Review Porter’s Five-Forces model of industry competition (2.3.1 in text).

Review Porter’s Five-Forces model of industry competition (2.3.1 in text). Using your own words (do not copy definitions from the text), explain the model’s importance in the concept of strategic grouping within industries. Then, find a company with a “mission statement”. Do not use the military please. Pick a commercial company that is not routinely discussed. Select a company with a mission statement and tell us whether or not you think the statement is constructive and provides employees with motivation and strategic direction. When reading the mission statement does it reveal the nature of the business? Include the mission statement in your post in italics.

MODEL ANSWER

Porter’s Five-Forces model is a useful tool that identifies and then evaluates the competitive intensity of an organization, which help shape the firm’s strategic approaches. The model is considered one of the easiest and simplest tools that helps businesses to understand their market niche and the industry structure. Having sufficient knowledge and understanding about the industry structure is critical because it helps managers to plan effective marketing and sales strategies as well as make informed decisions to gain a competitive edge. The model, therefore, dictates how companies can review their strengths and also weaknesses as they seek to be part of the remarkable industry. The model is important in strategic planning in business setups and has also found great utility in evaluating the strategic position of a company as well as its ability to make profits.  The model is also critical as it helps define xxx of the common strengths that xxx companies integrate their xxx or rather evaluate the xxx that define some xxx and hence xxx them together. It also xxx evaluate market demands, xxx is important in xxx the ability of existing xxx to meet such xxx. Lastly, the xxx be used to critically xxx the type of xxx meant for a specific xxx market and how xxx suppliers can use knowledge of the…