Michael Porter Five Forces |Competitive Advantages| Jet Airways|Case Study | PS RATHORE Every business operates in the competitive environment.
Michael Porter believes that it is the industry where competitive advantage is ultimately win or lose.
It is through competitive strategy that the organization attempts to adopt an approach to compete in the industry. Porter’s five forces model is one of the most effective conceptual frameworks used to assess the nature of the competitive environment and to describe an industry’s structure. The interrelationship among these five forces gives each industry its own particular competitive environment.
The strategists can use the five-force model to determine what competition is like in a given industry by undertaking the following steps:
Step 1: Identify the specific competitive pressures, associated with each of the five forces.
Step 2: Evaluate how strong the pressures comprising each of the five forces are (fierce, strong, moderate to normal, or weak).
Step 3: Determine whether the collective strength of the five competitive forces is conducive to earn attractive profits.
Porter defined , base generic strategies.
These strategies have been termed generic because they can be pursued by any type or size of business firm and even by not-for-profit organizations.
Larger firms with greater access to resources typically compete on a cost leadership and/or differentiation basis,
whereas smaller firms often compete on a focus basis.
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