When conducting an external environmental analysis, firms often employ Porter’s Five Competitive Forces model. This model guides firms as they seek to better understand their position within their industry and market, relative to their competitors. Through a thorough analysis, firms are better equipped to make strategy choices in order to maximize profits.
In a paper of no fewer than 1000 words, you must complete two tasks:
- Identify and describe each of the five competitive forces included in Porter’s model in detail, using outside research to support your explanations.
- Explain how the five competitive forces within a given industry affect its profit potential, using outside research to support your assertions.
Note: Outside research is required for this assignment. You must include no fewer than 5 outside sources (not including the textbook). These sources should be scholarly; appropriate sources include academic and industry trade journals. As graduate students, please refrain from using non-authoritative source such as internet blogs, websites without author names/credentials, etc. Be sure to properly cite all of your sources in order to avoid plagiarism. All submissions will be checked via Turn-It-In similarity detection software! Use APA style, as this is the preferred style for the Business field.