Porter's Five Forces Model

 

  During the second week of the course, I learned about Porter's five forces model. It is amazing! After reading different articles (Karri, 2021 & Martin, 2023), trying to answer the prompts questions in the lecture, and discussing real business case scenarios, I realized the importance of this model in business analysis, strategic planning, decision making, and profitability. Applying this model to real business scenarios, enabled me to think critically about market dynamics. 

In addition to cases and examples provided in the reading and lecture material, I have read an article (Chand, 2023) on RB Patel in Fiji as a case study of Porter's Five Forces Model. The case study analyzed the company's challenging situation and provided various strategies that might overcome these challenges. This case is a real-world example of how this model can guide the strategy. 

Now I feel more eager to learn more about businesses and enjoying the rest of the course.   


References:

Karri, R. (2021). Notes on Industry Analysis. Personal Collection of R. Karri, University of Illinois Springfield, IL.

Marci Martin, (2023), How Porter’s Five Forces Can Help Small Businesses Analyze the Competition, Business News Daily. https://www.businessnewsdaily.com/5446-porters-five-forces.html  

Chand, S. (2023). Relevance of Porter’s five forces: A case study of RB Patel in Fiji. Open Journal of Business and Management, 11(6), 2135–2143. https://www.scirp.org/journal/paperinformation?paperid=127625 

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