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- Business Strategic Management How do the five forces of competition in an industry affect its profitability potential?How does the competitive landscape of an industry influence the business environment, and what strategies can companies employ to thrive in a competitive market?Identify the six forces that shape competition in an industry. Describe how changes in the strength of these forces affect prices, profitability, and under which circumstances each can be considered a threat or opportunity. Why is a competitive analysis using the competitive forces framework a benefit to industry?
- How can a company increase its market share, and what strategies are commonly employed to achieve this goal?"What are the characteristics of an attractive industry? How would you identify that a target market is attractive for your proposed business?How can a company adapt its business processes to changing market conditions and customer needs?