{"id":4174,"date":"2021-01-03T20:49:30","date_gmt":"2021-01-04T01:49:30","guid":{"rendered":"http:\/\/mariusbill.com\/?p=4174"},"modified":"2021-01-03T20:49:30","modified_gmt":"2021-01-04T01:49:30","slug":"business-mastery-for-entrepreneurs-part-11-how-to-develop-the-best-strategy-for-your-business-tool-v-how-to-use-porters-five-forces","status":"publish","type":"post","link":"https:\/\/mariusbill.com\/de\/business-mastery-for-entrepreneurs-part-11-how-to-develop-the-best-strategy-for-your-business-tool-v-how-to-use-porters-five-forces\/","title":{"rendered":"Business Mastery for Entrepreneurs \u2013 Part 11: How to Develop The Best Strategy For Your Business \u2013 Tool V: How to Use Porter\u00b4s Five Forces"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4209 alignleft\" src=\"http:\/\/mariusbill.com\/wp-content\/uploads\/2021\/01\/Blog-Post-18-Business-Mastery-final-scaled-1.jpeg\" alt=\"\" width=\"492\" height=\"278\" srcset=\"https:\/\/mariusbill.com\/wp-content\/uploads\/2021\/01\/Blog-Post-18-Business-Mastery-final-scaled-1.jpeg 2560w, https:\/\/mariusbill.com\/wp-content\/uploads\/2021\/01\/Blog-Post-18-Business-Mastery-final-scaled-1-300x170.jpeg 300w, https:\/\/mariusbill.com\/wp-content\/uploads\/2021\/01\/Blog-Post-18-Business-Mastery-final-scaled-1-1024x579.jpeg 1024w, https:\/\/mariusbill.com\/wp-content\/uploads\/2021\/01\/Blog-Post-18-Business-Mastery-final-scaled-1-768x434.jpeg 768w, https:\/\/mariusbill.com\/wp-content\/uploads\/2021\/01\/Blog-Post-18-Business-Mastery-final-scaled-1-1536x869.jpeg 1536w, https:\/\/mariusbill.com\/wp-content\/uploads\/2021\/01\/Blog-Post-18-Business-Mastery-final-scaled-1-2048x1158.jpeg 2048w\" sizes=\"auto, (max-width: 492px) 100vw, 492px\" \/><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">In today\u2019s blog post, I will share <strong><b>how to <\/b><\/strong><strong><b>use<\/b><\/strong>\u00a0<strong><b>Porter\u00b4s Five Forces for your strategic decision-making. <\/b><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">I will show how to deal with your competition and how to position your company strategically that benefits your long-term success.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">If you analyze the company\u00b4s current competition advantage with these five forces, it will reveal where you\u00b4ll need to focus your efforts to get back to high performance and business success.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>Overview<\/b><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><b><strong>\u21d2 <\/strong><\/b><strong><b>What <\/b><\/strong><strong><b>are the five forces?<\/b><\/strong><\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><b><strong>\u21d2 <\/strong><\/b><strong><b>What is the best way to deal with competition? <\/b><\/strong><\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><b><strong>\u21d2 <\/strong><\/b><strong><b>What determines the profit margin of your industry?<\/b><\/strong><\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><b><strong>\u21d2 <\/strong><\/b><strong><b>What is the advantage of analyzing these forces?<\/b><\/strong><\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><b><strong>\u21d2 <\/strong><\/b><strong><b><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">What are the aspects you\u00b4ll need to analyze?<\/span><\/b><\/strong><\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><b><strong>\u21d2 <\/strong><\/b><strong><b>What are the strategic actions you should consider?<\/b><\/strong><\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><b><strong>\u21d2 <\/strong><\/b><strong><b>What is the best way to improve the positioning of your company?<\/b><\/strong><\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><b><strong>\u21d2 <\/strong><\/b><strong><b>Summary<\/b><\/strong><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>What <\/b><\/strong><strong><b>are the five forces to consider?<\/b><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><b><\/b><strong><b>Force #1: <\/b><\/strong>Threat of new entrants<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><b><\/b><strong><b>Force #2: <\/b><\/strong>Bargaining power of suppliers<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><b><\/b><strong><b>Force #3: <\/b><\/strong>Bargaining power of customers<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><b><\/b><strong><b>Force #4: <\/b><\/strong>Jockeying for position among current competitors<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><b><\/b><strong><b>Force #5: <\/b><\/strong>Threat of substitute products or services<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\"><strong><b>What is the best way to deal with competition? <\/b><\/strong><\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">This <strong>model<\/strong> was developed by <strong>Harvard University Professor Michael E. Porter<\/strong> to support companies to deal better with competition. It is very easy to view your competition pessimistically and feel like a victim of these outer circumstances.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">While <strong><b>competing<\/b><\/strong><strong><b>\u00a0for market share<\/b><\/strong><strong><b>s<\/b><\/strong>\u00a0in your industry, competition is<strong><b> rooted in its underlying economics<\/b><\/strong><strong><b>.<\/b><\/strong>\u00a0Customers, suppliers, potential entrants, and substitute products are all competitors that may be more or less prominent or active.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">According to Michael E. Porter it is important to be <strong>aware of your competitors<\/strong> in your industry in order to stay competitive. It depends on <strong><b>five basic forces <\/b><\/strong>which is displayed below.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4181\" src=\"http:\/\/mariusbill.com\/wp-content\/uploads\/2021\/01\/Michael-E.-Porter\u00b4s-five-forces-diagram.jpeg\" alt=\"\" width=\"1302\" height=\"963\" srcset=\"https:\/\/mariusbill.com\/wp-content\/uploads\/2021\/01\/Michael-E.-Porter\u00b4s-five-forces-diagram.jpeg 1302w, https:\/\/mariusbill.com\/wp-content\/uploads\/2021\/01\/Michael-E.-Porter\u00b4s-five-forces-diagram-300x222.jpeg 300w, https:\/\/mariusbill.com\/wp-content\/uploads\/2021\/01\/Michael-E.-Porter\u00b4s-five-forces-diagram-1024x757.jpeg 1024w, https:\/\/mariusbill.com\/wp-content\/uploads\/2021\/01\/Michael-E.-Porter\u00b4s-five-forces-diagram-768x568.jpeg 768w\" sizes=\"auto, (max-width: 1302px) 100vw, 1302px\" \/><\/b><\/strong><\/span><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>What determines the profit margin of your industry?<\/b><\/strong><strong><b>\u00a0<\/b><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">The <strong><b>collective strength <\/b><\/strong>of these forces determines the <strong><b>ultimate profit potential<\/b><\/strong> of your industry.<\/span><\/li>\n<li><span style=\"color: #000000; font-family: arial, helvetica, sans-serif; font-size: 14pt;\">In the <\/span><strong style=\"color: #000000; font-family: arial, helvetica, sans-serif; font-size: 14pt;\"><b>economists\u2019 \u201cperfectly competitive\u201d industry<\/b><\/strong><span style=\"color: #000000; font-family: arial, helvetica, sans-serif; font-size: 14pt;\">, jockeying for position is unbridled and entry to the industry very easy.<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">This kind of industry structure offers the worst prospect for long-run <strong>profitability. <\/strong><\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">The weaker the forces collectively,\u00a0the greater the opportunity for superior performance and profit.<\/span><\/li>\n<li><span style=\"color: #000000; font-family: arial, helvetica, sans-serif; font-size: 14pt; text-align: justify;\">The <\/span><strong style=\"color: #000000; font-family: arial, helvetica, sans-serif; font-size: 14pt; text-align: justify;\"><b>c<\/b><\/strong><strong style=\"color: #000000; font-family: arial, helvetica, sans-serif; font-size: 14pt; text-align: justify;\"><b>ompany\u00b4s<\/b><\/strong><strong style=\"color: #000000; font-family: arial, helvetica, sans-serif; font-size: 14pt; text-align: justify;\"><b>\u00a0goal<\/b><\/strong><span style=\"color: #000000; font-family: arial, helvetica, sans-serif; font-size: 14pt; text-align: justify;\">\u00a0is to <\/span><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">find a position<\/span><span style=\"color: #000000; font-family: arial, helvetica, sans-serif; font-size: 14pt; text-align: justify;\"> in their industry where the company can <\/span><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">best defend itself<\/span><span style=\"color: #000000; font-family: arial, helvetica, sans-serif; font-size: 14pt; text-align: justify;\"><strong>\u00a0<\/strong>against these forces or can influence them in its favor.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>While analyzing these five forces use questions, such as:<\/b><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><b><\/b>What makes the industry vulnerable to entry?<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">What determines the bargaining power of suppliers?<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">How strong is the bargaining power of customers?<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>What is the advantage of analyzing these forces?<\/b><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Knowledge of these underlying sources of competitive pressure:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>\u21d2 <\/b>Advantage #1:<\/strong> Helps in your strategic decision making.\u00a0<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>\u21d2 <\/b>Advantage #2: <\/strong>Highlight the critical strengths and weaknesses of your company.\u00a0<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>\u21d2 <\/b>Advantage #3: <\/strong>Supports the positioning of your company in your industry.<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>\u21d2 <\/b>Advantage #4: <\/strong>Clarifies the areas where strategic changes may yield the greatest payoff.<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>\u21d2 <\/b>Advantage #5: <\/strong>Where industry trends promise the greatest profit.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Understanding these sources helps to determine <strong>areas for diversification.<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>What are the aspects you\u00b4ll need to analyze?<\/b><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>\u21d2 \u00a0What are the c<\/b><\/strong><strong><b>ontending <\/b><\/strong><strong><b>f<\/b><\/strong><strong><b>orces<\/b><\/strong><strong><b>?<\/b><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">The strongest competitive forces determine the<strong><b> profitability <\/b><\/strong>of your industry.<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong>For example<\/strong>, even if your company has a strong position in your industry unthreatened by potential entrants, your company will earn <strong><b>low returns<\/b><\/strong> if it faces a superior or a lower-cost substitute products.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>\u21d2 Are new entrants a t<\/b><\/strong><strong><b>hreat to your company<\/b><\/strong><strong><b>?<\/b><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">The seriousness of the threat of entry depends on the current barriers.<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">If barriers to entry are high and newcomers can expect sharp retaliation from the entrenched competitors, they are not a serious threat to your company.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\"><strong><b> \u21d2 <\/b><\/strong><\/span><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\"><strong><b>Are there p<\/b><\/strong><strong><b>owerful suppliers &amp; buyers<\/b><\/strong><strong><b>?<\/b><\/strong><\/span><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong>Suppliers<\/strong> can exert bargaining power in your industry by raising prices or reducing the quality of purchased goods and services.<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong>Powerful suppliers<\/strong> can thereby squeeze profitability out of your industry.<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong>Customers<\/strong> can force down prices, demand higher quality or more service, and play competitors off against each other\u2014all at the expense of companies and industry profits.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>\u21d2 What is the best s<\/b><\/strong><strong><b>trategic action<\/b><\/strong><strong><b>?<\/b><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Your company needs to choose the suppliers to buy from or buyer groups to sell to wisely. It is a <strong>crucial strategic decision\u00a0<\/strong>you\u00b4ll have to make.<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Your company can <strong>improve its strategic position<\/strong>\u00a0by finding suppliers or buyers who possess the least power to influence it adversely.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>\u21d2 Are there s<\/b><\/strong><strong><b>ubstitute products<\/b><\/strong><strong><b>?<\/b><\/strong><\/span><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>\u00a0<\/b><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">By placing a ceiling on prices it can charge, substitute products or services limit the potential of an industry.<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Unless it can <strong>upgrade the quality<\/strong> of the product or <strong>differentiate<\/strong> it somehow the industry will suffer in earnings and possibly in growth.<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Substitute products that deserve the most attention strategically are those that <\/span><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">are subject to trends improving their<strong> price-performance trade-off.\u00a0<\/strong><\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong>Substitutes<\/strong> often come rapidly into play if some development increases competition in their industries and causes price reduction or performance improvement.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>\u21d2 <\/b><\/strong><strong><b>Jockeying for your position<\/b><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Rivalry among existing competitors takes the familiar form of jockeying for position\u2014using tactics like price competition, product introduction, and advertising.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>\u21d2 <\/b><\/strong><strong><b>Formulation of your strategy<\/b><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Once you\u00b4ve assessed the forces affecting competition in your industry and their underlying causes, the next step is to identify the company\u2019s strengths and weaknesses (e.g. SWOT analysis) to formulate a powerful strategy for your company.<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">While formulating your new strategy keep an eye on potential substitutes and how your company can stand against those substitutes.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>What are the strategic actions you should consider?<\/b><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>\u21d2 <\/b>Positioning<\/strong> your company so that it provides the best defense against competitive forces.\u00a0<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>\u21d2 <\/b>Influencing <\/strong>the balance of the forces through strategic moves<strong>,<\/strong> thereby improving the company\u2019s position.<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>\u21d2 <\/b>Anticipating shifts<\/strong> in the factors underlying the forces and responding to them.<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>\u21d2 <\/b>Choosing<\/strong> a strategy appropriate for the new competitive balance before your competitors recognize it.\u00a0<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>What is the best way to improve the p<\/b><\/strong><strong><b>ositioning <\/b><\/strong><strong><b>of your<\/b><\/strong><strong><b>\u00a0company<\/b><\/strong><strong><b>?<\/b><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>\u21d2 <\/b>Strategy #1:<\/strong> You take the structure of the industry as given and match the company\u2019s strengths and weaknesses to it.<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>\u21d2 <\/b>Strategy #2: <\/strong>You find out\u00a0where the competitive forces in your industry are weakest. <\/span><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Use your knowledge of the company\u2019s capabilities and of the causes of the competitive forces where your company should confront competition and where avoid it.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">This framework for analyzing competition can also be used to predict the eventual <strong>profitability<\/strong> of your industry by c<\/span><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">onstructing a composite picture of the likely profit potential of the industry.<\/span><\/p>\n<p><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong>The potential of your industry will&#8230;<\/strong><\/span><\/p>\n<ul>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Depend largely on the shape of future barriers to entry<\/span><\/li>\n<li><span style=\"color: #000000; font-family: arial, helvetica, sans-serif; font-size: 14pt;\">Improvement of the industry\u2019s position relative to substitutes<\/span><\/li>\n<li><span style=\"color: #000000; font-family: arial, helvetica, sans-serif; font-size: 14pt;\">Intensity of competition<\/span><\/li>\n<li><span style=\"color: #000000; font-family: arial, helvetica, sans-serif; font-size: 14pt;\">The power of buyers and suppliers<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">The ultimate capital costs to compete<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>Summary<\/b><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><b><strong>\u21d2 <\/strong><\/b><strong><b>Key Point #1:<\/b><\/strong> Porter\u00b4s five forces provide a roadmap for your strategic decision-making.<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><b><strong>\u21d2 <\/strong><\/b><strong><b>Key Point #2: <\/b><\/strong>They supports the positioning of your company against competition.<\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>\u21d2 Key Point #3: <\/b><\/strong>They answer the question on how to respond to competitive forces.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>Supporting you<\/b><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">I\u00b4m available to support you through this difficult time by re-imagine your business. Porter\u00b4s five forces\u00a0will help you in your strategic decision-making process and to\u00a0spots the forces\u00a0you\u00b4ll need to adapt your strategy too.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">I will work with you and your leadership team to assess how these forces influence your\u00a0company. We will develop a tailored strategy that takes into account these five forces. The goal is to get your business fast running at its peak performance.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>Contact me for a complimentary 30-minute strategy session:<\/b><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/nextlevelcoach.as.me\/schedule.php\"><u>https:\/\/nextlevelcoach.as.me\/schedule.php<\/u><\/a><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>Coming up next month\u2026<\/b><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">In my next blog post, I\u2019ll share how to use the <strong>five WHY\u00b4s<\/strong>?<strong><b>.<\/b><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Stay tuned!<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">#advantages #analysis #approach #blog #blogpost #business #businesscoach #businesscoaching #businessowner #businesses #businessmastery #change #challenge #company #companies #coaching #coach #entrepreneur #entrepreneurship #empower #empowering #fiveforces #leadership #leadershipcoaching #leader #leading #marketing #mindset #mindsetcoach #mindsetcoaching #opportunity #potential #portersfiveforces\u00a0 #solution #strengths #strategy #strategies #strategyforsuccess #system #success #successful #threat #weakness #nextlevel #nextlevel-coach #nextlevelscoach #nextlevelcoaching #nextlevelcoach #marius #mariusbill\u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>Copyright \u00a9 20<\/b><\/strong><strong><b>19-2021<\/b><\/strong><strong><b>\u00a0Next Level Coach. All rights reserved!<\/b><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>In today\u2019s blog post, I will share how to use\u00a0Porter\u00b4s Five Forces for your strategic decision-making. I will show how to deal with your competition and how to position your company strategically that benefits your long-term success. If you analyze the company\u00b4s current competition advantage with these five forces, it will reveal where you\u00b4ll need [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-4174","post","type-post","status-publish","format-standard","hentry","category-business"],"translation":{"provider":"WPGlobus","version":"3.0.2","language":"de","enabled_languages":["en","de"],"languages":{"en":{"title":true,"content":true,"excerpt":false},"de":{"title":false,"content":false,"excerpt":false}}},"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.9 - aioseo.com -->\n\t<meta name=\"description\" content=\"In today\u2019s blog post, I will share how to use Porter\u00b4s Five Forces for your strategic decision-making. 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