Porter's Five Forces Analysis enhances competition management in business strategy by providing a comprehensive understanding of the competitive landscape. It allows businesses to assess and analyze five key areas: customers, suppliers, potential entrants, substitute products, and rivalry companies. By understanding these areas, businesses can formulate strategic action plans to manage competition effectively. This analysis helps in identifying potential threats and opportunities, thus enabling businesses to position themselves better in the market.
Competition management is at the core of strategy formulation and an understanding of the underlying...
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