This week we are going to talk about the 5 competitive forces in the business world. Week 6 came from a different author, so I am excited to share my thoughts with you.
What Surprised Me?
What really surprised me that buyers serve as a competitive force. Whenever I think of competitive forces I think of competitors within that particular industry, not things like suppliers and buyers.
What Confused Me?
I know that the author said how competition is not like a tug-of war between two competitors but instead with 5 forces. I understand the 5 forces, but I guess I cannot visualize how exactly the five forces interact.
Questions For the Author?
1. The first question I have is have other industries besides the airlines industry reacted in similar ways to the competitive forces?
2. My second question is how companies have created other competitive strategies to increase profits?
Disagreements?
The only disagreement I have is that not necessarily every industry has the same weight on all of the same five forces. Suppliers for example have more weight on the buyer side, while buyers have more weight on the supplier side, and so forth. I agree all industries have the same five forces, but the author should not that some competitive forces are stronger than others.
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