Custom Academic Paper: The Five Forces Framework
The Five Forces Framework
The five forces framework lays down what is crucial to an industry and thus gives the manager an idea of what will be important to the firm in providing the advantages in the long-term. This makes the manager know what aspects of the firm should be focused on. This allows for the development of the industry into a very competitive one. In using Porter’s tool, the managers have got to be very careful in composing the list of forces (Porter, 1985).
It is important that they pay attention to the few driving factors which will have a real impact on the defining the industry in the market. Thus, the Five Forces framework should be looked at as some form of the checklist for an industry. Its main role is getting the industry started. It lays down the reminders for the manager about the different possible sources for these driving forces of the company.
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