Answer to Question #217814 in Management for Czwe

Question

Provide a brief explanation of the environment in which the use of Porter’s five forces

Answer 1

porter's five forces were developed to assess the competitiveness in a business environment and five factors are used to describe the strengths and weakness in an industry. Porter's five forces can be utilized to determine market competition based on the situation. Because this business is defined by strong competition, identifying competitive rivalry is critical to product and service advertising. Staff innovation can aid in positioning and gaining a competitive edge over competitors in the sector.