Michael Porter Developed the Five Forces Model to Analyze Threats

question 36

Essay

Michael Porter developed the Five Forces model to analyze threats and opportunities within an industry.Describe the Five Forces and provide an example to illustrate their effect on a bakery opening in an area where several bakeries already exist.

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Definitions:

Material Balance Equation

An equation used in chemical engineering to relate the quantities of materials entering and leaving a process.

Winter Season

The coldest season of the year, occurring between autumn and spring, characterized by lower temperatures and minimal daylight hours in temperate zones.

Optimal Cost

The lowest possible expense that can be incurred under specified conditions while achieving the desired objective.

Double-subscripted Variables

Variables that are identified by two subscripts indicating their position in a matrix, array, or a two-dimensional data structure.