Porter's five forces analysis

Workflow template includes the following steps

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The Purpose of Porter’s five forces analysis

The Porter’s Five Forces Analysis is a vital business process that allows organizations to scrutinize their industry and the viability of new business ventures. The process gets its name from its creator, Michael E. Porter, a professor at the Harvard Business School. Porter’s Five Forces include competition in the industry, potential of new entrants into the industry, power of suppliers, power of customers, and the threat of substitute products.

The process provides a comprehensive understanding of the structural underpinnings and complexity of an industry. It is a strategic tool that is used to avoid a competitive disadvantage and to align the company strategy with its environment. It also helps to identify the strengths and weaknesses of a company in relation to the competitive forces that exist in the industry.

By understanding these forces, a company is able to develop effective strategies to influence them in a way that improves the company’s profitability. Furthermore, the process also helps in identifying the profitability potential of different industries and thus aids in strategic decision-making. The Porter’s Five Forces Analysis process is therefore crucial for any company that seeks to maintain a competitive edge in its industry.

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