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Essay / Research Paper Abstract
This 5 page paper looks at the question "I s Strategy predominantly determined by the firm, or, the industry in which the Firm operates?". The paper looks at the different determinants of strategy form external forces and the environment, including the use of tools such as Porters Five Forces model, the way past performance will impact potential choices and the importance of access to current or future resources. The bibliography cotes 3 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEstratform.rtf
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Unformatted sample text from the term paper:
company. However, to determine strategy both internal aspects, such as available resources have to be considered as well as the current state of the industry and competitive position within that
industry. With this in mind it can be difficult to determines whether the firm itself of the industry is more influential in guiding strategy. This can be considered with reference
to different aspects of strategy theory. External Factors To compete in an industry it is important to understand the external factors,
so that the company can look at gaps in the market and the best ways of competing. One of the most respected business commentators of the current age is Michael
Porter. His five forces model considers the external macro effects on an organisation in a business environment (Porter, 1980). His five forces model is designed to show how the external
environment can effect the way a business operates, and that any strategy a business undertakes should take these factors into consideration when analysing their position and possible future (Grant, 1998).
In this way the changes that are made can be planned to minimise the negative influence and reduce their impact as well as taking advantage of any positive circumstances.
In understanding these external forces the business manager will be better placed to deal with them when they come to play. The five
forces Porter identifies are the existing competitors, the threat of new entrants, substitute products (or services), and the power of purchasers and suppliers.
Porter does not see these external factors as working alone, they act in relationship to each other, and can also be influenced by the organisation which the effect, in understanding
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