HOF_WK3_DSC2.docx - After reading the Forbes article Porter or Mintzberg Whose View of Strategy Is the Most Relevant Today And viewing the You Tube

HOF_WK3_DSC2.docx - After reading the Forbes article Porter...

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After reading the Forbes article Porter or Mintzberg: Whose View of Strategy Is the Most Relevant Today? And viewing the You Tube video Five Competitive Forces That Shape Strategy, I find it gave me a new appreciation for Porters 5 forces. According to Harper (2013) Porters 5 forces are: “(1) threat of new entrants; (2) threat of substitute products/services; (3) bargaining power of suppliers; (4) bargaining power of customers; (5) the industry” Describing them in more detail and applying it to the relatively low profit business of a grocery store. 1.Threat of new entrants – This refers to new competition in the market that was not here before and could not be planed for traditionally. For grocery stores this could be a new chain or simple a produce stand popping up that advertises home grown goods. Many people want organic these days, look at the relative success of Whole Foods. Before Whoel foods came along that share of the market belonged to other competitors.
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