The Explainer Porter’s Five Forces
This video goes over Porter's Five Forces, a model to help your company gain a competitive advantage. The five forces are; Buyers, Suppliers, Substitutes, New Entrants, and Rivals.
- Buyers - Those that buy the product
- Suppliers - Those that supply the product
- Substitutes - Ways that customers can have their needs met rather than what you provide
- New Entrants - New entrants trying to get into the market
- Rivals - Those you compete against
- Think of an example of a company and what their five forces would be.
- Is one for more important over the others?
- How can companies raise their competitive advantage?