List the Five Factors That Determine the Nature and Degree

question 16

Essay

List the five factors that determine the nature and degree of competition in an industry,as presented by Michael Porter in his book Competitive Advantage.Why is the proper identification of these factors important for a new venture?

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Definitions:

Necessity

A good or service that is essential for survival or basic living, such as food, water, or shelter.

Demand for Curds

The desire and willingness of consumers to purchase curds, a dairy product, at various price levels, within a specific period.

Price of Curds

The market price at which curds, a dairy product obtained by coagulating milk, are bought and sold.

Price of Whey

Refers to the market value assigned to whey, a by-product of cheese or casein production that is used in food and supplements.