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Briefly Explain Porter's Five Forces Model

question 96

Essay

Briefly explain Porter's five forces model.


Definitions:

Process Innovation

The introduction of new or significantly improved production or delivery methods in business.

Exploratory

Pertaining to or involving investigation or examination with the purpose of discovering new information or relationships.

Product

An item or service created through a process and offered in the market to satisfy a need or want.

Product Innovation

The development of new or improved goods or services that are sold to meet customer needs.

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