How intense is competition in your industry, or the industry you want to enter? You should know the answer before you make your marketing plans. There are at least five competitive forces that determine the long-term attractiveness of an industry from a profitability perspective. The five forces are as follows:
" Industry Competitors - Intensity of Rivalry;
" Potential Entrants - Threat of Mobility;
" Substitutes - Threat of Substitute Products; and
" Suppliers - Bargaining Power.
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Porter's 5 Forces is an analytical model that helps marketers and business managers look at the 'balance of power' in a market between different organizations on a global level, and to analyze the attractiveness and potential profitability of an industry sector.
The five forces are:Supplier power. An assessment of how easy it is for suppliers to drive up prices.Buyer power. An assessment of how easy it is for buyers to drive prices down.Competitive rivalry. The main driver is the number and capability of competitors in the market.Threat of substitution.Threat of new entry.
Rather, the state of competition in an industry depends on five basic forces: threat of new entrants, bargaining power of suppliers, bargaining power of buyers, threat of substitute products or services, and existing industry rivalry.
An industry analysis consists of three major elements: the underlying forces at work in the industry; the overall attractiveness of the industry; and the critical factors that determine a company's success within the industry.
The Five ForcesThreat of New Entrants. The threat of new entrants into an industry can force current players to keep prices down and spend more to retain customers.Bargaining Power of Suppliers.Bargaining Power of Buyers.Threat of Substitute Products.Rivalry Among Existing Competitors.
Customers, suppliers, substitutes and potential entrantscollectively referred to as an extended rivalryare competitors to companies within an industry. The five competitive forces jointly determine the strength of industry competition and profitability.
Industry competition and attractiveness can be described by considering the following five forces: (1) the intensity of rivalry among existing competitors, (2) the potential for new entrants to challenge incumbents, (3) the threat posed by substitute products or services, (4) the power of buyers, and (5) the power of
Porter's Five Forces is a framework for analyzing a company's competitive environment. The number and power of a company's competitive rivals, potential new market entrants, suppliers, customers, and substitute products influence a company's profitability.
To define strategy, analyze your firm in conjunction with each of Porter's Five Forces.Threats of new entry. Consider how easily others could enter your market and threaten your company's position.Threat of substitution.Bargaining power of suppliers.Bargaining power of buyers.Competitive rivalries.
Key Takeaways. Porter's Five Forces is a framework for analyzing a company's competitive environment. The number and power of a company's competitive rivals, potential new market entrants, suppliers, customers, and substitute products influence a company's profitability.
