Ideas from books, articles & podcasts.
The Five Forces model is widely used to analyze the industry structure of a company as well as its corporate strategy. Porter identified five undeniable forces that play a part in shaping every market and industry in the world, with some caveats. The five forces are frequently used to measure the competition intensity, attractiveness, and profitability of an industry or market.
Porter's five forces are:
1. Competition in the industry
2. Potential of new entrants into the industry
3. Power of suppliers
4. Power of customers
5. Threat of substitute products
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Core competencies are activities in the value chain that create economic value, that are rare among a firm’s competitors, and that competitors find difficult to imitate.
The five forces framework does a great job of helping to identify the competitive threats in an industry. But using this tool to estimate the overall attractiveness of an industry is usually not that helpful.
Three things to think about when considering cooperating with other businesses within a firm to gain synergies:
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There’s a thin line between speaking and overspeaking. Sometimes it is best to be the listener. Recognising the importance of silence and how to use it as a tactical tool in business is an art a lot of successful salesman have mastered. So here are some of the practical tips I have taken into my business that have also worked for me.
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