter’s competitive forces and strategies and the three main strategies companies can apply to gain a competitive edge within their particular business environment.
- How can market analysis benefit a business?How do successful firms derive their competitive advantage?Conduct a SWOT analysis of your company to identify its strengths and weaknesses. Continue your analysis to include the business environment, discovering any opportunities that exist or threats that may affect your company