Learn more about problemsolving with this collection
How to challenge assumptions
How to generate new ideas
How to break out of traditional thinking patterns
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 an alternative product or method you could use to reduce your vulnerability?
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MORE IDEAS ON THIS
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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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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Other curated ideas on this topic:
Path Of Least Resistance
- Everyone follows the path of least resistance.
- The path of least resistance is why I think Amazon.com, Apple and Google have been so successful.
- In business, one of the challenges is making sure that your product is the easiest to experience and to sell. ...
Painkillers, Vitamins And Candy
The degree to which you listen to customer feedback is dependent upon the type of value your product is creating. Products tend to fall into distinct categories of value:
- Painkillers
- Vitamins
- Candy.
Painkillers won...
The Law of Sacrifice
You have to give up something in order to get something.
If you want to be successful, you should sacrifice the following:
- Product line. Where is it written that the more you have to sell, the more you sell? If you want to be successful, you h...
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