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| Topic: |
Business
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| Number of pages / Number of words: |
5 / 1248 |
Essay's paper body
Michael Porter devised a five forces framework that is useful for industry analysis. Porter's 5 forces include barriers to entry, customers, suppliers, substitute products, and rivalry among competing firms.
The internal analysis considers the situation within the firm itself, such as:
- Company culture
- Company image
- Organizational structure
- Key staff
- Access to natural resources
- Position on the experience curve
- Operational efficiency
- Operational capacity
- Brand awareness
- Market share
- Financial resources
- Exclusive contracts
- Patents and trade secrets
A situation analysis can generate a large amount of information, much of which is not particularly relevant to strategy formulation...
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To make the information more manageable, it sometimes is useful to categorize the internal factors of the firm as strengths and weaknesses, and the external environmental factors as opportunities and threats. Such an analysis often is referred to as a SWOT analysis.
Strategy Formulation
Once a clear picture of the firm and its environment is in hand, specific strategic alternatives can be developed...
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