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Essay / Research Paper Abstract
There are many tools that can be used with strategy analysis and evaluation. In most models there is the need to consider the macro environment, in this paper the use of Porters Five Forces Model is examined showing how it can help develop or analyse strategy. The bibliography cites 5 sources.
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File: TS14_TEstreval.rtf
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seized. There are many elements to such a process, one if which has to be consideration of the external environment. No business operates in a microcosm, therefore the external environment
will have an impact on the way the company operates and needs to develop in order to create or maintain a competitive advantage. Any company needs to understand this environment
so that it can adapt and maximise the resources to the greatest benefit as well as protecting weaknesses. One tool which is used is that which was developed by Michael
Porter and is referred to in practically very book on strategic awareness and development; Porters Five Forces Model. The Five Forces model considers the external macro effects on an
organisation in a business environment (Goett, 1999). 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 (DAveni, 1999). In understanding these external
forces we will be better placed to deal with them, understanding their combined impact, 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 (Thompson, 1998). 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 them the organisation is in the
best position to influence them (Thompson, 1998). This model may be twenty years old, but in seeking to understand its strengths and weaknesses we can look at each of these
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