Final Flashcard
Flashcard
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Business
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University
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Practice Problem
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Hard
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1.
FLASHCARD QUESTION
Front
What is Porter's Five Forces framework?
Back
Porter's Five Forces framework is a tool used to analyze the competitive environment of an industry.
2.
FLASHCARD QUESTION
Front
Name the five forces in Porter's Five Forces framework.
Back
1. Threat of new entrants
2. Bargaining power of suppliers
3. Bargaining power of buyers
4. Threat of substitute products or services
5. Intensity of competitive rivalry
3.
FLASHCARD QUESTION
Front
How does the bargaining power of suppliers affect an industry according to Porter's Five Forces framework?
Back
The bargaining power of suppliers affects an industry by influencing the prices, quality, and availability of inputs.
4.
FLASHCARD QUESTION
Front
What is the significance of the bargaining power of buyers in Porter's Five Forces framework?
Back
The bargaining power of buyers affects profitability and competitiveness of businesses.
5.
FLASHCARD QUESTION
Front
Describe the concept of threat of substitute products or services in Porter's Five Forces framework.
Back
The possibility of alternative products or services that can fulfill the same customer needs.
6.
FLASHCARD QUESTION
Front
How does the intensity of competitive rivalry impact an industry according to Porter's Five Forces framework?
Back
The intensity of competitive rivalry impacts an industry by determining the level of competition and price pressure within the industry.
7.
FLASHCARD QUESTION
Front
What are the key factors that determine the bargaining power of suppliers in Porter's Five Forces framework?
Back
supplier concentration, availability of substitute inputs, switching costs, importance of volume to supplier, and threat of forward integration
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