Competitive forces have the power to break or make your small business almost overnight. Do you know what competitive forces your small business and it’s industry are under?
In 1979 Michael Porter identified 5 forces, or sources of pressure, that influence competition in an industry and which ‘determine the ultimate profit potential of an industry’. Not only was the model he proposed widely accepted but it is still at the centre of competitive strategy thirty years later.
How attractive is your market or industry to potential entrants?