How do the five forces of competition in an industry affect its profit potential? Explain.
Answer to relevant QuestionsWhat is a strategic group? Of what value is knowledge of the firm’s strategic group in formulating that firm’s strategy? Who might be in BP’s strategic group and why? What is value chain analysis? What does the firm gain by successfully using this tool? What is a business-level strategy? Who are competitors? How are competitive rivalry, competitive behavior, and competitive dynamics defined in the chapter?
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