Understanding the Five Forces Model
Journal – : Journal entries are a tool for you to explain concepts in your words and reflect on the information. Journals entries help to strengthen your understanding and retention of the information and allow you to establish your own position on the topic.
For this Journal Entry: Demonstrate your understanding of the Five Forces Model by choosing an organization or product – then by answering the questions, provide an example for each of the forces in relation to your chosen organization or product. You may need to do a quick Internet search to determine some of the responses for the questions below.
Organization or Product:
1. Who are the current competitors?
2. Is there currently a threat of new entrants? If so, where are they coming from?
3. Who are the main suppliers? If you cannot find them by name, what types of materials are supplied.
4. Who are the main buyers?
5. What might be considered a substitute product/service?