BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Providing employment
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Stimulating economy
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paying taxes to government
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competing with other businesses
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Detailed explanation-1: -Political factor is not one of the Porter’s five force factor. The Porter’s five forces tool is a simple but powerful tool to evaluate the power of business. Porter’s Forces Analysis assumes that there are important forces that determine competitive power in a business situation.
Detailed explanation-2: -Before we start on the ways that you can identify your competitors, let’s first talk about the types of competition that you have in the field. There are 5 types of competitors: direct, potential, indirect, future, and replacement.
Detailed explanation-3: -The answer is 5) A market share dominator strategy. The strategy to dominate market share is not one of Porter’s generic strategies for competition. The key generic types of competitive strategy are the best-cost provider, low-cost provider, differentiation, and focused low-cost.