Assignment:
Choose any specific business / business concepts. Perform a Porter’s Five Force Analysis on your chosen business. Try to pick a business that you are genuinely interested in running and that aligns with your overall career goals.
- Choose the business name and the target market.
- Write an analysis of buyer power and supplier power for your business using Porter’s Five Force Model. Discuss how you could combat the competition with strategies such as switching costs, loyalty programs, etc.
- Write an analysis of rivalry, entry barriers, and the threat of substitute products for your business using Porter’s Five Force Model. Be sure to discuss how you could combat the competition with strategies such as product differentiation.
- Describe which of Porter’s three generic strategies you would use for your business. Be sure to describe the details of how you will implement this strategy and how it will help you create a competitive advantage in your industry.
Your answer must be typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format and also include references.