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A graphical representation of Porter's five forces. Porter's Five Forces Framework is a method of analysing the competitive environment of a business. It draws from industrial organization (IO) economics to derive five forces that determine the competitive intensity and, therefore, the attractiveness (or lack thereof) of an industry in terms of its profitability.
Porter's model is not just for businesses, but can also be applied to a country to help gain insight into creating a competitive advantage in the global market. [13] The ultimate purpose of Porter's five forces model is to help businesses compare and analyze their profitability and position with the industry against indirect and direct competition.
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He is credited with creating Porter's five forces analysis, a widely-used management framework. He is generally regarded as the father of the modern strategy field. [ 3 ] He is also regarded as one of the world's most influential thinkers on management and competitiveness as well as one of the most influential business strategists.
Porter five forces analysis, which addresses industry attractiveness and rivalry through the bargaining power of buyers and suppliers and the threat of substitute products and new market entrants; SWOT analysis , which addresses internal strengths and weaknesses relative to the external opportunities and threats;
A complementary product is a segment added to the six forces model compared to the five forces model. Two products are complementary when one product or service provides a complementary function. They usually serve the user simultaneously, so they exist as the sixth force of Porter's model.
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Diamond model; N. North East of England Process Industry Cluster ... Michael Porter; Porter's five forces analysis; Porter's four corners model; V. Value chain This ...