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Questions and Answers
Which professor is credited with devising the Five Forces model?
Which professor is credited with devising the Five Forces model?
- Professor David Thompson
- Professor Sarah Johnson
- Professor John Smith
- Professor Michael Porter (correct)
Why is the Five Forces model relevant to A-level business students?
Why is the Five Forces model relevant to A-level business students?
- It analyzes consumer behavior
- It helps explain industry profits in different markets (correct)
- It evaluates company profitability
- It predicts future market trends
What is one potential use of the Five Forces model in an examination?
What is one potential use of the Five Forces model in an examination?
- To evaluate company profitability
- To support your points in answering a question (correct)
- To predict future market trends
- To analyze consumer behavior
What is the purpose of the Five Forces model?
What is the purpose of the Five Forces model?
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What is the nature of competition that the Five Forces model helps understand?
What is the nature of competition that the Five Forces model helps understand?
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Study Notes
The Five Forces Model
- Michael Porter, a Harvard Business School professor, is credited with devising the Five Forces model.
Relevance to A-Level Business Students
- The Five Forces model is relevant to A-level business students as it provides a framework to analyze the competitive environment of an industry.
Examination Application
- One potential use of the Five Forces model in an examination is to analyze the competitiveness of a particular industry or market.
Purpose of the Five Forces Model
- The purpose of the Five Forces model is to identify the five key factors that shape the competitive environment of an industry.
Nature of Competition
- The Five Forces model helps understand the nature of competition that is shaped by the interaction of five forces: threat of new entrants, bargaining power of suppliers, bargaining power of buyers, threat of substitute products, and rivalry among existing competitors.
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