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Essay / Research Paper Abstract
This 5 page paper considers how Porters Five Forces Model, which looks at the threats of existing competitors, new entrants, the power of suppliers and buyers and the presence of substitutes, can be used to help determine current and future strategies for a firm. The bibliography cites 9 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEuseport.rtf
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Unformatted sample text from the term paper:
as a result of its competitive environment. The model is the five forces model which 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 (Mintzberg et al, 2003). 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 them the organisation is in the
best position to influence them (Thompson, 2005). To consider the way that this may be valuable we can consider how it is useful to a real organization to assess
how it maybe of use, For this we will use an online organizations were there is a virtual environment so the lessons can be transferred to other firms. We will
look at each of the factors individually to assess their value. The firm used here is 888.com, the online gambling site and how they have, or could have, the
company. The first of the factors is the exiting competition. The online gaming industry is highly competitive. In a recent report by
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