Porter's Five Forces framework helps in assessing the threat of substitute products or services by analyzing the availability of similar products in the market, their prices, and the likelihood of customers switching to these substitutes. If there are many substitutes available at competitive prices, and customers are likely to switch, then the threat of substitutes is high. This can impact a firm's competitive position and profitability.
What’s the best way to turn business challenges into strategic opportunities? With a structured case...
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