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What is porters five forces model?
1. Supplier's power 2. Threat of subtitute 3. Buyer's power 4. Barrier's to entry 5. Rivalry
What is the importance of porters 5 forces model in strategic management?
Porter's five forces model is important in strategic management because it shows you the positive outcome of advancing in your career. It also helps you understand the outcome of the competitive position you are currently in.
How are the porters five forces used in the retail industry?
Porter's 5 Forces of Competition apply to any Competitive Business/Industry, including but not limited to the retail industry. - Threat of a New Competitor - Threat of a substitute (rival) product/service - Buying Power (bargaining power of buyers) - Supplier Reliance (supplier bargaining power) - Intensity of Rivalry - they say competition brings out the best in us. For a detailed explanation of Porter's 5 Forces and free Templates to use for analysis check out the site BusinessBalls.
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