Essay about Analysis Of The Article Five Forces By Michael Porter
Looking at the article Five Forces by Michael Porter it made complete sense in our modern business world. What was interesting about this article is that Michael Porters aspect of the five forces has always been out there he just made a nice conclusion and put it all in one article. Looking at how he proposed the entire factor made a lot of sense.
What we look at in the article is how he breaks down each factor and relates them into our most know industries. He also provides the reader with addressing the common misunderstandings, provides practical guidance for users of the framework, and takes us into understanding and learning how vital all these steps are essential to all work fields.
1. Bargaining Power of Suppliers
2. Threat of substitute Products or services
3. Bargaining of power of buyers
4. Threat of new entrants
5. Rivery among existing competitors
Michael Porter also looks at these five completive forces and defines how we can shape each strategy. What we can see from the article these five forces can be applied to any business vision. As our markets are becoming more complex as well as completive, we as managers must embrace these five factors and use them in our day-to-day operations.
Looking at this article from a health care prospective, I will incorporate this into Presence health Care. These factors apply to us where we deal with patients, suppliers, other potential entrants, and having to make the decisions to substitute products as well…