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Explain Michael Porter’s 5 competitive forces.
Step by step
Solved in 3 steps
- Discuss the competitive forces in the business environment using Porter's Five Forces framework, examining the influence of factors such as industry rivalry, supplier power, buyer power, threat of new entrants, and threat of substitutes.use porters five forces to analyze competition for the business.1. Identity five elements that are important in assessing and comparing the attractiveness of alternative business opportunities in terms of their market potential.2. identify three elements that are important in assessing and comparing the attractiveness of 'alternative business opportunities in terms of their financial viability.
- Successful businesses follow either cost leadership or product differentiation business strategy. Here, I am not differentiating between broad and focused strategies. Based on their chosen strategies, they would have developed different capabilities and created different business processes (see the Competitive Priorities and Capabilities section in Chapter 1). Please consider Chipotle and McDonald’s business processes, competitive priorities, and capabilities. Based on your consideration, can you determine their chosen business strategies?What are generic competitive strategies, and how are they implemented in a firms value chain activities?How do you describe a competitor like Winn-Dixie to Publix?
- Analyze the Canadian company “Lululemon Athletica” using Porter’s Five Forces. Rate each of the forces (High, Medium, or Low).Examples of competitors from a juice beverage company and how can we manage the competiton ?Three (3) reasons each why businesses should use cost leadership, differentiation and focus strategy to gain a competitive advantage?