Porter's Five Forces Model of Competition
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The evolution of marketing concepts is a ways that explains the dramatic change the marketing sectors has seen in the last century. As explained earlier, the focus of marketing has now shifted from product and selling to the customers. Competition among the firm is intense with focus now on innovation and successful customer relationship. In this scenario, marketing has become a very tough job these days. Every marketer is facing challenges in today's era. Michael E porter, a professor in Harvard Business School introduced Porter's Five Forces Model. Porter's Five Forces model is a framework that analyzes the level of competition. Michael Porter has identified five marketing challenges of the firm's competitive position: Fig: Porter's Five Forces Model of Competition. Above figure is explained below in b...