**Understanding Porter's Five Forces**According to Porter’s Five Forces approach, the overall goal of applying the Five Forces analysis to an industry is to make a judgment about its _____.- ○ future volatility- ○ revenue streams- ○ market share- ○ industry profitability**Explanation:** Porter's Five Forces is a framework for analyzing the level of competition within an industry and business strategy development. The Five Forces identified by Porter are:1. **Competitive Rivalry** - This looks at the number and strength of your competitors. A high number of competitors can mean lower margins and market saturation. 2. **Supplier Power** - Assesses how easy it is for suppliers to drive up prices. If suppliers have significant power, they can affect the supply chain and margins.3. **Buyer Power** - This is the extent to which customers can put the company under pressure, which also affects the customer’s price sensitivity.4. **Threat of Substitution** - Analyzes the likelihood of customers finding an alternative way of doing what you do. If substitution is easy, competitive pressures increase.5. **Threat of New Entry** - Considers how easy or difficult it is for new competitors to enter the market. High barriers to entry protect the positions of existing companies.The answer to the question is "industry profitability," as the purpose of the Five Forces analysis is to determine the potential profitability of an industry by analyzing these factors.

Organizations function in an environment that keeps on changing. It is important to conduct…

Answered: According to Porter's Five Forces…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

See similar textbooks

Similar questions

Think about this: Do you think marketing would have benefited from Big Data and Predictive Analytics, for instance, 10 years ago? And why is this the case, furthermore?
When developing your business strategy and want to enter a new market, you alwaysanalyze the following business threats that might negatively impact your business? [more than one answer) a) New competitors in the marketb) New product in the market22, c)Customers' influenced) Your time management
1. Review the provided CRM data to guide you in selecting the buying firm that will maximize revenue for DataLocker. Once you have analyzed the CRM data, select the appropriate industry that will maximize revenue for DataLocker: Small Size Manufacturing Small Size Hospitality Small Size Services Medium Size Manufacturing Medium Size Hospitality Medium Size Services Large Size Manufacturing Large Size Hospitality Large Size Services
How can a marketer use real-time market information (ie: checkout scanner information on sales, customer buying habits, purchase methods, related product sales, etc.) as a competitive advantage?
Somet Health Insurance Company wants to sell a health insurance product for $700 permonth. There is no requirement for healthy people to have insurance coverage. Thecompany conducts a survey to see how different populations respond to the proposed cost.People with no illnesses and disabilities, generally the young and healthy, respond that theydo not spend $700 on healthcare in an entire year, and most feel they would not waste somuch money on premiums when the chance of needing surgery or expensive healthcaretreatments is so small. However, older, sicker people think that $700 per month is a greatdeal, as most of them spend far in excess of this amount on healthcare. It seems like agreat deal for them. What will happen to the costs of the health insurance if only the older, sicker peopleenroll?
What is apples revenues, profitability, and market value?
One of the benefits of value driven marketing is attention to customer needs and wants will likely result in: recessions O increased competition O long-term loyalties. O stronger relational dialogues among competing firms in the marketplace. O all of the above
The use of management science in "market analysis". List three positive and negative outcomes from this application of management science.
Describe the differences between viewing customer relationships as transactional versus having a lifetime value. How does the lifetime value concept change the way that service businesses assess customer relationships? What are the benefits to the service business of solid customer relationships and customer loyalty?
1. Consider the expression “timing is everything” in relation to the building of the TOMS brand. Besides the influence of recovering economic conditions and the increased affluence of potential customers, what forces contributed most significantly to TOMS growth and market share? In your answer, consider the following: a. Which cultural/social concepts and/or norms influenced a potential buyer to purchase TOMS products? Detail the impact of your identified concept/norm on TOMS growth. b. Do you think that most businesses can successfully leverage the same cultural/social concepts and/or norms that TOMS did? Be descriptive in your response, and, if appropriate, identify a company/business that has put such principles to work to their advantage. 2.Review the TOMS website (especially the section on "Impact") and access the “Code of Business Practices via the link below. Of the elements of the Code, select three and review them in terms of ethical behavior and corporate social…
Take into consideration the following things: Do you believe that techniques such as big data and predictive analytics, for instance, would have been effective in marketing ten to fifteen years ago? And why does this happen to be the case?
The marketing mix is a key set of tools within the microenvironment, which helps an organization produce the response it wants from their target market. It’s made of up the 4Ps, which include product, price, place, and promotion. When these four factors are aligned properly, they play an important role because it encompasses everything an organization can do to deliver customer value and engage consumers. Simulated Business Scenario: Zihan is a baker who is planning to start his own business and open a bakery in his hometown in Connecticut. Her has spent a lot of time and effort perfecting the cookie recipe , which she has been making over the years from a family recipe. Zihan is concerned that she is spending too much time and effort on the actual cookie recipe (product) and not enough time on the remaining 3Ps. In order to ensure a successful launch of her new business, Zihan hired you to help with the bakery’s grand opening.She asked you to prepare a report detailing what the bakery…

SEE MORE QUESTIONS

Recommended textbooks for you

Understanding Business

Management

ISBN:

9781259929434

Author:

William Nickels

Publisher:

McGraw-Hill Education

Management (14th Edition)

Management

ISBN:

9780134527604

Author:

Stephen P. Robbins, Mary A. Coulter

Publisher:

PEARSON

Spreadsheet Modeling & Decision Analysis: A Pract…

Management

ISBN:

9781305947412

Author:

Cliff Ragsdale

Publisher:

Cengage Learning

Understanding Business

Management

ISBN:

9781259929434

Author:

William Nickels

Publisher:

McGraw-Hill Education

Management (14th Edition)

Management

ISBN:

9780134527604

Author:

Stephen P. Robbins, Mary A. Coulter

Publisher:

PEARSON

Spreadsheet Modeling & Decision Analysis: A Pract…

Management

ISBN:

9781305947412

Author:

Cliff Ragsdale

Publisher:

Cengage Learning

Management Information Systems: Managing The Digi…

Management

ISBN:

9780135191798

Author:

Kenneth C. Laudon, Jane P. Laudon

Publisher:

PEARSON

Business Essentials (12th Edition) (What's New in…

Management

ISBN:

9780134728391

Author:

Ronald J. Ebert, Ricky W. Griffin

Publisher:

PEARSON

Fundamentals of Management (10th Edition)

Management

ISBN:

9780134237473

Author:

Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo

Publisher:

PEARSON

SEE MORE TEXTBOOKS

According to Porter's Five Forces approach, the overall goal of applying the Five Forces analysis to an industry is to make a judgment about its O future volatility O revenue streams O market share O industry profitability