A Journal Entry for Business and Strategy Class Dissertation Example For Download

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Category: Business
Subcategory: Environment
Level: University
Pages: 1
Words: 550
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Acquire This journal entry commits to understanding the five competitive forces and how they influence strategy. Based in part on Michael Porter ‘the five competitive forces shaping business Strategy.’ An understanding of the forces influencing the profitability and functionality of firms allows management to be better placed to develop strategies that would enhance the same. Most importantly, a clear understanding of Porter’s forces analysis makes it possible to scan the external business environment and in the process enables a business to formulate a sound strategy. Interpreted The article lists several competitive forces and how they ultimately affect the profitability of businesses. Porter begins by identifying a strengthened customer base that could force down prices. He follows by showing how suppliers limit profits by charging higher rates. Aside from suppliers, new players in the field could take up a big part of the market share from businesses. Finalizing by showing th...

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