Power of Customers
It is affected by how many buyers or customers a company has, how significant each customer is, and how much it would cost a company to find new customers or markets for its output.
A smaller and more powerful client base means that each customer has more power to negotiate for lower prices and better deals. A company that has many, smaller, independent customers will have an easier time charging higher prices to increase profitability.
The Five Forces model can help businesses boost profits, but they must continuously monitor any changes in the five forces and adjust their business strategy.
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