Do you have a clear view of who your competitors are? Do you understand how their actions in the marketplace are affecting your profitability and future planning? Being aware of what’s happening around you and what your competitors are up to is fundamental to the survival of any business – big or small. Knowing where your business is at is crucial to stay competitive and get more customers, but what business techniques can help you?
Michael Porter of the Harvard Business School developed Porter’s Five Forces Model, which is a tool for analysing market competition. Read on to find out how it may help your business.