This week a lot was discussed about technology and its use to gain and sustain competitive advantages in the business world. Porters Five competitive forces that shape strategy are as follows. It starts with the notion that managers look at competition too narrowly and thus includes new entry, substitute products or services, customers who have bargaining power, suppliers who have bargaining power, and your existing rivalry with competitors. this analysis emphasizes that by reducing these 5 factors or learning to manage them will lead to an absolute maximization of profits.
The use of technology in ways that can not be easily mimicked by competitors is essential to a thriving businesses survival as it does not have to fear new competitors entry to the market affecting its market share thus affecting its profits.
Standing out from your competitors is ultimately your best strategy and something you must strive to do if you plan on having a competitive advantage or sustaining your business for the long run.
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