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Conducting external environmental analysis

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Reference no: EM133126704

When conducting an external environmental analysis, firms often employ Porter's Five Competitive Forces model. This model guides firms as they seek to better understand their position within their industry and market, relative to their competitors. Through a thorough analysis, firms are better equipped to make strategy choices in order to maximize profits.

Identify and describe each of the five competitive forces included in Porter's model in detail, using outside research to support your explanations.

Explain how the five competitive forces within a given industry affect its profit potential, using outside research to support your assertions.

Reference no: EM133126704

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