Explain the five forces framework in detail in the context, Business Management

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Explain the five forces framework in detail in the context

Problem

Introduction

According to Porter (2008), Porter's five forces theory is a theory of analysis and business strategic management used to analyse industries and markets to determine the competitiveness and attractiveness of the market. Therefore, these forces determine industry profitability (Grundy, 2006).

Task

Explain the five forces framework in detail in the context of micro-environmental analysis. [Offer an explanation of all the five forces with your own words]

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