BUSINESS ADMINISTRATION
PRINCIPLES AND PRACTICE OF MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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existence of complementary products
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organizational structure
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existing benchmarks
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span of management
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bargaining power of suppliers
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Detailed explanation-1: -These forces include the number and power of a company’s competitive rivals, potential new market entrants, suppliers, customers, and substitute products that influence a company’s profitability.
Detailed explanation-2: -Porter’s Five Forces offer businesses a way to analyze and outmaneuver their competitors in the marketplace. Knowing who your competition is and how their products, services, and marketing strategies affect you is critical to your survival.
Detailed explanation-3: -Porter’s five forces is an amazing tool enabling organizations to evaluate the profitability of a market or industry. It is based on five forces that affect attractiveness: competitive rivalry, supplier power, buyer power, threat of substitution and threat of new entry.