According to Michael Porter, There Are Five Determinants of Competition

question 78

Multiple Choice

According to Michael Porter, there are five determinants of competition. An example of _____ is when a buyer purchases a large fraction of an industry's output and can demand price concessions.

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

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Definitions:

Cognitive Styles

Individual differences in the way people perceive, think, solve problems, learn, and relate to others.

Self-Efficacy

An individual's belief in their own capability to execute behaviors necessary to produce specific performance attainments.

Opportunity Recognition

The ability to identify and assess potential business or growth opportunities in the market or environment.

Idea Generation

The creative process of generating new, innovative ideas for potential solutions, products, or improvements.