What are the three faces of making the image of competition
What are the three faces of making the image of competition?
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The way one uses the five-force representation to determine what competition is similar to in a given industry is to make the image of competition in three phases:
a. Identify the exact competitive pressures connected with each of the five forces
b. Calculate how strong the stresses comprising all of the five forces are (fierce, strong, moderate to normal or weak)
c. Determine whether the collective power of the five competitive forces is conducive to producing attractive profits.
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