Porter's five forces model helps in understanding the competitive environment by analyzing five key factors: the threat of new entrants, the bargaining power of buyers, the bargaining power of suppliers, the threat of substitute products or services, and the intensity of competitive rivalry. By evaluating these forces, businesses can identify their strengths and weaknesses, understand the dynamics of their industry, and develop strategies to become more competitive.
Do you feel trapped to outdo competitors? Better strategies can build a stronger defense against com...
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