Each of the Three Competitive Forces in Porter's Five Forces

question 45

True/False

Each of the three competitive forces in Porter's five forces model concerns the danger of customers taking their business elsewhere.

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Definitions:

Duty of Performance

An agent’s obligation to perform the duties specified in the agency agreement and to do so with reasonable skill and care.

Principal

The amount of money originally invested or loaned, on which basis interest and returns are calculated.

Agent

A party who has the authority to act on behalf of and bind another party.

Third-Party Beneficiary

A person who is not directly involved in a contract but is entitled to benefits from its performance by the contracting parties.