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The components of external environment include economic, socio-cultural, and global issues. In order to gain sustainable competitive advantage, the organization needs to study its external environment and exploit the opportunities prevailing therein.
The most influential analytical model for assessing the nature of competition in an industry is Michael Porter's Five Forces Model, which is described below:
Michael Porter described a concept that has become known as the "five forces model" to help understand how competition affects your business. Porter's 5 forces analysis is a framework for industry analysis and business strategy development developed by Michael E...
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Common topics in this essay:
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