Which of Michael Porter's Five Forces Concerns Customers Having the Ability

question 59

Multiple Choice

Which of Michael Porter's five forces concerns customers having the ability to turn to other products to replace those that the industry offers?

• A) threat of new competitors
• B) bargaining power of suppliers
• C) threat of substitute products
• D) bargaining power of buyers

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Definitions:

Spending Variance

A metric that compares the actual cost of production against the budgeted or standard cost, highlighting over or under spending.

Materials

The physical commodities used in the production of goods, ranging from raw materials to fully fabricated components.

Spending Variance

The difference between the actual spending and the budgeted or planned spending amount in a given period.

Medical Supplies

Products and equipment used in healthcare practices for treatment, diagnosis, or preventive care purposes.