Porter’s 5 Forces framework helps us evaluate the competitive environment in an industry. The use of this tool is broad in range and strategic in nature. The results of the analysis lay a solid foundation for making the right strategic decisions. Let’s find out how it works in practice!...

Suppliers have direct input into a firm’s products or services. For some, this may be labor, marketing, distribution, raw materials, and others. In this context, a company looking to purchase plays the role of a buyer and the supplier – that of a seller. As such, businesses must maintain...

Buyers are the people who pay for a company’s products and services. In fact, consumer behavior is what really drives a firm’s profits. As such, buyers often demand low prices and high quality. Lowering prices may affect revenues while increasing quality could inflate production costs. Basically, the power of...