Five Force Model by Michael Porter analyzes the broader scope of an industry and its' competitors? Why is this important and vital for a Chief Marketing Strategist to consider?
-dentified five forces that make up the competitive environment, and which can erode your profitability
1)Competitive Rivalry
2)Supplier Power
3)Buyer Power
4)Threat of Substitution
5)Threat of New Entry
- the key sources of competitive pressure within an industry
-By thinking about how each force affects you, and by identifying its strength and direction, you can quickly assess your position.
-You can then look at what strategic changes you need to make to deliver long-term profit.
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Principles of Marketing
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