3.7.7 Analysing the external environment to assess opportunities and threats: the competitive environment Flashcards
1
Q
How do markets differ?
A
- Size
- Structure (nb of brands/competitors)
- Distribution channels
- Customers needs and wants
- Growth
- Product life cycle
- Alternatives for consumer
2
Q
What is porters five forces?
A
A framework for analysing the nature of competition within an industry
3
Q
What are porters five forces?
A
- Barriers to entry
- Buyers power
- Suppliers power
- Threat of substitutes
- Industry rivalry
4
Q
What is a key point of porters five forces?
A
It helps to develop strategies for specific industries by taking into account variables such as power, threats, relationships and intensity of competition
5
Q
A
