According to the textbook, how do well-managed firms respond to the five forces that determine industry profitability?

Question

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Well-managed firms try to position their firms in a way that avoids or diminishes the forces that determine industry profitability. They may use strategies such as differentiation, cost leadership, or niche targeting to minimize the impact of the competitive forces. They may also seek to reduce supplier and buyer power by diversifying their supply base or developing strong customer relationships. Overall, they aim to create a sustainable competitive advantage that allows them to prosper despite the challenges posed by the five forces.

According to the Textbook, How Do Well-Managed Firms Respond to the Five