Identify the dominant and competitive driving forces in an industry. How strong are these industry dominant and competitive forces?
The primary elements influencing the competitive dynamics and how businesses function are the dominating and competing driving forces. These factors have an impact on competitiveness, market expansion, and profitability. These forces encompass a wide range of factors, depending on the business, but typically include things like customer behavior, technical improvements, market demand, and the level of rivalry. Due to the intense pressure from all five competing forces, industry profitability almost reached unacceptable lows, often resulting in losses for many industry participants and driving some out of business.