Please respond to this post with a two paragraph answer and in APA format; your

Question

Please respond to this post with a two paragraph answer and in APA format; your stance on the matter and why you feel that way.

The Porter’s Five Forces are:

Suppliers

Buyers

Substitutes

Rivalry

Potential Entrants

I think that these forces are a good tool for organizations to evaluate where they fit in an environment and what their strengths and weaknesses are. It is important to know what outside elements are going to be helpful and which ones might cause an issue.

I think that it is especially important to know your competition, and never get complacent in the service that is being offered. The products or services always need to be evaluated and innovative ideas need to keep coming so competitors don’t edge them out.

I would imagine that a weakness would be that companies would do this activity once and then not update their information or take-aways. The market and environment is always changing and these numbers and analysis need to be continually updated.

Explanation / Answer

I strongly agree on the Porter's five forces, which helps or guides any indivual/propertier or organisation to know where thier current situation in the market.Got a good example on my own business start, had business plan to start a corn manufacturing and export them to different countries

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.