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How to challenge assumptions
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2) Threat of Substitute products
- Analyze how easily your products can be substituted with others.
- It will depend on factors such as its relative price, accessibility, and quality.
- All alternatives should be considered, not just similar products.
- As an example, airlines compete not just with other airlines, but with train and bus operators as well.
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MORE IDEAS ON THIS
4) Bargaining Power of Suppliers
- Know how strong your suppliers are.
- Is there a supplier you are dependent upon?
- Is there anything you can do to reduce this?
- What are the chances that the supplier would be able to sell directly to your customers if it did not depend on your business?
- Is there...
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3) Bargaining Power of Buyers
Analyze your buyers' strengths.
- Do buyers have the upper hand in this market?
- Can buyers easily switch brands?
- Could some of your customers be in such a strong position to make you vulnerable?
- What impact will it have on your company if you're dealing with busin...
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Business Strategy Tool
The tool was created by Harvard Business School professor Michael Porter, to analyze an industry's attractiveness and likely profitability.
Since its publication in 1979, it has become one of the most popular and highly regarded business strategy tools.
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1) Threat of New Entrants
- Consider the ease with which new companies can enter the market.
- Many factors need to be considered, such as barriers to entry (patents and high set-up costs), the profitability of the business, and the brand's reputation.
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5) Rivalry among Existing Competitors
- In industry analysis, it is important to understand who your competitors are and how you compare them.
- From the outside looking in, it may seem that everyone is a competitor.
- However, take a closer look and you will find that there are both direct and indirect competitors dep...
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CURATED FROM
IDEAS CURATED BY
Porter's Five Factors is a model that identifies and analyzes five competitive forces that define every sector and aid in determining an industry's strengths and weaknesses.
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Other curated ideas on this topic:
Drawbacks of PPP
Some factors explain why PPP is not a good reflection of reality.
- Tax differences: Government sales taxes such as the value-added tax (VAT) can spike prices in one country, relative to another
- Government Intervention: Tariffs can dramatically a...
2. “When UX doesn’t consider ALL users, shouldn’t it be known as “SOME User Experience” or… SUX?”
— Billy Gregory, Senior Accessibility Engineer
This tweet from Billy Gregory, Senior Accessibility Engineer at The Paciello Group , serves as a stark reminder that
Match your product to the right stores
Your retail strategy needs to match the marketability and USP of your product with the right store. This means considering factors such as the location of a store, how it fits into the local community, and whether or not your product will be appealing to its customers.
You may find that ret...
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