Porter’s model that considers these forces as they impact and industry and the overall competitive climate:
- Risk of entry by potential competitors
- Bargaining power of suppliers
- Bargaining power of buyers
- Threat of substitute products
- Rivalry among established firms
Check out our article on how to perform a SWOT analysis for an easy way to determine potential threats to your business, and for more on analyzing your competition, check out How to Write the Competition Section of Your Business Plan and No Competition? Not Possible!