According to Michael Porter, There Are Five Determinants of Competition

question 12

Multiple Choice

According to Michael Porter, there are five determinants of competition.An example of _____ is the threat new competitors pose to existing competitors in an industry.

• A)threat of entry
• B)rivalry between existing competitors
• C)pressure from substitute products
• D)bargaining power of buyers

Grasp the necessity of a comprehensive business setup including market and competitive analysis, along with startup costs.

Understand the ongoing relevance of traditional business metrics in the era of online business.

Realize the relationship between industry experience and business success.

Learn about the common structures of fast-growth companies and the role of partnerships.

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Definitions:

Linnaeus

Carl Linnaeus, an 18th-century Swedish botanist, physician, and zoologist who developed a system for naming, ranking, and classifying organisms.

Primates

Primates are an order of mammals that includes humans, apes, monkeys, and prosimians, characterized by complex behaviors, varied forms of locomotion, and a large brain relative to body size.

Hominids

Primates characterized by bipedalism and large brains, including the human lineage and all our immediate ancestors.

Genus

A rank in the biological classification system (taxonomy) that is used to group species sharing common characteristics, directly above species and below family.