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16 Questions

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Porter's Five Forces Model

Created by

@GratifyingBirch

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Questions and Answers

When do buyers have high buyer power?

When they are buying services

When they are selling products

When there are very few choices

When there are many options (correct)

As a provider of products and services, what kind of buyer power do you want?

Medium buyer power

Low buyer power (correct)

No buyer power

High buyer power

What is the opposite of high buyer power?

High seller power

Low buyer power (correct)

No buyer power

Medium buyer power

As a consumer of products and services, what kind of buyer power do you want?

High buyer power Signup and view all the answers

What is the benefit of having many choices as a buyer?

Your buyer power is high Signup and view all the answers

What happens to buyer power when there are very few choices?

Buyer power decreases Signup and view all the answers

What do providers of products and services want to minimize?

Buyer power Signup and view all the answers

What is the result of low buyer power?

Buyers have few options Signup and view all the answers

What is the primary purpose of the Five Forces Model?

To determine the relative attractiveness of an industry Signup and view all the answers

Which of the following is NOT a component of the Five Forces Model?

Government regulations Signup and view all the answers

What does the 'Threat of Substitute Products and Services' force measure?

The availability of alternative products or services Signup and view all the answers

Which force is concerned with the ability of suppliers to influence the industry?

Supplier power Signup and view all the answers

What is the focus of the 'Rivalry among Existing Competitors' force?

The competition among existing firms in the industry Signup and view all the answers

Which force is concerned with the ability of buyers to influence the industry?

Buyer power Signup and view all the answers

What is the primary benefit of using the Five Forces Model?

To determine the relative attractiveness of an industry Signup and view all the answers

Which of the following is an example of the 'Threat of New Entrants' force?

A new firm entering the market with a similar product Signup and view all the answers

Study Notes

Five Forces Model

The Five Forces Model helps determine the relative attractiveness of an industry
It includes five forces:
- Buyer power
- Supplier power
- Threat of substitute products and services
- Threat of new entrants
- Rivalry among existing competitors

Buyer Power

Buyer power is high when buyers have many choices
Buyer power is low when there are very few choices
As a provider of products and services, it is desirable to have low buyer power
As a consumer of products and services, it is desirable to have high buyer power

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Description

Learn about the Five Forces Model, a framework used to analyze the attractiveness of an industry by examining buyer power, supplier power, and other factors.