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How to challenge assumptions
How to generate new ideas
How to break out of traditional thinking patterns
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 businesses with low-profit margins?
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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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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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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
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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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... and beyond:
- Be agile. Pivoting has gotten a lot of businesses through the pandemic. Continuing to adapt to it is what helps you keep going.
- Communicate honestly and authentically. When facing a crisis, be transparent with everyone affected ...
Types of people
Category 1: Losers
People who always see negative in everything and put in the least amount of effort or no effort at all. They are least bothered about what is happening around them. They will only crib and complain about how the world is. They will say someth...
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