Write a 2-3- page assessment of the competition by answering the 6 questions below. Use Michael Porter’s 5 Forces Model as the guide to answering the questions. Please be sure to be clear and concise in your responses but to provide enough detail to demonstrate your knowledge. Make sure you carefully integrate the specific information needed for you to complete all aspects of Phase I of your project. Use references and citations throughout.
Your submission will be checked for similarity through Turnitin. This submission will not store your paper in the Turnitin repository. Therefore, this submission will not impact your similarity when you submit your Final Draft. The purpose of submitting this now to Turnitin is to review your similarity and make any necessary adjustments before you make your final submission. A Turnitin report will be made available to you upon submission. See the syllabus for more information on Turnitin in the section entitled, “Turnitin as a learning Tool.”
Please remember to enter the name of your selected client at the top of your research paper.
Please consider and address the following questions when developing your Competitive Analysis:
Who are the two major competitors for your client? Why did you select them?
How competitive is this industry? Is the competition based on price or nonprice competition?
Who are the suppliers in the industry and what type of power do they have?
To whom does your client sell their product or service to? What bargaining power to these customers have?
What is the likelihood that customers will switch to a different product or service? Why?
What is the probability that new competition can emerge in the market and why?