Porter's Five Forces
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What are Porter’s Five Forces of Competition?
by Nathanael Okhuysen
Industrial organization is a field of study that examines the differences between the “perfect” competition among companies found in economics textbooks, and the “imperfect” competition found in the real world. One tool derived from the field is Michael Porter’s “five forces” analysis, from the very beginning of his seminal book, Competitive Strategy. Porter developed the five forces analysis as a more rigorous variation of the widely used SWOT analysis. The framework focuses on the level of competition within an industry to evaluate a company’s strategic position. In contrast to the SWOT analysis, the five forces survey the business environment, rather than examining a particular firm itself. Along with the PEST analysis, it digs deeper into the Opportunities and Threats of the SWOT.
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Storyboard Description
Porter's Five Forces of Competition
Storyboard Text
- New Entrants
- Rivalry
- Subsitution
- Potential additions to the industry (potential internal pressure)
- Existing entities within the industry (current internal pressure)
- Substitutes from outside the industry (current and potential external pressure)
- Buyers
- Porter's Five Forces
- Sellers
- Welcome to Parson's Seed & Feed
- The power of those downstream in the chain of production
- The power of those upstream in the chain of production
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