Answered Essay: What were 3 key insights you captured from Reading -The Five Competitive Forces that Shape Strategy?

What were 3 key insights you captured from Reading -The Five Competitive Forces that Shape Strategy? by Michael Porter.

Please don’t plagiarize the answer

Expert Answer

Porter’s 5 forces model could be used to scan the environment and eliminate the competition in the market by undertaking various theories such as Competitive Rivalry or Bargaining power of customers. Following are my three key in-sights:

A. Porter’s five forces model for competition analysis:

Porter believed in analysis of Five forces of Competition:

  1. Threat of new entrants:

Can frighten off new entrants due to:

• Their need to enter on a large scale in order to be cost competitive

• The time it takes to move down the learning curve

  1. Bargaining Power of Buyers:

Can mitigate buyer’s power by driving prices far below competitors that can cause an exit or shift power back to the firm.

  1. Bargaining Power of Suppliers:

Can mitigate supplier’s power by being able to:

  • Absorb cost increases due to low cost position
  • Make large purchases, reducing chance of Supplier using power.
  1. Threat of Substitute Products:

Well positioned relative to substitutes because:

  • Make investments to create substitutes first
  • Buy patents developed by Potential substitutes
  • Lower prices to maintain Value Positions
  1. Rivalry with existing competitors:

Can use Cost-leadership strategy to advantage since:

  • Competitors avoid price wars with Cost leaders, creating higher profits for the entire industry.

B. The other technique that can be used is Michael Porter’s techniques are also Porter’s generic strategiesthat deal with:

–         Overall cost leadership

–         Differentiation

–         Focus

C. ENSURING OF COMPETITIVE EDGE IN THE MARKET:

–         The value chain analysis to be undertaken in order to ensure ways in which resources and competencies could add more value to our business functions.

–         The product differentiation by offering a distinctive product with unique pricing strategy could also help withstanding in the competition.

Buy Essay
Calculate your paper price
Pages (550 words)
Approximate price: -

Help Me Write My Essay - Reasons:

Best Online Essay Writing Service

We strive to give our customers the best online essay writing experience. We Make sure essays are submitted on time and all the instructions are followed.

Our Writers are Experienced and Professional

Our essay writing service is founded on professional writers who are on stand by to help you any time.

Free Revision Fo all Essays

Sometimes you may require our writers to add on a point to make your essay as customised as possible, we will give you unlimited times to do this. And we will do it for free.

Timely Essay(s)

We understand the frustrations that comes with late essays and our writers are extra careful to not violate this term. Our support team is always engauging our writers to help you have your essay ahead of time.

Customised Essays &100% Confidential

Our Online writing Service has zero torelance for plagiarised papers. We have plagiarism checking tool that generate plagiarism reports just to make sure you are satisfied.

24/7 Customer Support

Our agents are ready to help you around the clock. Please feel free to reach out and enquire about anything.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

HOW OUR ONLINE ESSAY WRITING SERVICE WORKS

Let us write that nagging essay.

STEP 1

Submit Your Essay/Homework Instructions

By clicking on the "PLACE ORDER" button, tell us your requires. Be precise for an accurate customised essay. You may also upload any reading materials where applicable.

STEP 2

Pick A & Writer

Our ordering form will provide you with a list of writers and their feedbacks. At step 2, its time select a writer. Our online agents are on stand by to help you just in case.

STEP 3

Editing (OUR PART)

At this stage, our editor will go through your essay and make sure your writer did meet all the instructions.

STEP 4

Receive your Paper

After Editing, your paper will be sent to you via email.