Harvard Business School professor Michael E. It’s a complete industry analysis that focuses on the context around your product or business offering. It also considers your suppliers, end customers, and adjacent products that may pose a threat to your industry. The framework goes beyond the relationship between you and your competitors. Think of it as a rudimentary business compass that helps you figure out where your product stands at any given point in time. Simply put, Porter’s Five Forces is a model that lets you evaluate the competitiveness of a particular industry or marketplace. Try Miro’s Porter’s Five Forces Template What is Porter’s Five Forces model? In this article, we’ll share the benefits of working with the model, a real company example, and a 5 Forces template you can start using today. That’s what Porter’s Five Forces model helps you achieve. By identifying your unique advantages over your competitors, you can leverage them to win loyal customers. Even if you created a monopoly with a new invention, copycats are sure to follow.īut just having competitors doesn’t make a product bad. Unfortunately, in the real world, no business exists in a vacuum. In business school, you may have learned about the “ blue ocean strategy,” where the goal is to be the only competitor in a thriving marketplace.
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