Business Studies Year 13 revision Day 6 - Porter's Five Forces Model
On day 6 of the Year 13 Recap we look at Porter’s Five Forces Model.
This model was devised to illustrate the range of competitive pressures that a business can expect to face when entering an industry. These competitive pressures are all interrelated and affect the overall rivalry between firms in any given market.
The model shows how industries with insignificant bargaining power and contestable conditions are attractive for new firms to enter. However, you do need to be able to evaluate this model and state why the results of this model only act as guidance for a firm and does not determine a strategy for a firm.
Here Jack guides you through the revision slide on Porter’s Five Forces Model: