What is the relevance of Michael Porter's 5 forces to modern day business?
The term strategy is a word used by one and all. Companies employ it when they speak about their goals; individuals employ it with their carriers with regard to the strategy that they must follow in order to succeed, and so on. The concept of strategy is large, and it encompasses many goals. Some strategies include people want to earn money, to be the leader in their market, to win market shares, to succeed in private or professional life and so on. There are various tactics to reach these strategies. A famous economist, Michael Porter, talks about strategy, and the competitive advantage, and the connection between the two. In fact, a study of the competitive advantage permits one to reach the strategy.