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Competitive Forces, Research Paper Example

Pages: 1

Words: 343

Research Paper

There are varied innovations strategies existing on the Five Competitive Forces that shape the performance of a company in an industry. These five strategies include threats of the new entrants, bargaining power of the buyers, threat of substitute products or services, bargaining power of suppliers, and rivalry among existing competitors. The focus heightened in these strategies is the power of the customer. Customers have the innate capability to alter or change the general outlook of the market and instill in it different strategies from the respective strategies. As such, many organizations have taken their innovative strategies based on each of the Five Competitive Forces (Porter, 2008).

Organizations will often strengthen every strategy to meet the demands and taste of the customers. Innovation focuses at increasing the level of competitiveness in every business establishment. Consumers hold the basis at which competition fundamentally stands. With the ever-changing trends in the market, business establishments reiterate on ensuing introduction of new products, technology, and services in the market. This implies on the new modes of operation in such organizations (Porter, 2008). As far as all of the five strategies are replicated in the market, the ultimate focus is on the consumer success. The existing competitors engage in new strategies, which are different to the other businesses. This means that new entries as the bargaining power and involvement of technology are either new or inscribed in the market. The competition between these strategies shapes the overall outlook of every single business and market.

The five competitive strategies wholesomely improve on the competitiveness and profitability of various industries. These strategies can be applicable in every industry or business ranging from the airlines to zero star hotels. The complexity of the strategies and their mutual relation enables a business to incorporate innovativeness, which will win one over the other. This is a real competition, which benefits the consumer from productivity innovativeness (Porter, 2008).

Reference

Porter, M. E. (Jun 30, 2008). An Interview with Michael E. Porter, Professor, Harvard University: The five competitive forces that shape strategy. Retrieved on 22nd 10, 2012 from http://www.youtube.com/watch?v=mYF2_FBCvXw

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