Question

Please analyze an industry other than the airline industry that you are interested in using Porter’s Five Forces. Explain what the Buyer Power, Supplier Power, Threat of New Entrants, Threat of Substitute Products, and Competitive Rivalry are. Explain if it is an attractive industry or not. Possible industries include: Tax accounting Financial investment Car manufacturing Travel agents Airlines Coffee shops Book stores Higher education Criminal law Corporate law Clothing stores Fashion design Sports marketing Radio (music, talk, sports, etc.) Film production Marketing (sports, social, traditional) Do not limit yourself to one of these industries if you are interested in another.

Answer 1

Buyer Power in the Porter's Five Forces is the pressure the buyer can exert on the business to get the business firm to provide better consumer services, higher quality products and lower prices too.

Supplier power in the Porter's Five Forces is the pressure exerted by the supplier on the business by lowering the quality, raising the prices or reducing the availability of the product.

Threat of New Entrants in the Porter's Five Forces is the threat new competitors bring about on the existing competitors in an industry.

Threat of Substitute Products is the availability of other products that the customers can get from outside the industry. Substitute products are readily available for the customers in and around the industry.

Competitive Rivalry is a chance in which the competitive forces will prevent you from achieving the goal. It is usually associated with the risk of declining business revenue.