![]() By analyzing each of the five forces, businesses can identify the areas where they are most vulnerable and develop strategies to mitigate those risks.Ī Real-World Application of Porter’s Five Forces ![]() The purpose of Porter’s Five Forces is to help businesses understand the competitive forces in their industry and how they can use this information to develop a strategy that will allow them to thrive. The five forces that Porter identified are: the threat of new entrants, the bargaining power of suppliers, the bargaining power of customers, the threat of substitute products or services, and the intensity of competitive rivalry.Īlso Read : 16 Best ERP Software in Singapore You Should Know in 2023 What is the Purpose of Porter’s Five Forces? This model helps companies analyze the competitive forces in their industry and develop strategies to deal with them. Porter’s Five Forces is a framework developed by Michael Porter, a renowned Harvard Business School professor.
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