According to Michael Porter, five competitive forces create vital opportunities and threats to organizations: 1) new entrants, 2) substitute products or services, 3) bargaining power of suppliers, 4) bargaining power of buyers, and 5) rivalry among existing firms.

Question

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This statement accurately reflects the five competitive forces identified by Michael Porter. They are widely used in business strategy analysis to assess the competitive landscape and potential threats and opportunities for an organization.

According to Michael Porter, Five Competitive Forces Create Vital Opportunities