Porter's Five Forces of Competition

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Added on 2021/04/21

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The provided document explores the concept of Porter's five forces of competition, a model used to determine industry structure and fight competition. The five forces include bargaining power of buyers, suppliers, substitutes, threats of new entry, and competitive rivalry. However, the model has been criticized for its limitations, including being static in nature, focusing on external factors rather than internal ones, and failing to account for digitalization and globalization. Despite these criticisms, the model remains a widely used framework in business schools and industries.

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Porter's Five Forces of Competition

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