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Competitive Rivalry: What Is It and Why Is It Important?
There are many factors, both internal and external, that can impact a company's success in the marketplace. Competitive rivalry is an external force that has some advantages and some disadvantages for organizations in that specific field. It's useful to understand...
Threats of Substitute
Threat of Substitutes in Porter's 5 Forces Porter's Five Forces is a market competition analysis model developed by Michael E. Porter. The model puts forward five categories of forces that determine the level of market competition a business faces. Organizations...
Sources of finance for your business
When starting up a business it can be easy to underestimate how much cash you will need to cover your start-up costs and see you through the first few months of trading until the business is generating sufficient cash through trading to cover expenditure. Once you...
Business Supportive Activities
Supporting Business Activities for Organizations Supporting business is the activity, which performs all the areas of the business sector. Every organization has different sectors, departments that need coordination. Supporting business work as a supervisory role in...
INNOVATION IN BUSINESS: WHAT IT IS & WHY IT’S SO IMPORTANT
Today’s competitive landscape heavily relies on innovation. Business leaders must constantly look for new ways to innovate because you can't solve many problems with old solutions. Innovation is critical across all industries; however, it's important to avoid using it...
Bargaining Power of Buyer
What is the bargaining power of buyers? Buyer’s Bargaining power refers to the pressure consumers can exert on businesses to get them to provide higher quality products, better customer service at lower prices. So, strong buyers can pressure sellers to lower prices,...