HOW CAN COMPETITION AFFECT YOUR BUSINESS?
I have to investigate foe for my Business Studies coursework, as well as we got stranded with a subject ‘How can foe in your area start we business?’. Any answers would be really appreciated.
Tagged with: Affect • Business • Competition • Your
Filed under: Business Study
As a student, you will find it useful to look up in textbooks or on the net “Porter’s Five Forces”. prof. Porter outlined five forces that act upon a market so as a student you will score well if you write a paragraph on each force. Very briefly, the forces are:
1. Threat of Substitute Products or services
2. Threat of New Entrants into the market (Called Barriers to Entry)
3. Power of Suppliers to influence prices paid for supplies to a company.
4. Power of Buyers to push prices downwards
5. The degree of competitive rivalry in the market between competing firms.
The websites below will give you a good idea of the effects of each. Good luck with the assignment.
well the other business can thake your business.
however they can bring you business is you are a club, because no one really stay in one club at night, they good round getting pissed in different places.