Run an effective competitive strategy meeting by discussing Porter’s 5 Forces: Threat of new entrants and substitutes, bargaining power of customers and suppliers, and competitive rivalry.
Threats of new entry
Who are your new competitors? How easily could others enter your market and threaten your company’s position?
Threats of substitution
What is the likelihood that your customers will replace your product or service with a different one? Are there any viable substitutes on the market? What is the cost of switching to a substitute?
Bargaining power of customers
How important is your product or service to your buyers? How many buyers would need to switch suppliers to impact your bottom line?
Bargaining power of suppliers
What would happen if your suppliers increased their prices? Is that likely to happen? How easily could you switch to an alternative supplier?
Who are your existing competitors? How strong are they? How do their products or services compare to yours? What sets your company apart?
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